The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-01-07
4 SUBSTITUTE.
Finance Committee VIII Report
One For the Bond Bill.

Finance Committee Will Report
One For the Bond Bill.
WASHINGTON, Jan. 6-The Senate
finance committee has decided to re-
port to the Senate a substitute for the
House bond bill, the measure agreed
upon by the silver majority. The sub
stitute provides for the free coinage of
silver, for the coinage of the seignior-
age in the treasury and to redeem
greenbacks and treasury notes in
either gold or silver.
Following is the fun text:
That from and after the passage of
this act, the mints of the United States
shall be open to the coina ge of silver,
and there shall be coined dollars of the
weight Of 41212 grains troy, Of a stan
dard silver, nine-tenths fine, as provid-
ed by the act of January Is, 1887, and
upon the same terms and subject to
the limitations and provisions of the
law regulating the coinage and legal
tender quality of gold, and whenever
the said coins herein provided for shall
be received into the treasury, certifi-
Gates may be issued thereon in the
manner now provided by law.
Sec. 2-That the secretary of the
treasury shall coin into standard silver
dollars as soon as practicable accord
ing to the provisions of section l of
this act, from the silver bullion pur-
chased under the authority of the act
Of July "A, 1890, entitled: An act di-
rectfng the purchase of silver bullion
and the issue OF treasury notes there
on, and for other purposes, that por-
ton of said silver bullion which repre-
sents the seigniorage, or profit of 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 in payment of the current ex-
penSes of the government; and for the
purpose of making the said seigniorage
/ Immediately available for use as
money, the secretary of the treasury
is hereby authorized and directed to
issue silver certificates against it, as
If it was already coined and in the
treasury
Sec. 3.-That no national bank note
shall be hereafter issued for a denomi-
nation less than $40 and all notes of
such banks now outstanding of denomt-
nations less than that sum shall be.
as rapidly as practicable, taken uD, re-
deemed and cancelled, and notes of $40
and larger denominations shall be is
oANN III liiEll OlEdu ulQGT the direction
of the comptroller of the currency.
Sec 4.-That the secretary of the
treasury shall redeem the United
! States notes commonly called green
backs and also the treasury notes is
sued under the provisions of the act of
July IA, 1890, when presented for re-
demptiOn 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 hold
er, but exclusively at the option of the
/ government, and said notes commonly
called greenbacks, when so redeemed
shall be reissued as provided by the
act of May 81, 1873
The substitute was adopted without
discussion, the vote being to s.
Senator Wolcott was absent, but his
vote was counted for the bill.
Yeas-Voorhees, Harris, Jones Of
Arkansas; Vest White, Walthan,
| Democrats; Jones of Nevada, Populist
and Wolcott, Republican.
Nays-Morrill, Sherman. Allison,
Aldrich and Plat.
The Democrats indicated their will
lingness after the bond bill was dis
posed Of to take up the tariff bill, but
the Republicans asked for further
time in order to submit the tariff to the
Republican caucus.