Iron County register., 1897-12-23

SECRETARY OF THE TREASURY GAGE
secretary's bill were handed to mem
bers of the committee and were scanned
with great interest. After being in
troduced to the various gentlemen Of
committee, Mr.. Gage began his state
ment, speaking in an easy converse
tional manner, and following notes.
He said in opening: 1.-THE objects /
have in mind in the series of provis-
ions offered by me are four in number.
First-To commit tn e country more
thoroughly to the gold standard; re-
move, 50 far as possible, doubts and
fears on that point, and thus strength
en- the credit of the United States both
at home and abroad.
Second-To strengthen the treasury
in relation to it's demand liabilities, in
which are included greenbacks, treas
ury notes, and the incidental obligation
to maintain on a parity, through inter
changeability with gold, so far as may
be necessary. the present large volume
of silver certificates and silver dollars.
Third-ro do this in such a way as
not to contract the volume of circula-
Fourth-To take an initial step to-
ward a system of bank-note issues
without the conditional deposit of pub
lie bonds as security therefor. If we
prosper as people the revenue of the
government ought to be somewhat in
advance of its expenditures, and the
public debt of the United States
gradually reduced, and finally ex-
tinguished.
Looking at the question widely. from
my best point of knowledge and expe-
rience, feel that if these could be Sc
cured the condition of the government
in it's relation to the currency would
be much safer and stronger than now,
and that through the operation of ma
tional bank note currency the CONNER
cial and industrial interests of the
United States would be greatly advan-
tagged"
After this initial statement, the sec
retary's bill was read in detail and dis
cussed section by section.
Secretary Cages BILL
Secretary Cages bill is as follows:
A bill to provide for the refunding of the
tional debt, for establishing a redemption fund,
and a division of issue and redemption in the
treasury of the United States, and to modify
existing laws respecting national banks; and
Cor other purposes.
BEIT ENACTED ETC, That there be estab-
lished in the treasury department, part of
che o1fice of the treasurer of the United States,
q division to be designated and known as the
division of issue and redemption, to which shall
be assigned. under such regulations the sec
and accounts relating to the issue, redemption
and exchange hereinafter provided Of the
several classes of United States paper money
There shall be transferred from the general
fund in the treasury of the United States and
taken up on the books of said division as re-
demption fund the sum of SIPS. .0OO, 600 in United
States gold coin and bullion and such further
sums of standard silver dollars and silver bull
lion purchased under the act of congress, ap-
proved July IA, 1890. as shall equal the silver
notes OF 1890 outstanding on the date when
this act shall take effect; and thereafter the
gold and silver coin and bullion hereby trans
ferred from the general fund in the treasury
herein provided, shall be increased or dimin-
Ished as the case may be, in accordance with
che provisions of this act, and in no other way.
SEC 2 That all United States notes treas
ury notes of 1880 and silver certificates present.
ad for redemption, shall sbe redeemed from the
redemption fund herein provided in accordance
with the terms of existing laws, but the notes
and constitute part of said fund. and shall not
be Withdrawn from saids fund nor disburSed ex-
cept IN exchange for an equivalent amount of
cofn redeemed; but to enable the secretary of
the treasury more thoroughly to carry out the
provisions Contained in this act, he is hereby
anthorized to exchange any of the funds in the
division Of issue and redemption for any other
funds which NAV ee In 4e tba IA
In this act shall be construed OF repeating the
provision Of the act apPr6sep s he digU
at anv time no more and no less or the treasury
notes auth9r5ed 6y sad aSs doar rse eoned
therefrom then held in the treasury purchased
with said notes
and il hereby authorized to receive at the treas
onv anv OF the outstanding bonds known as the
per SentSm ot S Il issued respectively, under
the act approved January = 100. anu e Sns acIs
approved July a. ls9 sna coarSn a. or I0 reS
Tered bonds, of the United states IN sucn Iorn s
as he may PreSssoe % ,na, N Sur bearing interest
At the rate of 2H per centum per annum, Paya-
Bile semannually and pe yeaTs from
She date of their issue; and the bonds hereoy
authorized shall be payable P h anu sn-
sDt Standard value, and shall be exempt from
All taxation by or under state municipaI or 10
S4anSinT "a bonds Shall be received at valuation
sseater than their present worth to ylei9 an IN IN.
bonSs h hereby authorized shall be issued as not
less tn2h RRhat the bonds authorized by this act
and any other bonds of the United States may
he deposited with the treasurer OF tine is onIteI
States as security for the circulation notes OF
SeseSSi hanking associations and any national
nsnIinV association which may depoSlt the
bonds herein authorizes 20 Os 1I he antitied
e -eSeiye from the comptroller OF the currency
and TO issue such notes 70 an oided fba,
She aggregate amount OF bonds oeposlteu uy
r s.-S n~f1onaI banking association under any law
Shsll not exceed the amount OF its capital @ ana
Troyified further, that nothing nereln CON con-
pssS shall he construed to modify or repeal
the PROVISIONS Of section 5,l61 and section 81
- tke revised statutes. authorizing the comp
81 IN ~ the currency to require additional de-
nosit of bonds or Of lawful money IN case the the
market value OF the bonds neIo % secure Z S 9,,s
rrnlating notes shall fall below the par yaiue
- me circuiating notes OUTSTANDING, Tor which
Snch bonds may be deposited as security; y:;.,,or
suSn sn, ( That auy national banking association
- Sanosit of bonds is less than the amount
W iss capftal, may deposit with the treasnre, -
OF s - TT2jtad states under such regulations o
o. 81 w sacretarv of the treasury may approve
STnisd States notes treasury notes 4i ~ - a1ec r
@. @nNet ta,a the COMPTROLLER OF the currency ane
6 ;ssne an equal amount OF its circ1lssinl
notes, ~ S1s.es notes treasury notes OF lss0 ant
sineS hseu ucertificatss. deposited BY any nationa