The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-12-25
Secretary Cages Bill.
Secretary Cages bill is as follow

secretary GaEeS Dill.
Secretary Cages bill is as follows:
A bill 30 provide for the refundine of the na-
tiOnal d6ot, 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 purposes.
BE 1T ENACTED, {. That there be estab-
'iished IN the treasury department, as 4 part OF
the Office Of the treasurer of the United states,
n division to be designated and known as the
division OF issue and redemption. 10 which shcll
be assigned, under such regulations as the Sec
rotary of the treasury may approve. ali recoruS
and accounts relating TO the Issue. redemption
aud exchange as hereinafter provided OF the
several classes of United States paper money.
There shall be transferred from tn" General
find in the treasury OF he United States and
taken uD on the books of said division a. a re-
dernptiOn fund the sum OF il-1.OJLOO IN United
States gold coin and bullion. and such further
sums OF standard silver dollars and silver bull
liol purchased under the act OF congr'SS, APP
proved July Il, 1891. 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 there tfter The
gold and silver coin and bullion hereby trans
fer:ed from the general fund in the treasury as
beIein provided, shall be increased or dlmin-
.tshed, as the case may be. in accordance with
che provisions of this act, and IN no other way.
SEC. :. That all United State~ notes. treas
urv notes of 1880 and silver certificates present.
I'd 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 snail Oe held IN
and constitute a part of said fund, and shall not
be withdrawn from saids fund nor diSbursed ex-
cent IN exchange for al equivalent amount OF
coin redeemed; but to enable the secretary OF
the treasury more thoroughly to carry out the
progiSions 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 NAV be in the general fund in the
treasury department. Provided that .nothing
in this act shall be construed OF repeating the
nrnyisiou OF the act approved july II. 1880,
which provides that there shall be outstanding
at any time no more and no less OF the treasury
notes authorized by said act than the silver
bullion and standard silver dollars coined
therefrom then held in the treasury purchased
with said notes.
SEC. 8 That the secretary Of the treasury be
and is hereby authorized to receive at the treas
any any Of the outstanding bonds known as the
8 per centum bonds OF 1904. and the 4 per cent
UNI consols Of 1907, issued, respectively. under
the act approved January IA. $50, and the acts
approved July IL, 1870. and January -, 1871, and
20 issue in exchange therefor coupon or regis
Sered bonds, of the United States in such form
as he may prescribe, in denominations of 80
or some multiple OF that sum bearing interest
at the rate of 2s per centum per annum. p2ya-
BILE semi-anRua'ly and redeemabie at the pleas
ure Of the United States, after ten years from
the date Of thei: issue; and the bonds hereby
authorized shall be payable, principal and in
Cerest, in United States gold coin of the pres
ent standard velue, and shall be exempt from
All taxation by or under state. municipal or To-
cal authority: provided, that none of the out
standing bonds shall be received Ut a valuation
greater than their present worth to yield an in.
come Of "a per cenJum per annum: and thatthe
bonds hereby authorized shall be issued a. moi
less than par.
SEC. T. That the btafs authorized By this ac'
aud any other t0nds Of the United States MAJ
be deposited with the treasurer OF the United
States as security for the circulation notes o.
national banking associations. and any nationa
banking association which may deposit The
bonds herein authorized to be deposited as Sc
curity for its circulating notes shall be entitled
20 receive from the comptroller OF the currency
and to issue such notes 10 an amount equal Il
Gle face value of such bonds: Provided, tina
the aggregate amount u bonds deposited b!