The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-18
CAGES FINANCIAL BILL
Presented to the Committee on
Banking and Currency.
A GOLD STANDARD PLAN
1t Provides for q Division of Issue and
Redemption-A Clever Scheme to
Retire the Greenbacks and to
Contract the Currency.

Washington, Dec. 17.-Secretary
Cages financial bill, submitted yester-
day to the committee on banking and
currency of the house of representa-
tives, is as follows:
A bill to provide for the funding OF
the national debt. for establishing re-
demption fund and a division of issue
and redemption in the treasury and to
modify existing laws respecting national
banks, and for other purposes.
BE it enacted. that there be established
in the treasury department. as part
of the office of the treasury of the
United States. a division to be
designated and known as the
division of issue and redemption. to
which shall be assigned, under such reg
ulations 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 paper
money There shall be transferred from
the general fund in the treasury OF the
United States and taken up or the books
of said division as a redemption FUND,
the sum OF $25,000,000 in United States
gold coin and bullion and such further
sums of standard silver dollars and sill
Yer bullion purchased under the act OF
congress approved July Ia. 1890, as shah
equal the silver certificates outside the
treasury and treasury notes OF 1890 out
standing on the date when this act shall
take effect: and thereafter the gold and
silver coin and bullion hereby trans
ferred 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.
Eprti0p 2-That ALI 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 a part of said
fund and shall not be withdrawn from
said fund, 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 to carry out the pro-
visions contained in this act he is here
by authorized to exchange any of the
funds in the department of issue and
redemption for any fund which may
be In the general funds in the treasury
department; provided, that nothing in
this act shall be construed as repeating
that provision OF that act approved
July IA. 1890. 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 there and held by the treasury
purchased by said notes.
Section 3-That the secretary of the
treasury be and hereby is authorized to
receive at the treasury any of the out
standing bonds known as the 8 per cent
bonds of 1904. and the per cent. eonsols
of 1907, issued respectively under the act
annrnNGd 1k-E bp nfu "a n.
proved July IA. 1870. and Jan. IA. 1875.
and the acts approved July II, 1870. and
Jan. 20. 1878. and to issue in exchange
therefor coupon and registered bonds Of
the United States in such form as he
may prescribe in denominations of $50
or some multiple of that sum, bearing
interest at the rate of 21s per centum per
annum, payable semi-annually and re-
deemable after 10 years at the treasury
at the pleasure of the United States:
and the bonds hereby authorized shall
be payable principal and interest, in
United States gold coin of the present
standard value. and shall be exempt
from all taxation by or under state. mu-
nicipal or local authority; provided.
that none of the outstanding bonds shah
be received at valuation greater than
their present worth to yield an income
of 2is per centum and that the bonds
hereby authorized shall be issued ut not
less than par
Section 4-That the bonds authorized
by this act and other bonds of the
limited States may be deposited with
the treasurer of the United States as
security for circulating notes Of ma
tional banking associations and any ma
tional bank in which he may deposit the
bonds herein authorized to be deposited
as security for its circulating notes.
shall be entitled to receive from the
comptroller of the currency and to issue
sxlI.
face value of such bonds, provided,
that the aggregate amount of bonds de-
posted by any national banking asso-
citation, under any law, shall not exceed
the amount of its capital provided, fur
Their, that nothing herein contained shall
be construed To modify or repeal the
provisions of section SIG and section 5l7
of the revised statutes, authorizing the
comptroller OF the currency TO require
additional deposits of bonds or of law