Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1895-01-30
NEW BOND MEASURE.
1t Combines the Recommendations
Made in the Presidents
Message.

Washington, d. c., Jan. 2S.-Chair-
man Springer of the banking and cur
rency committee of the House has intro
duced bill to carry into effect the recon-
mendations of the Presidents message
He has notified his committee to meet
tomorrow morning and consider the bill.
The bill is as follows:
An act to authorize the secretary of the
treasury to issue bonds to maintain a
su1hclent gold reserve and to redeem and
retire United States notes and for other
purposes
be it enacted by the Senate and House
of Representatives of the United States
of America in Congress assembled.
Sec. l. That in order to enable the secre-
tary OF the treasury to procure and main
tain sufficient gold reserve and to redeem
and retire United States legal tender
notes and treasury notes issued under
the act of july II, 1890, entitled "An act
directing the purchase of silver bullion
and the issue of treasury notes thereon,
and for other purposes he is hereby au
thOriZed 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
and $40 and mulhpleS of said sums, re-
spectively, payable fifty years after in
gold coin of the United States of the
present weight and fineness and bearing
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 bonds
issued under the act approved July II,
1870, entitled AN act to authorize the
refunding 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 ,. That whenever any other legal
notes of less denomination than $40
shall be issued, and as rapidly as such
tender notes or treasury notes shall be
redeemed in gold they shall be cancelled
and not reissued, and the secretary of the
treasury is hereby authorized, in his dis
erection, to receive United States legal
tender notes and treasury notes issued
under the aforesaid act of July II, 1890
in payment for any Of the bonds issued
under the preceding section of this act
and notes received shall be cancelled and
not reisSued.
Sec 8 That hereafter national banking
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 apply to any
bonds now outstanding bearing interest
at the rate of per cent. only.
Sec. f. That hereafter no national bank
shall be received into the treasury, other
wise than for redemption and retirement,
they shall be cancelled and an equal
amount of notes of like character, but
in denominations of SO and mulGples
thereof shall be issued in their places
All silver certificates now outstanding, in
denominations of more than S10 shall,
when received into the treasury of the
United States, be retired and cancelled
and silver certificates in denominations
less than SO shall be issued in their
stead.
See s. That from and after the first
day of July, 1895, all duties on imports
shall be paid in gold only and all taxes,
debts and demands other than duties on
imports, accruing or becoming due to the
United States shall be paid in gold and
silver coin, treasury notes, United States
notes, silver certificates or notes of ma
tional banks.
Sec 6. That all laws and parts of laws
inconsistent with the provisions of the
preceding sections to be and they are
hereby repealed: and a sum sufficient tc
carry the provisions of this act into effect
to be and the same is hereby appropriated
ont of any money in the treasury not
otherwise appropriated