Show SILVER BULLION Its FnUrc Use as a Ka ls of Xatloaal Bank Circulation Circu-lation MURDER By MEXICAN HORSE V THIEVES Qnlle A Variety of Railroad Gilailropues Occurred Ayaln Yesterday MONTANA DEMOCRATS CANNOT Grr A QUORUM Bravery of Miners InlerState Commerce Annual Export The Itrglla Canal Cj Teltmph la the 5EWI1 JOIIX Hi01S BILL The 1e r MhDulllo rr e tlonal nnk CJrruIMIon Nsw YORK Jan 61obn Jay Knox has prepared a bill which I will be introUucra In Congress soon the principal object of which Is to I provide for the Ule of silver bullion as a basis of national bank circula lion The bill provides that nfler the passage of the act every nation alj bank shall be authoriicd to istue circulating notes In an amount not exceeding To percent thb IjSuke capital etock JTot leis than TO per tect ot this circulation shall be secured by Unite States bonds or at the option of each bank onehalf of said 70 per cent may b tecurel by deposits with the treasurer un dun regulation t b prescribed by the Secretary of the Treasury of gold coin or bullion or eilver bul lon at current market price Whenever When-ever the met or cash value of the bullion and United States bonds deposited h I reduced blow the amount of circulation Issued the comptroller of demand clptler currency may de mand and receive the amount of such depreciation in other bullion or in gold or other coin t be deposited de-posited with the treasurer as long as such depreciation shall continue or the amount circulating lutes of euch tank may be reduced by charging the excess of circulation to THE KKDEMPTION fVSl An account t be designated the National bank safety fund is authorized to b opeced on the Treasurers books by reducing the amount United States notes now outstanding St5 ° 0000 and by reducing ducing the national bank redemption fund the Mme amount and crediting credit-ing 3000000 to the safety fund To sId fund bal L added a duty of onehalf of one per cent each half year upon the average amount of national bank notes in circulation I any national bank becomes insolvent in-solvent nnd any of its circulating notes remain unpaid after the assets and individual liability of share i holder i exhausted such circulating circulat-ing ole hall be redeemed cancelled can-celled and destroyed and the amount charged to tho safety fund Mr Knox in the I explaining provisions pro-visions of his bill raid it I estimated estimat-ed that lost and unredeemed national nation-al bank notes amount to at least one per cent during every twenty years but only onehalf of the amount estimated t be lost is t be placed to the credit of the safety fund to cover the SO per cent of circulation not secured by bonds on bullion It I is not necessary however that THIS AvritniitiATiox should be used for the safety fund if serious objections are made ag the tax on circulation which amounted in 1SS9 to 141033 I abundant for creatingaud maintaining sufficient funds for the absolute redemption of HO per cent of all the issues of Ill solvent national banks The comptroller comp-troller report for 1SS3 sows CIp during tho last 21 years the total circulation of insolvent ban nol each year on an average W 600 0 30 per cent of which would le ISO The tax on circulation last year was nearly eight times the amount tho safety fund required If the circulation is increased the tax will b correspondingly Increased In-creased so that the amount to b added annually t the safety fund from it is without doubt abundantly sufficient t provide for 30 per cent of all the insolvent banks of the country The profit on circulation under this proposition would not b large but would lie sufficient t Induce many If not all similar national banks to DEIST SILVER EU1L1OX and take J out in circulation Knox estimates that at the end of the next twenty years or at the date of payment of the 4 per cent bonds In 1007 the safety fund will have accumulated at least 20000 000 5 from that time onward a sufficient amount of national lank circulation would remain permanently perman-ently In existence well secured by gold orf liver bullion and sufficiently sufficient-ly profitable to male the present amount of United States notes to respond to the demands of tho business busi-ness of the country I would also give the banks In the west as well as In the et who have confidence in the future value of sliver an opportunity op-portunity to Invest In that op and be believes c investments will b made for the next three years equal at Irast t 20000000 annually and thus relieve the treasury from excessive purchases I Launched BATIK Me Jan 6The full rigged ship Jiappahannoct the first built here since 1SS5 was launched from the yard of Arthur EewaltA C today The Jtappaliannock Is the largest vessel ever built in Maine and her carrying capacity exceed that of any squarerigged wooden shiii built on tho Atlantic cen A ijewalt ill Gt and others of San Francisco are her owner As an outcome President Harrisons visit In August Swat received from the President a framed portrait of hIIl with the following auto graph inscribed < Jfay ever org of the ship Jtappahannocl be prosperous Iap BESJASICJ rTe = r-Te portrait I hung up in the cabin of the ship Fnraltare Firm FAils CHICAGO Jan Anapplicatlon was modetodayfora rlverforte furniture house of R DUel k Bros the most extensive manufacturers manufac-turers of parlor furniture in Chic tr ofprlr go Frank A Helmer was appointed receiver inbondsef SIOOOOO The total liabilities will probably exceed 300 0 while the assets at the most liberal estimate cannot exceed 230000 The heaviest claims s in the east i e HonUna Democrats HELENA Jan GThe democratic legislators wet In joint session at noon but a heretofore without a 10n bt Tweniytl out of thirty eight members were present and took a ballot each voting for the e1 caucus nominees Chirk and Ma gtnnls Adjourned till tomorrow |