New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-12-17
TEXT OF SECRETARY CAGES BILL
TIE MEASURE INTRODUCED IN THE HOUSE By
CHAIRMAN WALKER

THE MEASURE INTRODUCED IN TIE H
CHAIRMAN WALKER.
vos,,rr,o, Dec. 16-The full text Of secre-
tery Cages BILL submitted to the Comhilttee ""
y,rkinr and Currency Of the House or Repre-
sentatives. is as follows:
A bill to provide for the refundng OF the ma. Ma,
tional debt for establishing redemption Iuhu
ana q Division of Issue and Redemption IN tne
Treasury of the United States. ana 10 nn9o ny
existing laws respecting National banks. anu lux
Re q enacted. etc. That there be established
In the Treasury Department. as part Oh 'he
Office Of the Treasurer OF the Ohileo ota'es; |"
division to be designated and known as the III,
vision OF Issue and Redemption, TO whch sndil
be assigned. under such regulations as me seS.
Rotary Of the Treasury may approve an Iecoius
and accounts relating TO the issue reaeiIptloh
and exchange as hereinafter provided OF the sew
eral classes OF United States paper money
There shall be transferred from the genera
fund in the Treasury Of the United states ana
tsIen nm ON the books Of said division as a
redemption fund the sum of SlZo'VOon III
United states gold coin and DuI!ion, anu euca l
further sums OF standard sli.er oo.i" nf GU
gress approved July IA. 1890 as shall equai the
silver certificates outside the Treasury ana
Treasury notes of 1890 outstanding on the oate
when this act shall take erect; ana lheieaItel
,he gold and silver coins and bullion hereby
transferred from the general fund In the Treas
ury as herein provided shall be Increased or az
,-,,rjehed as the case may DE, In accordance with
the provisions Of this act, and In no other way
Section Q That all United States notes
Treasury notes OF 1890 ana sliver cer.C rs
presented for redemption shall be redeemed from
the redemption fund herein provided, IN accord
snce with the terms Of existing law; but the notes
and certificates so redeemed snall De helo N
ard constitute a part Of said fund. and shall
NOT he withdrawn from said fund nor disbursed,
except In exchange for an equivalent amount
OF the coin In which SAID notes or ceItiiica,es
We're redeemed but to enable the Secretary
a, the Treasury more thoroughly to carry out
the provisions contained In this act. ne Is hereoy
authorized TO exchange any OF me iuhus N S sns
Divison Of Issue and Redemption Tor any other
tnnds which may be in the general fund Of the
Treasury Department:
provided, That nothing In ms act shaIl oe
corstrued as repeating that provision OF the aci
ennroyed July IA 1880, which PROVIDES tha'
there shall be outstanding at any time no more
or no less of the Treasury notes authorized "
said act than the silver bullion ana STANDARD
silver dollars coined therefrom then held IN th'
treasury purchased with said notes
Sec g. That the Secretary OF the Treasur.
h. and ne Is hereby authorized to receive at TIT
Treasury any OF the outstanding bonds knowi
as the five per centum bonds OF l0V4' and TN
four per centum consols OF lS0I, issued ,eSP pee
lively under the act approved January ii. lS!1
srS the acts approved July IA. 1870. and Jan
nary 20. 1871. and to issue in exchange thereto
COUPON or registered bonds Of the United states
IN such form as he may prescribe. In denomina
t,one az $50 or some multiple OF that sum- bear
ing interest at the rate OF ~ per centum pc
annum payable semi annually, and redeemabl
wears from the date of their issue; and III
bonds hereby authorized shall be payable prin
cnaI and interest in United States gold coin o
the present standard value and shall be exemp
from all taxation by or under State, municipal
or local authority:
Provided That none OF the outstanding bond
ehall be received at q valuation greater tina
their present worth to yield an income of y
per centum per annum. and that the bonds here
BY authorized shall be issued at not less tina
par
and any other bonds Of the United States, ma
be deposited with the Treasurer of the Unite
States az security for the circulating notes {
National banking associations and any Ma
tional banking association which may depos
the bonds herein authorized to be deposited a
security for its circulating notes shall be er
titled TO receive from the Controller Of the Cur
rency and to issue such notes TO an amour
equal TO the face value OF such bonds:
Provided. That the aggregate amount
bonds deposited by any National banking assC
citation. under any law. shall not exceed tn
amount of its capital: And provided furthe
that nothing herein contained shall be construe
TO modify or repeal the provisions OF Sectio
bl67 and Section Sill Of the Revised Statute
authorizing the Controller Of the Currency
REQUIRE additional deposit Of bonds or Of Law
fui money In case the market value Of the bono
held TO secure the circulating notes shall ia