Griggs courier., 1897-12-24
Secretary Gage Presents His Plan
to the Banking Committee
of the House.
EXPLAINS AND URGES ITS PROVISIONS.
II Commits the Country Thoroughly
Il, the, Gold Standard and to aireen.
back RedcmptiOn-Iioyv to Make q
saving ON tho Debt lntercst-Fun
Text Of the Measure.

y
n bill embodying his views for re-
vision of the currency. to explain and
urge its provisions and to meet any OBJ
.jections raised by the committee. The
following is the bill! as it was introduced
in the house:
Full Text of the DiIl.
"a bill to provide for the refundlnE of
des an Ses ssa 9s saa & .ssu:
states. and to modify existing l laws 4siss re.
,"He It enacted. etc. that there be estab-
shed IN the o} as
and known as the division Of issue and
Sadsr psSs a %h saa as e
and accounts relating to. the issue. re.
Sided Of the severa classes seseoG5 of Unted t
States paper money. There shall be trans
d Sm Ss @ th fund nd IN taee The
s fasd pt sSs sum rs p s q Gni{ed ststes
sums Of standard silver dollars and sil-
yer bullion purchased under the act Of
JULY H. 1880 as shall
TREASURY and treasury notes OF 1890 OUT
standing on the date when this act shall
Ser eons ana AnS Suen the
from the general fund in the treasury as
herein provided shall be increased or d.
ance with the provisions Of this act. and
in no other way.
Redemption of Notes.
Sec. 2. That all United States notes.
Gates presented for ''s exemption shall be
redeemed from I'm the redemption lon fund @ here
in proytded. IN accordance with the terms
constitute part ef said fund: and shall
sa exeeps an esuva
lent amount 81 the coin in which said notes
or certiftcates aes.S were e redeemed: but to en-.
in g eh,s acs he Is Hereby antor
ts a sss amy @ H h
other funds which may be in the genera!
fund Of the treasury department. provided
proved J%Iy \; 1892: ng,me which provides that
a%thoraed Hf @ by by SAID act than the Silver "I bui
lion and standard silver dollars coined
therefrom then held In the treasury pur-
chased with said notes.
Exchange Of bonds.
"Sec. 8. That the secretary. of the treas
ury be and he Is hereby authorized to re-
s syf a as n1
bonds OF 1904 and the four percentum con-
sos Of 1897 r. ss ndsr b
ISL. and to issue q exchange therefor
States States" in such form a. he may prescrlbe. in
denominations Of $50. or some multiple Of
that sum. bearing interest at the rate Of
e @ssnSSsi5y sns Esdeemasls 4 % t6s pleasars s,
eHd e in s"t unte States xoId eon
Of the present standard value. and shall
state Gs mpncpai Or local aatSorty prer
vided that e none Of the out;standinE n;,ta bonds
shan teir present worth 10 Yield an iar
come Of ~ percentum per annum and that
the bonds hereby authorized shall be issued
at not less than par:
Issue of Notes.
'.Sec. 4. That the bonds authorized by
this act, and any other bonds Of the
sees II Xned te ssas w,
ing associations: and any national banking
seIen To e 4 as
curity for its circulating notes shall be en-.
titled to receive 4 from the he's, comptroller Of
such bonds. provided that the aggregate
tionai banking association under any law
and provided further that nothing herein
shall Hs to mSSy s1
eeti seeetion III si7 Of the Revised Statutes, ties a an.
To require ndd9oha deposit of bonds
Of the bonds held TO secure the circulating
circulating notes outstanding for which
such bonds may be deposited as secnrity.
socia Zion. whose deposit of bonds bdis Is less e
than the amount OF its capital, may de-
posit with the treasurer Of the United
retary of the treasury may approve, United
States notes. treasury notes Of lSso and
Teceye ths pe Of me
circulating notes: notes: bnt the aggregate
sreas1ry notes. 81 iss6 and Silver ates
deposited by any national banking as
sociation shall not exceed the amount Of
lis capital. provided that the total amount
Of United States notes. treasury notes of
1890 and silver certificates deposited with
amority az this section sha1I ta,es net d xnoef
the sum Of $200. 600.
Issue OF BOnda.
"Sec. s. That the secretary of the treas
discretion. bonds Of the same class and
section Of this act. and shall substitute ,its e
States for equal amounts of the United
n9ts netss Of @
sued and substituted shall be charged to
tions and be accounted for by them, at
represent the market value Of such bonds.
and the United Unit States notes.. treasury
notes OF 1880 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 uu-
| thorixed TO exchange any Of said treasury
notes: Of 1880 and said silver certificates
for IKE amount Of United States notes.
provided that the amount Of bonds issued
not exceed the sum OF $o66.oOO 600.
lHR Retiemption by the Governments. 4
= '.Sec.. Z. When any nationai bank now
| existing or hereafter organized shall have
deposited such United States bonds, United
States notes, treasury notes Of 1880. or sill
l'vtr- -certliicates. 10 an amount Of MOI less