The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-01-07
BOND BILL SUBSTITUTE.
MEASURE AGREED UPON BY THE
FINANCE COMMITTEE.
1t Provides for the Free Coinage of
Silver and Retirement of all
Notes Under $40.


Washington, Jan. 6.-The Senate
| Finance Committee, at its meeting to-
day, decided to report a Senate sub
stitute for the House bond bill, the
measure agreed upon by the silver
majority. The substitute provides for
| the free coinage of silver, for the coin
| age of the seigniorage in the Treasury
and makes it optional with the Secre-
| tary of the Treasury to redeem green
backs and Treasury notes in either
gold or silver.
The substitute also provides for the
| retirement of all notes of less denom-
,ination than $40. The Finance Com
mittee Immediately began considera-
| ton of the tariff bill 1t is said that
| this bill will be reported substantially
| as it came from the House, except that
an advance of Is per cent of the pre-
sent duty on sugar will be provided
for and the agricultural schedule will
be increased to 20 or % per cent of the
present law.
Following is the full text of the sub
stitute for the House bond bill adopt
| ed by the Senate Finance Committee:
"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 four hundred and twelve
and one-half grains, troy of standard
| silver, nine-tenths fine, as provided by
| the act of Jan. IS, 1887, and upon he
same terms and subject to the limita-
| tions 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 NAV be
| issued thereon in the manner now
provided by law.
Section 2. That the Secretary of
| the Treasury shall coin into standard
| silver dollars, as soon as practicable,
according to the provisions of Sec
| tion i of this act, from the silver bull
| lion purchased under authority of the
act of July II, 1890, entitled, "An act
| directing the purchase of silver bull
| lion and the issue of Treasury notes
| thereon, and for other purposes, that
| portion of said silver bullion which
represents the seignorage or profit to
| the Government, to-wit, the difference
| between the cost of the silver pur-
| chased under said act and its coinage
value, and said silver dollars so coined
| shall be used in the payment of the
current expenses of the Government;
and for the purpose of making the said
seignorage 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,
Section 3. That no National bank
note shall be hereafter issued of Il
denomination less than ten dollars,
and all notes of such banks now out
standing OF denominations of less
than that sum shall be, as early as
practicable, taken up, redeemed, and
cancelled, and notes of ten dollars and
larger denominations, shall be issued
i'm their stead, under the direction of
the Comptroller of the Currency.
Section 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 18th 1890, when presented for
redemption, 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 greenbacks, when
so redeemed, shall be reissued as pro-
vided by the act of May 81, 1873"
The substitute was adopted without
discussion, the vote being to 5. SEN
| ator Wolcott was absent but his vote
was counted for the bill. The yeas
were Voorhees,, Harris, Jones Of Ar
kansas, Vest, White, Walthall, Demo
Gratis; Jones of Nevada, Populist; and
Wolcott, Republican. The nays:
Morrill,, Sherman, Allison, Aldrich
and Platt.
The Democrats indicated their will
ingness 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.
The Laurinburg Exchange has com