Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-01-11
Mr.. VESTS FINANCIAL BILL
How He Proposes to Relieve the Present
Unfortunate Condition.
1t AbOlishes the National Banks and
is a Free Coinage Measurc-Its
Provisions In Full.

the Senate today provides that all treas
ury notes and gold and silver certificates
shall be destroyed and an equivalent
amount of notes payable in standard gold
and silver coin shall be issued and paid out
instead of the notes. No coin note of a
larger denomination than $3.50 or smaller
than $40 shall be issued and the denomlna-
ton higher than $50 shall not exceed one
fourth of the total amount Of the coin
notes outstanding at any time. The coin
notes are to be legal tender for all debts.
The second section repeats all laws which
authorize the owners of gold or silver
bullion to deposit 1t and receive gold or
silver certificates and the Secretary OF the
Treasury is directed to receive no more
coin or bullion in the future.
Section 3 provides that the gold certif-
Gates now outstanding are to be paid in
gold coin and the silver certificates in
standard silver coin or coin notes. If the
gold in the treasury amounts to less than
$1OO.OOO,O0O. exclusive of that necessary to
redeem gold certificates, they are to be re-
deemed in silver coin; If more than $780,
100000 the Secretary of the Treasury, In
the exercise of his discretion. may redeem
in either gold or silver coin.
No National Bank Notes.
Section makes 1t unlawful fog any ma
tfonal bank to issue bank notes or cur
rency, and all acts authorizing such issue
are repealed. 1t is made the duty of the
Secretary within twelve months to sell the
United States bends deposited in the treas
ury by national banks to secure the circula-
ton in the case of national banks retiring
their circulation going out of business.
and after redeeming In the coin notes here
by authorized the outstanding notes or
currency, as provided by the national bank
act the surplus Is to be also paid In the
coin notes to the banks owning the bonds
in the amounts respec lively due them.
Section five requires the Secretary of the
Treasury to have coined as fast as posi-
BILE the silver bullion held In tho Treasury
purchased under the Sherman act OF lSD
including the gain or seigniorage. and this
coin Is to be used in the payment Of public
expenditures and for the redemption OF
the coin notes authorized by this act.
Section 6 provides that when the revenues
of the government are not sufficient to
meet it's current expenses the Secretary
of the Treasury shall issue q sufficient
amount of the coin notes to cover this de-
ture issues of interest-bearing bonds Of
the United States are repealed. except as
otherwise provided. The sec ton also pro-
vides that II the gold in the treasury at
the time the act shall take effect does not
amount to S10O.000,OO exclusive of that
held to redeem gold certificates. the Sec
rotary Is directed to sell United States
bonds at not less than par, In gold coin.
redeemable after five years, but no greater
amount of such bonds are to be sold than
may be necessary to procure for the treas
ury the full amount of s1O0.00O.O0O in gold
Free Coinage of silver.
Section provides that silver bullion
brought to any mint Of the United States
for coinage shall be received and coined
into standard dollars of AZ IL grains; but
no deposit OF silver bullion of less value
than 500 shall be received, nor shall any
bullion be received that is So base as to be
unsuited for the operations CT the mint.
The director of the mint is to retain as
seigniorage and cover into the treasury
the difference between the New York mar
ket price and the coined value of the bull
lion, and this is to be paid out by the Sec
rotary of the Treasury in the current en-
penditures of the government.
Don't Satisfy Either Faction.
A hasty canvass of the Senate this after
noon tends to show that the compromise
financial bill introduced this afternoon by
Mr.. Vest is not liable to conciliate either
the silver or bond elements in the Senate.
These two elements are, of course, opposed
to each ether and to any legislation not
distinctly in their interests.
1t was thought that, perhaps the silver
coinage section of Mr.. Vests bill would
pacify the silver Senators and enlist
silver party said, however, that the bill
would OF be acceptable to silver interests.
and the same sentiment was expressed by
an eastern Senator who is known to be OPP
posed to the white metal.
Under these circumstances, therefore. 1t
is thought probable that the bill will not
succeed, and 1t is regarded more as per-
sonal effort of Mr.. Vest to solve the prob
lem than result of any conference be-
tween the two parties or the two opposing
financial elements.