The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1895-01-18
SENATOR JONES' BILL.
An Issue of Bond9 to the Amount Of
Five Hundred Million Dollars.
Interest and Principal Payable in Gold at
Not Exceeding 3 Per Cent. the Bond,
TO Run Thirty Years or Less-To BE
Exempted From All Taxation.


WASHINGTON, Jan. 4.-Scnator Jones
will probably introduce Monday tho
currency bill upon which he has been
at work, and which is regarded us the
last resort The Arkansas senator has
been very successful in his previous ef-
forts at formulating compromises and I
harmonizing discordant elements, but
he has a very difficult task before him
now. lie must not only formulate a |
bill 10 satisfy the majority, but he |
must fashion IL so as To propitiate prac- |
tically every member Of the senate.
The chief features of the proposed
bill is as follows:
The secretary of the treasury will be
authorized 10 issue $500, 900. 900 Of coup
ON or registered bonds, interest and
principle payable in gold at.not exceed
ing per cent. the bonds ~ run thirty
years, but redcemable at the option OF
the government after twenty years.
The proceeds of these bonds are 10 be
used for the current expenses Of the
treasury, and the redemption OF the
greenbacks and the treasury notes IS
sued under the sherman act
The bonds win be OF the denomina-
tions Of 500, $50, 500, $500, 81 600 S. 900
and $40, 900, all exempt from taxation,
etc National banks will be permitted
10 issue notes 10 the par value OF the
bonds they have deposited TO secure
their circulation and an induccment
will be offered the banks 10 increase
their circulation by reducing the tax
on circulation from per cent to \ OF
per cent
An effort will also be made TO pre-.
vent the reduction Of city taxation by
making it illegal for any bank TO retire
It's circulation without the consent in
Writing Of the secretary OF the treas,
ury and the net will be repealed which
prohibits banks from increasing their
circulation .or period OF six months
after the withdrawal Of circulation.
An increase in the use silver is ere
atcd in two sections, which will pro-
vide that all notes under the denomi-
nation Of SO shall be silver certificates
These sections will provide that no Ma
tional bank note shall be issued oi a
denomination less than SEQ, and all
notes OF national banks now outstand-
ing, Of a denomination less than $50,
shall, as RAPIDLY as possible, be taken
MP redeemed AMI cancelled and notes
~ SgO or higher denominations issued
in their stead
1t is the intention under this pro-
pose act that neither tho treasury nor
the national banks shall issue or keep
IN circulation any note, other than
silver certificate Of less dcnomina-
tion than SEQ The secretary OF the
treasury is authorized, at the request
of o holder of treasury notes or green.
hacks. 70 issue in lieu thereof silver
certificates OF less denomination
than $50
Another section Of the bill authorizes
and directs the secretary Of the treas
ury, ont Of the proceeds Of the sale Of
bonds and from any surplus revenues,
10 redeem and cancel, and not reissue,
the greenbaclSs ana treasury notes as
fast as the aggregate amount Of green
backs, treasury notes and silver GER
tifcntcs under $40 and national bank
notes shall bc in excess OF the aggrc.
gate amount Of grccnbacks, treasury
notes and national bank notes in circu-
lation at the passage Of the bill.
The unlimited coinage OF silver is
provided for In a sectipn which will
read practically as follows: The secre'
tary Of the treasury is authorized and
directed TO receive at any mint from
any citizen OF the United States silver
bullion, the product OF the mines OF
the United States, of standard weight
etc, and coin the same into standard
silver dollars, and the seigniorage fol
the said coinage shall be the difference
between the coinage values and the
par value in London on the day Of de
, posit, and the secretary of the treasury
shall deliver to the owner Of said bul
| lion the silver dollars So coined, anC
/ the amount received from the seignor
age Of said coinage shall bc covcrc,
, into the treasury.