The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-12-17
CAGES MEASURE
~
Bill of the Secretary of the
Of the Treasury introduced
in the House.
"A Few Verbal Changes Made at
the Instance of Chairman
Walker.
Otherwise It Is as the Secretary
Drew It---Its Provisions
Outlined.

WASHINGTON, Dec. 1.-THE currency
bill framed by Secretary of the Treas
ury Gage was introduced in the house
by Chairman Walker Of the banking
and currency committe, Immediately
after the hearing. The bill as pre-
sented to the house is identical with the
bill as presented to the committee, save
for few changes of no especial signif-
canoe which were suggested by Mr..
Walker.
Secretary Cages measure is entitled
A bill to provide for the refunding of
the national debt, for establishing re.
Ge1aption fund, and division Of issue
and redemption in the treasury OF the
United States and to modify existing
laws respecting national banks, and for
other purposes.
Section provides that there be estab-
lished in the treasury department, as
part of the Office of the treasurer OF the
United States, division Of issue and
redemption, to which shall be assigned
under such regulations as the secretary
of the treasury may approve, all records
and accounts relating to the issue, re.
demption and exchange Of the several
classes of United States paper money.
There shall be set aside the sum of
ei25, 1000. 900 in gold coin aud bullion,
and such further sums Of standard
silver dollars and silver bullion pur-
chased under the act Of congress ap-
proved July IA. 1890, as shall equal the
silver certificates outside tho treasury
and treasury notes Of 1890 outstanding
on the date when this act shah take
effect.
Section provides that all United
States notes, treasury notes of 1890 and
silver certificates presented for redemp-
ton shall be redeemed from the re.
demption fund herein provided, in &C.
cordance with the terms Of existing
laws, but the notes and certificates so
redeemed shall be held in and consti.
tute part of said fund, and shall not
be withdrawn from said fund nor dis
bursed, except in exchange for an equiv.
alent amount Of the coin in which said
notes or certificates were redeemed.
Section provides for the issue of ~
per cent gold bonds in place Of and 5
per cent bonds issued under acts Of
1870, 1871 aud 1876.
Section provides for the deposit by
national banks of United States bonds
and the issue of national bank notes to
the full face value thereof.
Sections 8, 6 and 7 relate to the se.
curing Of circulation Of national banks.
and are as follows:
Section s. That any national bank
ing association, whose deposit Of bonds
ia less than the amount Of its capital
may deposit with the treasurer Of the
United States, under such regulations
as the secretary Of the treasury may
approve, United States notes, treasury
notes of 1890. and silver certificates,
and shall be entitled to receive from
the comptroller Of the currency and to
issue an equal amount Of its circulating
notes; but the aggregate amount. Of
bonds, United States notes, treasury
notes Of Of 1890 and silver certificates
/. deposited by any. national. banking
association shall not exceed the amount
Of its capital; Provided, that the total
amount Of United States notes, treasury
notes of 1890 and silver certificates, dc.
posted with the treasurer Of the United
States, under authority Of this section;
shall not exceed the sum Of $500, 600 900.
HectiolnI 8. That the secretary' Of the
treasury shall issue from time to time,