The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-02-06
Provisions Of the Currency Measure
Now Pending Before Congress.

WASHINGTON, Jau. 29.-The enabling
act introduced by Chairman Springer,
carrying out the Presidents suggestions,
is as follows:
Be it enacted by the Senate and House
of Representatives otthe United States of
America, in congress assembled, that in
order to enable the secretary of the
treasury to procure and maintain SUI
ficient gold reserve TO redeem and re-
tire United States legal tender notes and
treasury notes issued under the act of
July II, 1890, entitled, "An act dire citing
the purchase OF silver bullion and the
issue OF treasury notes thereon, and for
other purposes" he is hereby authorized
to issue and sell at not less than par, in
gold except as provided in section of
this act, United States registered or
coupon bonds in denominations of $40
aud $50 and mutiples of said sums
respectively payable so years after in
gold coin Of the United States, OF the
present weight and fineness and bearing
interest at a rate not exceeding per
cent per annum, payable quarterly in
like coin and such bonds and the inter
est thereon shall have like qualities,
privileges and exemptions as the bond
issued under the act approved July ii,
1870, entitled, can act to authorize the
relunding of the national debt" Such
bonds may be sold and delivered in the
United States or elsewhere as may be
deemed most advantageous TO the inter
ests OF the government.
Sec. 2. That whenever any other legal
tender notes or treasury notes shall be re-
deemed in gold they shall be cancelled
and not reissuod; and the secretary Of the
treasury is hereby authorized in his dis
cretion, to receive United States legal
tender notes ana treasury notes issued
under the aforesaid act OF July IL, 1890,
in pay ment of any of the bonds issued
under the preceding Sc ction Of this act,
and the notes so received shall be can
celled and not reissued.
See. 3. That hereafter national bank
ing associations may take out circulating
notes in the manner now provided by
law, to an amount equal to the par value
OF the bonds deposited to secure the
same. But this provision shall not APP
ply to any bonds now outstanding bear
ing interest at the rate OF per cent
only.
Sec. 4. That hereafter no national
bank notes Of a less denomination than
$40 shall be issued, and as rapidly as
such notes of denominations less than
$40 shall be received into the treasury,
otherwise than for redemption they
shall be cancelled and an equal amount
of notes OF like character but in denom-
nations Of $40 and multiples thereof
shall be issued in their places. lsilver
certificates now outstanding in denoml-
nations larger than $40 shall, when re-
eeived into the treasury of the United
States be retired and cancelled and silver
certificates in denominations less than
$40 shall be issued in their stead.
See, 5. That from and after the first
day OF July, 1895, all duties ON imports
shall be paid in gold coin only, and all
taxes, debts aud demands, other than du-
ties ON imports, accruing or becoming
due the United States shall be paid in
gold or silver coin, treasury notes.
United States notes, silver certificates or
notes Of national banks.
See. g. That all laws and parts Of
laws Inconsistent with the provisions OF
the preceding sections are hereby re-
pealed, and a sum sufficient 10 carry the
provisions OF this act into effect be, and
the same IL hereby appropriated out of
any money In the treasury not other
wise app opriated.