Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1897-12-30
FOR currency REFlRN.
Secretary Gage Presents His Plan
TO the Banking Committee
of the House.
EXPLAINS AND UaGES ITS PROVISIONS.
10 the Gold Standard and To Green-
back Redemptt0n-HOs 10 Make
saving ON the Debt InteresI-FuII
Text of the Measure.

Washington. Dec. II. Secretary
Gage appeared before the committee
Oh banking and currency of the house
4 of representatives Yesterday 10 present
bill embodyng his views for re-
vision of the currency. to explain and
urge its provisions and to meet any OBJ
jrctions raised by the committee. The
following is the bill! as it was introduced
in the house;
Full Text of the BiIl.
"A bill 10 PROVIDE tor the refunding of
/ the national debt. for establishing a re-
demplion fund and division OF issue and
redemption in the treasury of the United
States. and TO modify existing laws re-
speeding national banks. and for other pur-
BE it enacted. etc. that there be estab-
lished in the treasury, department. as
| United States, a division to be designated
and known as the division of issue and
! redemption, to which shall be assigned
under such regulations as the secretary
OF the treasury may approve, all records
dempiion and exchange as hereinafter pro- r
vided of the several classes Of United
States paper money; There shall be trans
ury of the United States and taken up on
the books of said division redemption
| gold coin and bullion and such further
| sums of standard silver dollars and sll-
congress approved July ii. 1890, as snail
| equal the silver certificates outside the
standing on the date when this act shall
| take erect. And thereafter the gold and
sron tb senra fund n b
herein provided shall be increased or d.
minished, as the case case may be. in accord,
in no other way.
Redemption of Notes.
Sec. 2. That all United States notes.
treasury notes. of 1890 and silver certit-
Gates presented for redemption shall be
redeemed from the redemption fund mere
| in provided. in accordance with the terms
of existing laws. but the notes and GER
| tificates so redeemed shall be held in and
rot nofS be withdraWn from said fund nor s dis
| bursed, except IN exchange for an equiva-
o. o. certiicates were redeemed: but to en-
! able the secretary OF the treasury more
in tf This c he cut
ized to exchange any of the funds. in the
division Of issue and redemption for any
/ other funds which may be in the general
! fund of the treasury department. provided
that nothing in this act shall be. construed
proved pr july IL, 1880. which provides that ha
| there shall be outstanding at any time no
and By s act the silver nP 6a
lion and sanda Pd,d silver IT. dollars coined
! chased with said notes
Exchange of Bonds.
Sec. 3. That the secretary OF the treas
ury be and he is hereby authorized to re-
| ing bonds known as the five percentum
bonds Of o 1894 and the four PerIeentum con.
/ act approved January "A. 1875, and the acts
approved July a. 1870 and January 20.
c 1SIi NC or registered bonds Of the United
! States in such form as he may prescribe. in
! that sum, bearing interest at the. rate Of
2l9 percentum per annum, payable semi
Of the United States after ten years from
the date OF their issue, and the bonds here
s by n sh nned gd eP
| of the present standard value, and shall
State ST e. IN Municipal or local authority pro-
! Vidnd that none Of the outstanding bonds
| Than their present worth to yield an in
come of 2lR percentum per annum and that
| the bonds hereby authorized shall be issued
! at not less than par.
Issue of Notes.
Sec. 4. That the bonus authorized by
this act, and any other bonds Of the
/ limited States, may be deposited with the
treasurer of the United States as security
for the circulation notes OF national bank-
herein herein authorized to be deposited as Sc
titled to receive from the comptroller of
the currency and to issue such notes
such bonds, provided that the aggregate
amount of bonds deposited by any ma
| tional banking association under any law
! shall not exceed the amount of its capital.
and provided further that nothing herein
|
repeal the provisions of section 5167 and
section. Sill of the Revised Statutes, au-
10 to- require ADDITIONAL deposit Of bonds, or
| of lawful money. in case the market value
notes shall fall below the par value Of the
| circulating notes outstanding for which
such bonds may be deposited as security.
| socia zion, whose deposit OF bonds Is less
than the amount of its capital, may de-
post with, the treasurer of the United
| states under such regula lions as the Sec
rotary of the treasury may approve, United
silver certificates, and shall be entitled to
receive from the comptroller OF the cur
circulating notes; but the aggregate
| amount of bonds, United States notes,
/ treasury notes of 1890 and silver certificates
deposited by any national banking as
| socia ton shall not exceed the amount of
its capital, provided that the total amount
J If United States notes, treasury notes of
500 and silver certificates deposited with
the treasurer of the United States under
| authority of this section shall not exceed
the sum of 500. 000. 000
Issue OF Bonds.
sec. 6. That the secretary of the treas
ury shall issue from time to time, in his
discretion, bonds of the same class and
character as those described in the third
section of this act, and shall substitute
the same with the treasurer Of the Unitea
States for equal amounts of the United
! silver certificates deposited by national
snad and substituted shaIl he ehsres ID 10 %
the respective national banking associa-
tions and be accounted for by them, al
such prices, not less than par, as shall
| represent the market value of such bonds,
and the United States notes, treasury
notes of 1890 and silver certificates re-
| leased as herein provided shall become a
part of the general redemption fund, and
the secretary of the treasury is hereby au-
| thorized to exchange any of said treasury
| notes of 1890 and said silver certificates
for like amount of United States notes.
provided that the amount OF bonds issued
under the. authority OF this section shall
not exceed the sum OF S2OO.O0O000.
Redemption by the Government.
| Sec. Z. When any national bank now
| existing or hereafter organized shall have
| deposited such United States bonds United
| States notes, treasury notes of 1890. or sl-
| yer certificates, TO an amount of not less
than 50 per centum of It's capital, it shall