Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1900-03-30

ing the position of this government
In the matter. After discussing the
subject it 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 nal Answer.
The final ans Er Of Lord Salisbury,
received by Secretary Hay. showed
that no words (vere wasted in 'iescrib-
ing Great Brttskn's attitude. The dis
patch while @ouched in courteous
terms. stated That her Majesty's gov
ernmSnt was mot prepared to accept
the q" <erventApn" of any nation. This
generSf Spplidkion of the declension
is regarded as warming to other ma
lions not to interfere. The result Of
the efforts of the administration are
rather disappointing. but there is a
feeling here that IL had a 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 120. 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
$50, 000, 900 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. 000. 900. and the secretary
is unable to build it up in ordinary
course. he may sell bonds enough to
place IT back to the $150, 000, 900 mark.
The endless chain is broken by a pro-
vision which prohibits the use of re-
deemed notes to meet deficiencies in
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, O00. 900, and
he may receive worn and uncurrent
subsidiary silver.
The Thanking Act.
There are some other changes in
the national banking act. The law
permits banks to issue circulation on
all classes of bonds deposited, I'D 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 I'm national bank
circulation of something like 1924. OO0.-
900. as the amount OF bonds now de-
posted to secure circulation is about
$242, 0O0. 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 is
sic, 600, 900. The total circulation out
standing is 1888 900 900. There is.
therefore, a possibility of an increase
In circulation to 1893. 900 600, 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 il ling out circulation
will not be enc "a to make the in