St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-07
SENATE FINANCE COMMITTEE
READY WITH THEIR SUBsTI-
TUTE.
COINAGE AND REDEMPTION.
THE SEIGNIORAGE INCLUDED AND
GREENBACkS TO BE PAID IN
GOLD OR SILVER.
MEMBERS VOTED EIGHT TO FIVE.
Gus Today on the Tariff
Bill.

WASHINGTON, Jan. 6.-The senate
finance committee has decided to re-
port, as senate 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 seign-
forage in the treasury, and makes it
optional with the secretary of the
treasury to redeem greenbacks and
treasury notes in either gold or silver.
The bill will be reported to the senate
tomorrow. The substitute also pro-
vides for the retirement of all notes
OF less denomination than SO. 1t is
said that the tariff bill will be re-
ported substantially as it came from
the house, except that an advance of
10 per cent of the present duty on sug-
ar will be provided for, and the agri-
cultural schedule will be increased to
20 or 20 per cent of the present law
Following is the full text of the sub
stitute for the bond bill:
That from and after the passage of this
act the minis of the United States shall be
open to the coinage of silver, and there shall
be coined dollars of the weight OF 4121a
grams, troy, OF standard silver, nine-tents
DIS prOVlueu by the act OF Jan. Is, 1881,
and upon the same terms and subject to the
same limitations and provisions of law reg
ulatlng the coinage and legal tender quail
tty of gold; and whenever said coins herein
provided for shall be received into the treas
ury certificates may be issued thereon in the
manner now provided by law.
Section 2.-That the secretary of the treas
ury shall coin into standard silver dollars
as soon as practicable, according to the pro-
visions OF section l of this act from the sill
yer bullion purchased under authority of the
) cd an OF NO
the purchase of silver bullion and the issue
or treasury notes thereon, and for other pur-
which represents the seigniorage profit to
the government, to-wit, the difference be-
tween the cost of the silver purchased I'M
der said act and the coinage value and said
silver dollars so coined shall be used in pay
ment OF the current expenses of the govern
ment; and for the purpose of making the
use as money, the secretary of the treasury
is hereby authorized and directed to issue
silver certificates against it, as If it was al
ready coined and in the treasury.
TEN DOLLAR NOTES.
Section 3.-That no national bank note
shall be hereafter issued for a denomination
or less than ten dollars, and all notes of such
banks now outstanding of denominations less
than that sum shall be, as rapidly as practic-
able, taken up redeemed and cancelled, and
notes OF ten dollars and larger denomina-
lions shall be issued in their stead under
the direction of the comptroller Of the cur
rency.
Section 4.-That the secretary of the treas
ury shall redeem the United States notes.
commonly called greenbacks, and also the
treasury notes issued under the act of July
IA, 1890, when presented for redemption, in
standard silver dollars or In gold coin, using
for redemption of said notes either gold or
silver coin, 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 re-
issued, as provided by the act of May 81,
1878.
The substitute was adopted without
discussion, the vote being eight to five.
Senator Walcott was absent, but his
vote YVES counted for the bill. The
yeas were: Voorhees,, Harris, Jones
(Ark), Vest, White, Walthall, Demo-
Gratis; Jones (Nev), Populist, and Wal
colt, Republican. The nays: 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
Republicans asked for further time in
order to submit the tariff to the Re-
publican caucus.