The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-01-07
FOR FREE SILVER.
Senate Finance Committees
Substitute for Bond Bill
Provides for the Coinage of the
Treasury Seigniorage.
THE MEASURE IN FULL.
Retirement of Bank Notes Under
$40 a Feature.
Substitute Adopted by a Vote
of Eight to Five.

WASHINGTON, Jan. THE senate
finance committee has decided to re-
port as a su bstitute for the house bond
bill the measure agreed upon by the
silver majority. The substitute pro-
vides for the free coinage of silver,
for the coming of the seigniorage in
the treasury to redeem green backs
and treasury notes in either gold or
silver. The bill will be reported to
the senate to-day.
The bill is, in full, as follows:
Section 1. That from and after the
passage of this act, the mints of the
United States shall be open to the
coinage of silver, and there shall be
coined dollars of the weight of 4121S
grains troy, of a standard silver, nine
tenths fine, as provided by the act of
January Is, 1897, and upon the same
terms, and subject to the limitations
and provisions of law regulating the
coinage and legal tender quality of
gold. and whenever the said coins
herein provided for shall be received
into the treasury certificates may be
issued thereon in the manner now pro-
vided by law.
Section 2. That the secretary of the
treasury shall coin into standard sill
yer dollars, as soon as practicable, ac-
cording to the provisions of Section
of this act, from the silver bullion
purchased under authority of the act
of July Ii, 1890, entitled, San act di-
recting the purchase of silver bullion
and the issue of treasury notes
thereon, and for other purposes" that
portion of said silver bullion which
| represents the seigniorage or profit to
the government, to-wit, the difference
between the cost of the silver pur-
ol,o n a0f md re nina Cre
value, and SAID silver dollars, SO
coined, shall be used in payment of
the current expenses OF the govern
ment; and for the purpose of making
the said seigniorage Immediately
available for use as money. the sec
thorized and directed to issue silver
certificates against it, as if it were
already coined and in the treasury
Section 8. That no national bank
note shall be hereafter issued for a
denomination less than SO, and all
| notes of such banks now outstanding
of denominations less than that sum
shall be, as rapidly as practicable,
| taken up, redeemed, and Cancelled, and
| notes of $40 and larger denominations
shall be issued in their stead, under
the direction of the comptroller of the
| currency.
Section 4. That the secretary of
| the treasury snail reQoem the OnlCeQ
| States notes, commonly called green
| backs, and also treasury notes issued
under the provisions of the act of July
IA. 1890, when presented for redemp-
| ton, in standard silver dollars, or IN
gold coin. using for redemption of said
notes either gold or silver coins, or
both, not at the option of the holder,
| but exclusively at the option of the
government, and said notes, commonly
| called green backs, when so redeemed,
| shall be reissued as provided by the
act of May 81, 1878.
The su bstitute was adopted without
| discussion, the vote being to 5.
| Senator Wa1cott was absent but his
vote was counted with the bill. The
yeas were Voorhees,. Harris, Jones of
! Arkansas, Vest, White, Walthall,
| Democrats; Jones of Nevada, Populist
and Walcott, Republican. The nays:
Morrill,, Sherman, Allison, A1drich and
| Platt.
The Democrats indicated their will
| ingness, after the bond bill was dis
posed of, to take up the tariff bill, but
the Repu blicans asked for further time
! in order to su bmit the tariff to the Re-
publican caucus.