The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-01-07
GreenbackS to Be Redeemed in
Either Gold or the White
Metal.
USE FOR THE sEIGNIoRAGE.
Republican Members of the Senate
Will Caucus to Consider the
Tariff Bill.

WASHINGTON. D. c., Jan. ct took
the Senate Committee on Finance this
afternoon less than fifteen minutes to
order a favorable report on free coinage
bill as substitute to the House bond bill,
which has been before the committee for
several days.
On motion of Voorhees,, former chair
man of the committee, the enacting clause
was stricken out and the following sub
stituted:
SECTION From and after the passage OF
this act, the minis OF the United States shall
be open to the coinage OF silver, and there shall
be coined dollars of the weight of 1927 grains
troy, of standard silver, nine-tenths fine,
as provided by the act of January Is,
1887, and upon the same terms and subject
to the same limitations and provisions of law
regulating the coinage and legal tender quail
ity OF gold; and whenever the said coins
herein provided shall be received into the
treasury certificates may be issued therefor in
the manner now provided by law.
Sec. 2-rhat the Secretary of the Treasury
shall coin standard silver dollars as soon as
practicable according to the provisions of Sec
ton l of this act from the silver bullion
purchased under the authority of the
act of July Ia, 1890, entitled, Gan act directing
lAS puAShhsC VI SILVER Du1llOu anu the issue
OF treasury notes thereon and for other pur-
poses.'' That portion OF said silver bullion
which represents the seign forage OF profit to
the Government, to wit: The difference be-
tween the cost of the silver purchased under
said act and its coinage value, and
said silver dollars so coined shall be
used i'll the payment of the current
expense OF the Government, and for the pur-
pose of said seigniorage Immediately available
is hereby authorized and directed to issue
silver certificates against it, as if it were
already coined and in the treasury.
Sec. 8. That no national bank note shall be
hereafter issued OF denomination less than
$40, and that 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 is
sued in their stead under the direction of the
Comptroller of the Currency,
Sec. 4. The Secretary OF the Treasury shall
redeem the United States notes commonly
called greenbacks and also the 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 redemp-
ton of said notes either gold or silver
coin, or both, not at the option of the holder.
but exclusively at the option OF the Treasury
Department, and the notes commonly called
gTeenbacks when SO redeemed shall be reis-
sued, as provided in the act OF May 81, 1878.
This measure was agreed upon at a con-
ference of the silver men of this committee
this morning, all the silver men being
Democrats but Jones of Nevada.
Immediately upon the reassembling of
the full committee this bill was presented
and vote called for. There was no de-
bate. The bill was read, and by vote of
eight to five favorable report was or
dered to be made.
The report will be made to the Senate
tomorrow by Jones of Arkansas. Whether
there Will be protracted debate remains to
be seen. The result can be easily fore told.
The m ajority in the Senate in favor of free
coinage is at least ten and it may reach a
dozen.