The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-12-21

Secretary Gage Submits His Bill to the
Banking and Currency Committee of the
HOuse-Fun Text of the Bill

Secretary Gaze submits His Bull to the
Banking and Currency COMMITTEES of the
H~ouse-Full Text Of the Bill
Washington, December 16.-Secretary
Gage appeared today before the COM
mittee on banking and currency of the
house or representatives to present a
bill enIbodying his views for a revision
OF the currency, to explain and urge
it's provisions and to meet any objec-
tons raised by the committee. The
| secretary was accompanied by Judge
O'Connell, solicitor of the treasury.
Copies Of the secretary's bill were
handed to members of the committee
and were scanned with great interest.
Mr.. Gage said in opening:
The objects 1 have in mind in the
| series of provisions offered by me are
four in number.
First, to commit the country more
| thoroughly to the gold standard; re-
| move SO far as possible, doubts and
fears on that point, n thus strength
| en the credit of the United States, both
! at home and abroad.
Second, to strengthen the treasury
l in relation to it's demand liabilities, in
which are included greenbacks, treas
ury notes and the Incidental Obliga-
tfon to maintain on a parity, through
interchangeability with gold, SO far as
may be necessary, the present large
volume of silver certificates and silver
dollars.
Third, to do this in such a way as
not to contract the volume of circula-
ton in the hands of the people.
our to take an initial step to-
ward a system Of bank note issues
without the conditional deposit of pub
lie bonds as security therefor.
eff we prosper as a people, the reve-
nue. of the government ought to be
somewhat in advance of it's expendi-
lures and the public debt of the United
States gradually reduced and finally
extinguished. Looking at the question
widely, from my best point of knowl-
edge and experience, I feel that if these
could be secured, the condition of the
government, in it's relation to the cur
rency, would be much safer and strong
er than now, and that through the
operation of a national bank note cur
rency the commercial n Industrial in
terests of the United States would he
greatly advanced"
After this initial statement, it was
deemed advisable to read the secre-
tary's oil in detail and discuss it Sec
ton by section. The bill S as follows:
A Bill to Provide for the R~efunding
of the National 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 for Other Publ Purposes.
Section 1. Be it enacted, etc, That
there be established in the treasury de-
partrnent, as a part of the office of the
treasurer OF the United States, a di-
vision to be designated and known as
The division of issue and redemption,
to which shall he assigned, under such
regulations as the secretary of the
treasury may approve, all records and
accounts relating to the issue, redemp-
ton and exchange, as hereinafter pro-
vided, Of the several classes Of United
States ape 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 a redemption fund the sum of $685.
600, 900 in United States gold coin and
bullion and such further sums of stand
ard silver dollars and silver bullion
purchased under the act of
approved July IA, 1890, as shall equal
the silver certificates outside the treas
ury n treasury notes OF 1890 out
standing on the date when this act
shall take effect: and thereafter the
gold and silver coins and bullion there
by transferred from the general fund
in the treasury, as herein provided,
shall he increased or diminished .as the
case may be, in accordance with the
provisions of this act, and in no other
way.
Sec. 2. That all United States notes,
treasury notes of 1890 and silver GER
tifcates presented for redemption shall
be redeemed from the redemption fund
herein provided, in accordance with
the terms of existing law; but the
notes n certificates so redeemed
shall be held in and constitute a. part of
said fund, and shall not he Withdrawn
from said fund nor diSbursed, except
IN exchange for an equivalent amount
OF coin in which said notes or certif-
Gates We're redeemed; but to enable the
secretary of the treasury more
thoroughly to carry out the provisions
IN this act, he is hereby
authorized to exchange any of the
funds in the division of issue and re-
demption for any other funds which
may be in the general fund of the
treasury department.: provided, that
nothing in this act shall be construed
as repeating that provision of the act
approved July IA, 1890, which provides
that there shall be outstanding at any
time no more and no less of the treas
ury notes authorized by said act than
the silver bullion and standard silver
douars coined therefrom then held in
the treasury purchased With said notes.
Sec. 3. That the secretary of the
treasury be and ne is hereby authoriz-
ed to receive at the treasury Of
the outstanding bonds known as the
8 per centum bonds of 1904, and the 4
per centum consols of 1907, issued re-
spectively under the acts approved
July II. 1870. and January 20, 1871. and
to insure and exchange therefor common
or registered bonds of the United
States in such form as he may pre-
scribe in denominations of $50. or some
multiple OF hat sum, bearing interest
at the rate OF "a per centum Der an
mum, payable semi-annuaHy, and re-