The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-12-22
Mr. GAGE AND HIS BILL.
The Secretary Presents His Meas
me for Currency Revision.
Explains His Views mt Some Length
Before the House Committee ON
Banking-Full Text of
the Bill.

committee on banking and currency of
the house of representatives TO present
hill embodying his views for 4 revision
Of the currency, to explain and urge its
provisions, and to meet any objections
raised by the committee. The secre-
tary was accompanied by Judge O'Con-
nen. solicitor for the treasury. Copies
of the secretary's bill were handed to
members of the committee and were
scanned with great interest. After be-
ing introduced to the various gentle
men of the committee. Mr.. Gage began
his statement. speaking in an easy. con-
versational manner, and following
notes. He said:
Secretary Cages Statement
''Tbe object 1 have in mind in the series
OF provisions offered by me are four in
number: First. 10 commit the country
more thoroughly 10 the gold standard. re-
move, so far as possible, doubts and fears
ON that point. and thus strengthen the
credit OF the United States both at home
and abroad.
Second, to strengthen the treasury In
relation to its demand liabilities. in which
are included greenbacks treasury notes
and the incidental obligation TO maintain
on parity, through interchangeability
with gold, SO far as may be necessary.
ttfcates and silver dollars.
Third, to do this in such way as not
to contract the volume of circula ton l., the
hands of the people.
Fourth. TO take an initial step toward
system of bank note issues without the
conditional deposit of public bonds as Sc
curity therefor II we prosper as a peo-
pie the revenue of the government ought
TO be somewhat in advance of its expendj-
lures and the public debt of the United
M
6nguished Looking at the question wide
ly, from my best point Of knowledge and
experience, ! feel that If these could be
secured the condition of the government.
IN its relation 10 the currency, would be
much safer and stronger than now, and
that through the operation Of national
bank note currency the commercial and
Industrial interests of the United States
would be greatly advantaged."
wide range of discussion occurred On
section Of the secretary's bill. In answer
20 inquiries he said its general purpose
was the same as that set forth by the
president
Mr. Gage said the only purpose OF the
bond section was 10 refund outstanding
bonds for low interest bonds payable in
goid This would not reduce the gross
amount Of the debt. but il would make
saving on interest which the secretary
roughly calculated at 09eo.0o0 annually.
Mr. Gage explained in detail the plan OF
issuing national bank notes for United
States notes, treasury notes and silver GER
fifcates. and the covering Of the latter
demand notes for refunGing bonds. He
said the purpose of this was 10 accumulate
269. 00o. 600 Of the demand obligations, plac-
ing them aside where they would relieve
TO that extent the demands on the treasury.
Full Text of the Bill.
Following is the bill in full:
"A bill TO provide for the refunding of
the national debt, for establishing re-
demption fund. and division of issue and
ssases' and to modify Existing laws EniI Re.
SpecEng national banks. and for other pUr-
Re it enacted, etc, that there be estab-
fished in the treasury department, as a
part Of the Office of the treasurer of the
United I'M states. az SaVi s;0s to be dssignatea
redemption, TO which shall be assigned,
under such regulations as the secretary
and accounts relating 70 the is issue. 0i re-
demption and exchange as hereinafter pro-
s a9e pape p money. T5eEe ssa4 be trans
my of the United States and taken up on
fund the sum Of as 900 in n United States
gold coin and bullion ard such further
Yer bullion purchased under the ACT Of
congress approved July Il. 1899. as shall
equal the silver certificates outside the
standing on the date when this act saa1I
take effect And thereafter the gold and
from the general fund In the treasury as
herein provided shall be increased or d.
unfinished. as the case may be, in accord
ance with the provisions of this act, and
in no other way.
Redemption of Notes.
sec. That all United States notes
treasury notes of 1880 and silver certif-
Gates presented for redemption shall be
redeemed from the redemption fund here
n provided, in accordance with the terms
of existing laws, but the notes and GER
constitute a part OF said fund. and shall
not be Withdrawn from said fund nor dis
nnrsed EXCEPT IN exe;h n n for eSq1iEa
or certificates were redeemed; but to en-
able the secretary of the treasury more
contained in this act he is hereby author
lied to exchange any Of the funds in the
division Of issue and redemption for any
ether funds which may be in the general
fund of the treasury department. provided
that nothing in this act shall be construed
proved July II. 1880. which provides that
there shall be outstanding at any time no
authorized By said act than the silver but
lion and standard silver dollars coined
chased with said notes.
Exchange of Bonds.
s.Sec. J. That the secretary of the treas
ury be and he is hereby authorized to re-
ceive at the treasury any Of the outstand-
bonds of 1904 and the four percentum con-
soils of 1907 issued respectively under the
act approved January II. 1875, and the acts
approved July IA. 1870 and January 20.
1S5i. 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
fhaf sum- bearing interest at the rate of
1IL percentum per annum. payable semi
annually and redeemab!e at the pleasure
Of the United States after ten years from
the date of their issue. and the bonds here
nv Authorized shall be payable. principal
and Interest, in United States gold coin
of the present standard value, and shall
he exempt from all taxation by or under
tate, municipal or local authority, pro-
vided that none of the outstanding bonds
ehaIl be received at a valuation greater
than their present worth to yield an in
come of 2L percentum per annum, and that
the bonds hereby authorized shall be issued
at not less than par
Issue of Notes.
Gee. 4 Thai the bonds author1zed By