The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-29
SPRINGER's BILL.
How the Presidents Recommends
tions Are to Be Carried Out.


Washington, Jan. %. = Chairman
Springer, of the banking and currency
committee of the House, has introduced
bin to carry into effect the recon-
mendation of the Presidents message.
He has notified the committee to meet
tomorrow morning and consider the
bill. The bill is as follows:
AN act to authorize the secretary Of
the treasury to Issue bonds and main
tain a sufficient gold reserve and to re-
deem and retire United States notes
and for other purposes.
BE it enacted by the Senate and
House of Representatives Of the
United States of America, in Congress
assembled, that in order to enable the
secretary of the treasury to procure
and maintain a sufficient gold reserve,
and to redeem and retire United States
legal tender notes and treasury notes
issued under the act Of July Ia, 1890,
entitled, An act directing the purchase
of silver bullion and the issue of
treasury notes thereon, and for other
purposes, he is hereby authorized to
issue and sell at not less than par in
gold coin, except as provided i'm sec
ton 2 Of this act, United States regis
tered or coupon bonds, in denomina-
tons of twenty dollars and fifty dollars
and multiples of said sums respec-
lively, payable fifty years after in gold
coin of the United States, OF the pres
ent weight and fineness, and bearing
interest at the rate not ex-
ceeding per cent. per an
mum, payable quarterly in like coin;
and such bonds and the interest thereon
shall have like qualities, privileges and
exemptions, as the bonds issued under
~ Tr,ix
AN act to authorize the refUnding of
the national deibt'
Such bonds may be sold and de-
livered in the United States or else
where as may be deemed most advant-
ageous to the interests Of the govern
ment.
Section 2-That whenever any other
legal tender notes or treasury notes
shall be redeemed in gold, they shall
be cancelled and not re-issued, and the
secretary of the treasury is hereby
authorized in his discretion to receive
United States legal tender notes and
treasury notes issued under the afore-
said act of July A. 1890, in payment of
any of the bonds issued under the pre-
ceding section of this act, and the notes
so received shall be cancelled and not
reissued.
Section 3-That hereafter National
Banking associations may take out cir
culating notes in the manner provided
by law, to AN amount equal to the par
value OF the bonds deposited to secure
the same. But this provision shall not
apply to any bonds now outstanding
bearing interest at the rate of 2 per cent
only.
Section 4-That hereafter no ma
tional bank notes of a less denomina-
ton than $40 shall be issued,
and as rapidly as such notes of de-
nominations of less than $40
shall be received into the treasury,
otherwise than for redemption and re
tirement, they shall be cancelled, and
an equal amount of notes of ike char
acter, but in the denomina tions of $40
and multiples thereof shall be issued
in their places. All silver certificates
now outstanding, in denominations
larger than SO, shall, when received
into the treasury of the United States,
be retired and cancelled and silver GER
tificates in denomtna of less than
$40 shall be issued in their stead.
Section 5-That from and after the
first day of July, 1895, all duties on in-
ports shall be paid in gold coin only
and all taxes, debts and demands other
than duties on imports, accruing or
becoming due to the United States,
Shall be paid in gold and silver coin,
treasury notes, United States notes,
silver certificates or notes of national
banks.
Section 6-That an laws and parts
of laws inconsistent with the provisions
of the preceding sections be and they
ARE hereby repealed, and a sum suffi-
cient to carry the provision of this
act into effect be and the same is here
by appropriated out Of any money in
the treasury not otherwise appro-
priated.