News Observer Chronicle

Vest's substitute.

Mr. Vest has submitted a substitute for the repeal bill in the nature of a compromise. Section 1 provides for the repeal of the purchasing clause of the Sherman act. Section 2 directs the Secretary of the Treasury to issue certificates against the silver now in the Treasury, such certificates to be legal tender for all dues, public and private. Section 3 provides for the coinage of American silver into standard dollars as provided by the act of 1837, to extend three million per month until eight hundred millions be coined. Section 4 directs the issuance of certificates against silver so coined in amounts less than ten dollars, such certificates to be a full legal tender. Section 5 authorizes the Secretary of the Treasury to pay out gold if he believes it is intended for export. Section 6 makes the Finance Committee of the Senate and the Banking and Currency Committee of the House a joint committee to formulate legislation placing the financial system on a sound basis. Section 7 repeals the ten per cent tax on State bank issues whose circulation is based upon a coin reserve or government bonds.