Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1900-04-13

ing the position OF this government
In the matter. After discussing the
subject 1t was agreed by the President
and his advisers that the United
States. not being officially concerned
In the exchanges between Pretoria and
London except as an intermediary,
could not properly furnish any infor-
nation to the public about the Boer
Proposals.
The Final Answer.
The final answer of Lord Salisbury,
received by Secretary Hay, showed
that no words were wasted in .iescrib-
ing Great Britain's attitude. The dis
patch while couched in courteous
terms, stated that her Majesty's gov
eminent was not prepared to accept
the Intervention" of any nation. This
general application of the declension
is regarded as a warning to other ma
tons not to interfere. The result of
the efforts of the administration are
rather disappointing, but there is e
feeling here that it had duty to per-
form among the nations Of the earth
and that it discharged that duty
The Monetary BnI.
The financial legislation so long
promised and so long discussed has at
last been consummated by the Presi-
dents signature to the law, which af-
ter many amendments and many
changes in conference has at last be-
come the law of the land, establish
ing the gold standard of value. The
last legislative step was taken when
the House of Representatives agreed
to the conference report by a vote OF
166 to 100. There were ten absent
members and the final vote showed
nine Democrats joining with the solid
Republican vote for the measure.
Effect of the Loan.
AS to the immediate effect of the
measure, owing to the transfer of
$150.000,000 in gold coin and bullion
from the general fund to the redemp-
ton fund&the available cash balance
Of the treasury will hereafter show a
reduction to that amount from the fig
ures that have heretofore prevailed.
Should redemptions reduce the reserve
below 500 900 900, and the secretary
is unable to build it up in ordinary
course, ne may sell bonds enough to
place 1t back to the S1I0. 900 900 mark.
The endless chain is broken by a pro-
vision which prohibits the use of re-
deemed notes to meet deficiencies I'm
the current revenues.
One clause of the bill gives the Sec
rotary the right to coin any of the
1899 bullion into subsidiary silver
coins up to a limit of 500 OOO. 900. and
he may receive worn and uncurrenf
subsidiary silver.
The Ban..ing Act.
There are some other changes I'm
the national banking act. The law
permits banks to issue circulation ON
all classes of bonds deposited. ND to
the par value of the bonds, instead OF
ninety per cent. OF their face. as here
tofore. This is expected to make an
immediate increase in national bank
circulation of something like s24 .OOO.-
600, as the amount of bonds now de-
posted to secure circulation is about
s242, COO, 900.
National banks are permitted under
the law to issue circulation up to an
amount equal to their capital. The
total capital of all national banks ia
SIC 900 GOO The total circulation ONT
standing is 1888 .O00,0 There is.
therefore, a possibility of an increase
In circulation to 1868. OO0, 900. although
the price of the two percent. bonds. as
already foreshadowed by market QUO
tations in advance Of their. issue
promises to be so high that the profit
to the banks in taking out circulation
will NOT he ono oh 70 yoabo A.