The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-01-14
JONES' CURRENCY BILL
The Compromise Measure Drawn
by the Arkansas Senator.
PROVIDES FOR A BIG BOND ISSUE

1t Also Contains Provisions Against Either
Undue Imitation or Contraction Said to
Have Received Favorable Endorsement
from the Conflicting Elements.
WARRINGTON, Jan. 14.-The probabilities
are that this week will see the introduction
OF still another currency bill In the senate.
Senator Jones, of Arkansas, who at the
critical stage of the tariff legislation took
that matter in hand and harmonized the
different elements so as to bring definite
results out Of decidedly chaotic condi-
tion, is the author Of the new bill, and he
comes to the front this time as COM
promiser and harmonizer. There has been
objection made to the bills prepared by
Senators Vest and Mcpherson on the
ground, in the case Of the Vest bill, that
it leans too much towards silver, and In
the case of the Mcpherson bill that 1t is
too exclusively In the interest Of bonds.
Senator Jones realizes that silver and
bonds are the two antagonizing elements
In this question, and his effort has been to
prepare measure which, while 1t will not
be all that the friends Of either cause
would naturally demand, will in the end
secure the support of both elements. He
has been in consultation with many Of
the leaders of both these oontending ele-
ments in the senate, and 1t is understood
that his bill as outlined to them has re-
ceived very favorable Endorsement from
the representatives Of conflicting interests.
1t is also understood that the terms Of the
bill are not unfamiliar to leaders In tho
house. Furthermore, 1t is probable that ID
has been brought to the attention of the
proper authorities In the executive branch
OF the government.
The bill will first provide for the issr-
ance Of az per cent. bonds to the amount
of $500, 900 900, which are 20 be paid in gold,
and are to DO used both for the purpose of
meeting the current expenses Of the gov
eminent and the redemption Of treasury
notes. The bill will also provide for the
issue Of bank notes to take the place Of the
treasury notes in such way as not to pro-
duce contraction of the currency. An.
other provision Is that the national banks
shall be allowed to issue up to their par
value, and the tax on national bank circu-
1ation is fixed at one quarter Of per cent
In the interest OF silver tho bill pro-
vides for its unlimited coinage under the
condition that the holder of silver bullion
may take 1t to the mint fand have 1t
coined into silver dollars, the government
retaining as selgniorage the difference be-
tween tne coinage value OIL the bullion
and its market valve on the day that the
bullion is taken to the mints. The bill
also provides for the withdrawal from cir
culation of all greenbacks, treasury potes
and national bank notes below s20 and
the substitution Of silver certificates in de-
nominations Of less than $50, which are to
be payable in silver. The bill will contain
provisions providing against either undue
initiation or contraction
The prospect is that the time of the
senate will be divided during the week be-
tween the discussion of the income tax
based on the urgent deficiency bill and the
continuation Of the debate on the Mica
ragua bill. Senator Cockrell, chairman Of
the committee on appropriations, is very
hopeful of being able to dispose of the in
come tax question by the time the week
shall be half gone, and II he should sue
coed in this Senator Morgan, who is in
charge Of the Nicaragua bill, thinks there
will be no difficulty in securing vote on
the canal bill before the close of the week,
thus leaving the way clear for the bank
ruptcy and territorial admission and other
bills, as well as the other appropriation
bills.
There is no definite progress for the
house this week There is a bare POSSIBLE
ity that q new currency bill will be thrown
into the arena of debate, but II is only
possibility. The concensus Of opinion now
seems to DO that any proposed currency
legislation to be successful must be in
itiated at the other end of the Capitol.