Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1897-12-22
OUR CURRENCY.
The Promised Plan of Secre>
tary Gage.
with which to Redeem Our Green
backs


Washington, Dec. 10. - Secretary
Cages financial bill, submitted today
to the committee on banking and cur
rency of the house of representatives,
is as follows:
A bill to provide for the refuuding
of the national debt, for establishing
a redemption 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.
BE it enacted, etc, that there be es-
tablished in the trea sury department
as a part of the office of the treasurer
of the United States, division to be
designated and known as the division
of issue and redemption, to which
shall be assigned, under such regula-
tions as the secretary of the treasury
may approve, all records and accounts
relating to the ISSUE, redemption and
exchange as hereinafter provided of
the several classes of United States pa.
per 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 redemp-
tion fund the sum of 125 million dol
lars in United States gold coin and
bullion and such further sums of
standard silver dollars and silver bull
lion purchased under the act of CON-
gress approved July IA, 1890, as shall
equal the silver certificates outside the
treasury and treasury notes of 1890
outstanding on the date when this act
shall take effect; and thereafter, the
gold and silver coins and bullion here
by transferred from the general fund
in the treasury as herein provided
shall be increased or diminished as
the case may be, in accordance with
the provisions of this act and in no
other way.
COIN FOR GOVERNMENT NOTES.
Section ,. That all United States
notes, treasury notes of 1890 and silver
certificates presented for redemption
shall be redeemed from the redemption
fund herein provided in accordance
with the terms of existing laws, but
the notes and certificates so redeemed
shall be held in and constitute part
of said fund and shall not be with
drawn from said fund nor disbursed,
except in exchange for an equivalent
amount of the coin in which said notes
or certificates were redeemed. But to
enable the secretary of the treasury
more thoroughly to carry out the pro-
visions contained in this act, he is
hereby authorized 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
as appealing 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 dollars
coined therefrom then held in the
treasury purchased with said notes.
Low RATE BONDS FOR BANKS.
Section 3. That the secretary of
the treasury be and he is hereby
authorized to receive at the treasury
any of the outstanding bonds known
as the per centum bonds of 1904 and
per centum consols of 1907, issued
respectively under the act approved
January IA, 1878, and the acts ap-
proved July IA, 1870, and January 20,
1871, and to issue in exchange therefor
coupon or registered bonds of the
United States in such form as he may
prescribe, in denominations of $50 or
some multiple of that sum, bearing in
.terest at the rate of ~ per centun,
payable semi-annually, and redeem
able at the pleasure of the United
States after ten years from the date o1
their issue; and the bonds hereby
authorized shall be payable, principa
and interest, in United States golC
coin OF CnS pTeSeuISIdnQdIQV VdIue, duC
shall be exempt from all taxation by
or under state, municipal or loca
authority; provided, that none of the
outstanding bonds shall be received a
valuation greater than their presen
worth, to yield an income of "a pc
cent. per annum and that the bond
hereby authorized shall be issued a
not less than par,
Section 4. That the bonds author
lied by this act and any other bond
of the United States may se deposite,
with the treasurer OF the Unite
States as security for the circulation
of notes of national banking associs
tions, and any national banking as
sociations which may desire the bond
herein authorized to be deposited a
security for its circulating notes shal
be entitled to receive from the conn
trol1er of the currency and to issu
such notes to an amount equal to tn
face value of such bonds; provide
that the aggregate amount of bond
deposited by any national banking a.
sociation under any law shall not e.
ceed the amount of its capital; an