The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1895-01-31


Chairman Springer OF the banking and
currency comHnttce OF the house has IN
trodnced IA oil 10 carry into effect tho
recommendations of the presidents mos,
sage He las notified his committee ia
meet today and consider the bill. The bill
Is rs faliows;
An act h. authorize the secretary of the
treasury to issue bonds to maintain sufficient
gold reserve, and To redeem ana rcure United
state notes and for other purposes.
Be II enao It'd, that in order to enable the sec.
Rotary OF ia treasury to procure and man
tain a sufficient gold reserve and to redtuu
and retire tn3ted ates legal tender notes
and treasury notes, issued under th, act of
july II. $50, entitled An act directing the
purchase OF silver bullion and the ISSUE Of
treasury notes thereon, and for other pur'
poScs, he Is hereby authorized to issue and
sell at MT less than par in gold, except
as provided in section 2 of this act,
United States registered or coupon bonds,
in denominations Of SO and $50 and multiplrl
of sad sums, respectively, payable 80 years
after in god coin OF the United States OF the
present weight and finencsS, and bearing in
tcrest at rate not exceeding per cent
per annum, payable qurrterly in Ike
COIN and such bonds and the inter
est la on shall have like qualities,
privileges and exemptions rs the bonds issued
under the act approved July "A, 1870, entitled
AN act to authoris o the rcfundng Of the ma.
tioual debit" Such bonds may be sold and deliv.
cred in the Uni oil States or elsewhe 6 "a may
be deemed mot advant u 5eous to the interests
Of the government.
Sortien 2-Fhht whenever any United States
legal tender notes or treasury notes shall be
redeemed in gold they shall be cancelled and
not rcissucd and the secretary of the treasury
* hereby authorized, at his discretion, to re-.
ccYe United States legal tender notes and
treasury notes Issued under the aforesaid act
of July H. 1870, in payment for any of the
bonds issued near the preceding sect Oh of this
act. and the not, recotv, shall be cancelled
and not rcioSiled
Section J--That hereafter natio~al banking
associati ions may take out circulating o - in
the manner now provided by law, II Al
amount equal 10 the par value of the bonds de.
posted To secure the Same. But this provision
shall not apply t. any bonds now outstanding
bearing interest mt the rate of per cent.only.
Section THAT hereafter no national bank
notes OF a less denomination than so snail b.
issued, and IA rapidly such notes of d.
nominations less than $40 shall be 10 icived into
the treasury, Otherwise than for redemption
and retirement they shall be canc He'd and an
equal amount of notes of like character but in
denominations of SO and mul ~ thereof,
shall be issued in their places. All silver Ger
tiflcates now outstanding in denominations
larger than $40 shall, when received into tho
sreasury, be retired nm cancelled and SILVER
certificates in denominations less than $40 shall
be issued in their stead.
Section 5-That from and after July |, 1896,
all duties on imports shall be paid in gold only,
and all taxes, debts and demands other thun
duties ON imports, accruing or becoming dui
to the United States shall be paid in gold and
silver coin, treasury notes, United States
notes, silver certificates or notes of national
bar k.
e. oil 1a.x- nj nf lam In.
consistent with the provisions of the proceed.
ing sections be, and they are hereby, repealed;
and sum sufficient to carry tho provisions Of
this act into effect be, and the same is hereby,
appropriated out Of any money in the treasury
not otherwise appropriated