The Democratic advocate., 1895-01-26
A NEW CURRENCY BILL.
Senator Jones Introduces a Measure
That He Hopes VIII Find Favor

WAsHISGroS Jan. Ex-senator Jones today intro
dueed his financial and currency biil, which was
promised 10 days or two weeks ago. Il is as follows
Authority is given the Secretary Of the Treasury
issue bonds OF the United States 70 the amount Of
S0900O000 payable in coin Of the present standard
value and bearing interest Al the nate Of per cent
not to be sold az less than par, The bonds are 20
mature 20 years from date, and be redeeinable a.
the option OF the Government after ~ years Ihe
secretary Is authorized TO the proceeds Of the
sale 0f bonds 10 deffay current expenses Of the
Government and for The redemption Of United
States legal tender and Treasury notes issued under
the act Of July Il, 1880
The bonds are 10 be Of the denominations Of 81,
so and multiples of those sums al the option Of
purchasers and free from all taxes Il is declared
10 be the intention of she act 10 give full OppOrtu
fy for general subscription for the bonds Payment
may BE- made in gold coin, but the Secretary is al
lowed 10 accept United States and Treasury notes
issned under the set of lssa.
section 2-xational banking associations are au-
ihorzed TO issue circulating notes 20 the par value
Of United states bonds deposited with the Secretary
uf the Treasury. and the tax on such circulation Is
reduced 10 one-fourth Of per cent
section 3-SeciiOn nine Of the Act Of July Il is2,
is repealed and hereafter no national banking
citation shall retire its circulation without written
authority from the Secretary Of the Treasury. So
much Of section j. Of the Act Of Ss2 as directs the
Secretary Of the Treasury 70 receive deposits OF gold
son and issue certificates therefor is also repealed
Section 4-National banking associations desiring
70 retire the m8e % ~ s s % od lf cotn ~ tb
amounts of notes TO be retired, and at all times
keep deposit with the Treasurer Of the United
states in gold coin sum equal % , per cent OF
their outstanding circulating notes 10 be used for
the redemption of such notes
section 5-Not exceeding one-half Of the lawful
reserves on account of deposits to he kept by ma
tiOraT banking associations may consist OF Jnited
states Bonds issued under this act.
Sections 6 and provide for the displacement Of
all national bank and United state and Treasury
notes Of denominations of less than $40 with silver
certificates the explicit declaration being made
that II the intention of the act that neither the
Treasury Department national banks shall issue
or keep In circulation any notes other than silver
certificates OF q less denomination than $40.
Section S-The Secretary OF the Treasury is directed
10 redeem, cancel and reissue United States and
Treasury notes whenever and so fast as the aggre-
gate circulation of United States legal tender notes
Treasury notes silver certificates and national bank
notes shall be in excess of the aggregate amount Of
these forms of paper money in circulation al the
date Of the passage of the act.
section 9-The Secretary ofthe Treasury is directed
10 receive at any United States miilt from any ct-
zen Of the United States silver bullion of standard
ineness and coin il into silver dollars Of 4l2 grains
each The seigniorage Is to belong to the United
States and is TO be the difference between the coin
age Vane and the price of the bullion In London on
the day the deposit is made.
The Secretary Is required TO deliver 10 depostofS
Of such bullion standard silver dollars equal IN
amount to the price Of the bullion, and whenever
these coins shall be received into the Treasury
certificates in denominations of less than SO may
be issued on them now provided.
The important changes made in the bill since II
was first formulated are those making bonds paya-
bic in coin instead OF gold, increasing the rate OF
the displacement Of national bank and Treasury
and United States notes of less than $40 by silver
certificates instead Of so at first proposed The
first concession made 10 the silver men, and
the two Others to bond advocates and those who
B-ish 10 restrict the nse Of silver