The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1896-01-11
Finance Committee Has Sub
sttute for the Bond Bill.
WILL COIN THE SElGNl0RAGE
Government Is TO Pay for Greenbseks
in Standard Dollars When
the Occasion Arises.

washington. Jan. 6. - The senate
finance committee has decided to report
the senate substitute for the house bond
bill. the measure agreed upon by the
silver majority. The substitute pro-
vides for tine free coinage of silver TOT
the coinage of the seigniorage In the
treasury. and DO redeem greenbacks ana
treasury notes IN either gold or silver
The bill will be reported TO 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
+be senate finance committee today:
That from and after the passage of this
oct the minis of the United States shall
he omen to tho coinage of silver, and there
sbaIi he coined dollars of the weight OF
'n2dh Grains troy, of a standard silver,
nine-tenths fine as provided by the act OF
January 49, 1887, and upon the same terms
and subject to the limitations anu pro-
visions of the law regulating the COM
age and legal tender quality of gold' ana
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.
That the secretary of the treasury snail
coin into standard silver dollars as soon
as practicable, according to the provis-
ions of this act. from the silver buliion
purchased under authority of the act OF
July IA. 1890, entitled IAN act directing the
purchase of silver bullion and issue treas
ury notes thereon, and for other purpos-
es," that portion of the said silver pulnoh
which represents the seigniorage, or proht
.-xtrtf
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 1t as
IL 1t was already coined and in the treas
airy.
That no national bank notes shall
be hereafter issued for de-
nomination less than $40 and all
notes of such banks 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
shall be issued in their stead under the
direction of the comptroller of the cur
rency.
That the secretary of the treasury shall
redeem the United States notes, commonly
called greenbacks, and also the treasury
notes issued under 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 the
said notes either gold or silver coins or
both, not at the option of the holder, but
exclusively at the option of the govern
ment, and said notes commonly called
sreenbacks, when so redeemed shall be
reissued as provided by the act of May
81. 1878.
The substitute was adopted without
discussion, the vote being to 5. Sena-
tor Wolcott was absent, but his vote
was counted for the bill.
Yeas-Voorhees, Harris, Jones of Ar
kansas, Vest, White, Walthall. democrats;
Jones of Nevada, populist, and Walcott,
republican.
Noes-Morrill. Sherman. Allison, Aldrich
and Plat.
The democrats indicated their willing
ness, after the bond bill was disposed
Of to take up the tariff bill, but the re-
publicans asked for further time in or
der to submit the tariff to the republi-
can caucus.