The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-07
UNLIMITED FREE COINAGE
THE SUBSTITUTE BASED on THE
MUCH-DIsCUssED ACT OF 1897.
Ii Also Provides for Coining seignior-
age, Redeeming Greenbacks and
CancelIing Small Bank Notes.

WASHINGTON, Jan. 6.-The Senate
finance committee to-day decided to report
as a Senate substitute for the House bond
bill the measure agreed on by the silver
majority. The substitute provides for the
free coinage OF silver, for the coinage or
the seigniorage in the treasury. and makes
1t optional with the Secretary of the Treas
ury to redeem greenbacks and treasury
notes in either gold or silver. 1t also pro-
vides for the retirement OF all notes of
less denomination than SO. Following is
the text of the bill:
THAT from and after the passage of this
open TO the coinage of silver, and there
shall be coined dollars of the weight OF
tenths fine. as provided by the act of Jan.
is, 1881, and on the same terms and subject
TO the limitations and provisions Of law reg
ulating the coinage and legal-tender quail
ity 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 provided by
law.
Section 3 That the Secretary of the
Treasury shall coin into standard silver
collars, as soon practicable, according
10 the provisions OF Section l of this act,
from the silver bullion purchased under au-
tnorfty OF the act of July IA, 1880, entitled
An act directing the purchase of silver
bullion and the issue OF treasury notes
thereon, and for other purposes that por-
ton of said silver bullion which represents
the seigniorage or profit to the govern
ment. 70 wit. the difference between the
cost or the silver purchased under said
act and its coinage value. and said silver
dollars so coined shall be used in payment
or the current expenses of the government;
and, for the purpose Of making the said
Be1gniorage Immediately available for use
Rs money, the Secretary of the Treasury is
hereby authorized and directed to issue sill
yer certificates against il, .as if it was al
ready coined and in the treasury.
Sec J. That no national bank note shall
Ffar
than $40. and all notes Of such banks now
outstanding OF denominations less than
that sum shall be, as rapidly as practical
bic. taken up redeemed and Cancelled. and
notes Of $40 and larger denominations
shall be issued in their stead under the
direction OF the Controller of the Currency.
Sec. 4. That the Secretary of the Treas
ury shall redeem the United States notes
commonly called greenbacks. and also the
OF the act of July IA. 1880. when presented
Tor redemption, in standard silver dollars
or or In gold coin. using for redemption of
both. not at the option of the holder but
exclusively at the option Of the govern
ment, and said notes, commonly called
greenbacks, when so redeemed, shall be re-
1878"
The substitute was adopted without dis
cussion, the vote being s to 5. Senator
Wolcott was absent, but his vote was
counted for the bill. The yeas were: Voor-
White, Walthall, Democrats; Jones of Ne
vada, Popuist. and Wolcott. Republican
The nays were: Morrill,. Sherman Allison,
Aldrich and Plat. Republicans
The Democrats indicated their willing
ness. after the bond bill was disposed of,
to take up the tariff bill, but the Repub-
lcans asked for further time in order to
submit the tariff bill TO Republican eau
Gus. which will be held Tomorrow at the
request OF the Republican members of the
committee on finance, to consider the ques-
tions which have arisen in connection with
IT. The committee is undecided between
reporting the bill without amendment and
amending 1t so as to make sure OF the sup
port OF certain Senators who have indi-
Gated a disposition to press very strong
ly for increases. The committee has had
under especial consideration such PROPOSE
lions to extend the provisions of the bill
20 sugar and TO increase the rate of duty
on spirits. agricultural products and pot
terry. The House bill increased the duty
on these articles. with the exception of
sugar. Is per cent, while the proposition
before the committee is to make the in
crease 20 per cent. The committee is dis
posed to report without any amendment,
but. approaching the narrow margin in the
Senate, it has been decided desirable to
secure the sense OF the entire Republican
side of the Senate before the plan of the
committee is completed. 1t is, therefore.
apparent that II the Republican Senators
show disposition to press their amend
ments TO the extent Of opposing the bill
they will he accepted. There is also some
apprehension lest the silver Republicans
and 'Populists who, 1T Is believed, would or
dinar1ly support a tariff bill, may insist
on adding free-coinage amendment to the
tariff bill, and it is hoped that the caucus
will have the effect of indicating what may
be expected from the Republican silver
Senators.