Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1896-01-11
finance Committee Has a Sub
stltute for the Bond Bill.
WILL COIN THE SEIGNI0RAGE
Government Is TO Pay for Greenbacks
In Standard Dollars When
the occasion Arises.

washington, Jan. 6. - The senate
fnance committee has decided to report
the senate substitute for the house bond
hill the measure agreed upon by the
silver majority. The substitute pro
vdAs for the free coinage of silver for
the coinage of the seigniorage in the
treasury, and 30 redeem greenbacks and
treasury notes IN either gold or silver
The bill will be reported 10 the senate
tomorrow. The silver substitute also
nrovides for the retirement of all notes
Of less denomination than SO.
The following is the full text of the
substitute for the bond bill adopted by
the senate finance committee today:
That from and after the passage of this
act the minis of the United states Shall
he open to the coinage of silver, and there
shall be coined dollars of the weight OF
Io1h grains troy, Of a standard silver,
nne-tenths fine, as provided by the act or
January IS, 1887, and upon the same terms
and subject to the limitations and pro
visions Of the law regulating the coin
age and legal tender quality of gold, ana
whenever the said coins herein provided
fer shall be received into the treasury,
certificates may be issued thereon IN the
manner now provided by law.
That the secretary of the treasury shall
coin into standard silver dollars as soon
as practicable, according to the proVis-
ions of this act. from the silver bullion
purchased under authority of the act of
July IA, 1890, entitled "An act directing the
purchase Of silver bullion and issue treas
ury notes thereon, and for other purpos-
es," that portion of the said silver bullion
which represents the seigniorage, or profit
to the government, to-wit: the difference
between the cost Of the silver purchased
under said act and its coinage value,
and said silver dollars so coined shall be
used in payment of current expenses of
the government; and for the purpose of
making the said seigniorage Immediately
available for use as money, the secretary
OF the treasury is authorized and directed
TO issue silver certificates against it as
If 1t was already coined and in the treas
ury
That no national bank notes shall
De hereafter issued for de-
nomination less than $40 and all
notes of such banks now out
standing of denominations less than that
sum- shall be, as rapidly as practicable,
taken up, redeemed and cancelled and
notes of $40 and larger denominations
snail be issued in their stead under the
renCy.
mat the secretary Of the treasury shall
redeem the United States notes, commonly
called greenbackS, and also the treasury
Holes issued under provisions of the act
VI july IA, 1890, when presented for re-
ueHpton in standard silver dollars or in
soiu coin, using for redemption of the
Sdlu notes either gold or silver coins or
JUL not at the option of the holder but
exclusively at the option of the govern
nleH'' and said notes commonly called
eieehpacks, when so redeemed shall be
81, 1873 +''''
me substitute was adopted without
discussion, the vote being 8 to 5. Sena-
'or Wolcott was absent. but his vote
was counted for the bill.
leas-Voorhees, Harris, Jones of Ar
KANSAS Vest, White, WalthaIl democrats;
Jones of Nevada, popuIist, and Walcott,
republican.
and Platt. 1AiNi iOi'
Inc democrats indicated their willing
neSs' after the bond bill was disposed
~ ~ Jake up the tariff bill, but the re-
puollcans asked for further time in or
oer to submit the tariff to the republi-
can caucus.
a BRIEE