Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1897-12-17
GACE'S MONEY PLANS.
incorporated In d Bin Intro
duced Il. tie Senate.
NEW DEPARTMENT RECOMMENDED.
The Secretary Favors One to Regulate
tho Issue, redemption and Exchange
of Paper ainn.y-Fund to Protect Ma
ttouaI Bnnk issues Suggested.

WASHING" on, Dec. 17.-Secretary
Cages financial bill, submitted by him
and argued before the committee on
banking and currency of the house of
represen atives. has been introduced in
the house it is as follows:
"a bill to provide for the refunding
of the national debt for establishing
redemption fund, and a division of
issue and redempt.o on III the treasury of
the United states and to modify Ok
listing law speeding national banks,
and for othe purposes.
BE it ett=sted, ere, That there be
established 81. he freasury department
as a part OF the Office of the treasurer
of the Unit tates division to be
designated an known as the division
of issue ana de ption, to which shall
be asst gned under On regulations as
the secretary If the treasury may APP
prove, all records aud accounts relating
to the Issue, redemption and exchange
as hereinafter provided of the several
classes OF 10 United States paper
mo ey. Ttlcte shall be transferred
from the general fund in the treasury
OF the United .>tates and taken up on
ton fund the sum of Sl25, 600, GOO in
United States gold coin and bullion
and such further sums of standard sill
yer dollars and silver bullion purchased
under the act of congress approved
July =, Is, 0. as shall equal the silver
certiii etes .tside the treasury and
treasury notes of 1880 outstanding on
the date when this act shall take effect
Aud thereafter the gold and silver
coins and bullion hereby transferred
from the general fund in the treasury
as herei provided shall be increased or
diminished, as the case may be, in &C.
cordance with the provisions of this
act, and in no other way.
Sec. 2. That all United States notes,
treasury notes of 1890 and silver certi-
Gates presented for redemption shall be
redeemed from the redemption fund
herein provided, i'll accordance with
the terms of existing law, but the notes
and cestif ates so redeemed shall be
held III and constitute part of said
fund, q shall not be withdrawn from
said fund nor disbursed except in ex-
change for an equivalent amount of
the coin i'll which said notes Or certif-
Gates were redeemed but to enable the
secretary OF the treasury more thor
oughly to carry out the provisions con-
tanned III this act he is hereby author
lied 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 de-
partner provided, that noting in
this act shall be construed as repeating
that provision of act approved July IA,
1890, which provides that there shall
be outstanding at any time no more
and no less of the treasury notes author
lied by said act than the silver bullion
and standard silver dollars coined
therefrom then held in treasury pur-
chased with said notes.
Sec 3. That the secretary of the
treasury and he is hereby authorized to
receive at the treasury any of the out
standing bonds known as the per
centum bonds ofi1904 and the per CEN
tum consols of 1907, issued respectively
under the acts approved Jan IA, 1875,
and he act approved July IA, 1870 and
Jan. .. 1871, and to issue in exchange
there.,l. coupon or registered bonds of
the Unlted states IN such form as he
may prescrlb be. in denominations of
$50, or some multiple of that sum, bear
ing interest at the rate of 2 % per GEN.
tum per annum, payable seml-annu-
ally and redeemable at the pleasure of
the United States after ten years from
date OF their issue. and the bonds here
by authorized shall be payable, princi-
pal and interest. in United States gold
coin of the present standard value, and
shall be exempt from all taxation by or
under state, municipal or local au-
thority: provided that none of the
outstanding bonds shall be received at
a valuation greater than their present
r3nll Of
centum per annum, and that the bonds
hereby authorized shall be issued at not
less than par.
"Sec. H. That the bonds authorized
by this act, and any other bonds of the
United States, may be deposited with
the treasurer of the United States as
security for the circulating notes of
national banking associations and any
national banking association which
may deposit the bonds herein author
lied to be deposited as security for its
circulating notes shall be entitled to
receive from the comptroller of the
currency and to issue such notes to an
amount equal to the face value of such
bonds; provided, that the aggregate
amount of bonds deposited by any ma
tlonal banking association, under any
law, shall not exceed the amount of its
capital ana provided further. That
nothing herein contained shall be con-
struced to modify or repeal the pro-
visions of section 5167 and section OIL
of the revised statutes authoring the
comptroller of the currency to require
additional deposit of bonds, or of law
full money, in case the market value of
the bonds held to secure the circulating
notes shall fall below the par value of
the circulating notes outstanding for
which such bonds may be deposited as
Sacurity