The herald., 1895-01-12

Tho Missouri S.n .tor Pre,onts New
MONEY Sch. m


Tho Missouri 3 IN ,tor Pre,onis New
MONEY sch.m-.
WASHINGTON, Jan. IL. Senator Vest
financial bill. which wa, introduced CO.
day, provides that treasury notes and
gold and silver certificates shall be de-
stroyed aud au equal amount OF notes
pay able in standard gold and silver coin.
be issued and paid instead OF notes. M
coin notes OF larger denomination than
$1,000 or smaller than $40 shall bt
issued, and denominations higher than
$50 shall not exceed ons.fourth of thu
total amount of coin notes outstanding
at the time. Coin notes are to be legal
tender for all debts.
, The second section repeals all lave
which authorizs the owners OF gold or
silver bullion to make deposits. receiv-
ing gold or silver certificates. and the
secretary OF the treasury is directed to
receive no more coin or builion in the
| future.
Section three provides that gold
certificates now outstanding are to he
| paid in gold coin and silver coin certiti-
Gates, in standard silver coin or coin
notes of gold; if the gold in the treasury
amounts to les, than 500 100000 ex
elusive of that necessary to redeem gold
certificates they are to be redsemsd in
silver coin, if more than 500 900. 900 tn 9
secretary OF the treasury, in the exer-
else OF his discretion, may redeem in
either gold or silver.
Section fout makes it unlawful for
any national bank to issue bank notes ,
and all acts authorizing all such issues
lad 10 do ,l., fl
the secretary within IL months to sell
United States bonds deposited in the
treasury by national banks, to secure
their circulation. in case OF the uationa |
banks retiring their circulation or going
out OF business and after redsemiug the
coin note hereby authorized and out
standing notes or currency as provided
by the national bank act, the surplus is
to be also paid in coin notes to the banks
owning the bonds in the amounts re-
spectively due them.
Section five requires the secretsry OF
the treasury to have coined as fast as
possible all silver bullion held in the
treasury purchased under the Sherman
act OF 1890, including the gain or seignior-
age, and this coin is to be used in pay
ment of public expenditures and for re-
dem ption OF coin 0 tes authorized by this
act.
Section ak provides that when rsvs.
nue., of the government are not sutfi-
cient to meet its current expenses the
secretary OF the treasury shall issuue n
sufficient amount of coin notes to cover
this deficiency, and all laws authorizing
the future issue of intsreat bearing
bonds of the United States are repealed
except as otherwise provided. This
section also provides that il the gold in
the treasury at the time the act shall
take effect does not amount TO $10J 000,-
COO. exclusive OF that hold to redeem
gold certificates. the secretary ia directed
to sell United States bonds at not less
than par in gold coin bearing not to ex-
coed 3 per cent interest, Iedeemabl,
alter years, but no greater amount uf
such bonds are to be- sold than may be
necessary to procure for the treasury the
full amount OF 500. 900, 00J in gold.
Section seven provides that silver bull
ion brought to any mint in the United
States for coinage shall be received and
coined into standard dollars OF 4l2h
grains, but no deposit Of silver bullion
OF less value than 500 shall be received
nor shall any bullion be- received that
ia 30 bad as to be unsutsd for the opera
tons of the mint. The director OF the
mint lie to retain as eeignoriage and to
convey to the treasury the difference
between the New York price and the
coined price of the bullion. This 10 TO
be paid out by the secretary to the
treasury in the current expenditures OF
the government.