Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-12-17

MIR.
IT rs PRESENTED ny THE srcnE-
rARY TO CURRENCY COMMITTEE.
TO BIZ SUPPLEMENTED DY FKlHLEY'S
with the Two in Force, the Chicago
rtpnncicr Says He Would Just as
soon Hun the Treasury bepar'-
ment an ANY Bank.

- Currency of the House OF
representatives TO present the bill en-
no6y,ng his views for revision OF the
currency, TO explain and urge us pro-
visions. and to meet any objections raised
nv the committee. The Secretary was
accomnanied by Judge o'Connell. Solicit
,or OF the Treasury. Copies Of the Secre-
tary's bill were handed to members OF the
committee. and were scanned with great
interest.
Mr. Gage said In opening: 'The OBJ
sects / have in mind In the series OF
provisions offered by me are -FOUR IN
number:
81 To commit the country more tho
roughly TO the gold standard; remove so
far as possible. doubts and fears on mat
point. and thus strengthen the credit
OF the United States, both at home ana
abroad.
40 To strengthen the Treasury In re-
,ation 10 It's demand liabilities, in which
nre included greenbacks. Treasury notes.
and the incidental obligation to MAIN
tain on a parity, through interchange
ability with gold, so far as may be neces-
sary. the present large volume OF SILVER
certificates and silver dollars.
''s. To do this in such q way as not 10
rontract the volume of the circulation IN
khe hands OF the people.
~ To take an initial step toward
system Of Lank-note issues, without the
conditional deposit of public bonds as
security therefor. II we prosper as
people the revenue OF the government
ought 10 be somewhat in advance of its
expenditures and the public debt OF the
United States gradually reduced, and
finally extinguished. Looking al the
question widely, from my best point OF
knowledge and experience, l feel that IL
these conditions are assured, the condi-
ton of the government in it's relation to
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."
After this initial statement il was
deemed advisable to read the Secretary 5
bill in detail and discuss it section by
section The bill is as follows:
MIR. CAGES BILL.
"a Bill to Provide for the Refunding Of
the National Debt. for Establishing
Redemption Fund and 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 IL enacted, etc, That there be es-
tablished in the Treasury Department, as
a part Of the Office of the Treasurer OF
the United States, a division to be desig-
mated and known as the division of issue
and redemption, to which shall be as
signed, under such regulations as the
Secretary OF the Treasury may approve,
ali records and accounts relating 10 the
issue, redemption, and exchange, as here
matter 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 on the books
of said division as a redemption fund, the
sum of sl25. 10000 in United States gold
coin and bullion, and such further sums
OF standard silver dollars and silver bull
lion, purchased under the act of Congress
approved July a. 1890. as shall equal the
silver certificates outside the Treasury
and Freasury notes Of 1890 outstanding
on the date when this act shall take
effect:
coins and bullion hereby transferred from
the general fund in the Treasury, as
herein provided, shall be increased or
diminished, as the case may be. in ac-
cordance with the provisions of this act,
and in no other way.
Section 2-That all 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 law; but notes and
certificates so redeemed shall be held In
and constitute n part of said fund.- and
shall not be withdrawn from said fund
nor disbursed, except in exchange for an
equivalent amount of coin In which said
notes or certificates were redeemed; but
to enable the Secretary Of the Treasury
more thoroughly to carry out the provi-
sions 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 may be in the
general funds of the Treasury Depart
ment:
provided, that nothing in this act
shall be construed as repeating that pro-
vision of the act approved July Ia, 1880
which provides that there shall be out
standing at any time no more and no less
of the Treasury notes authorized by sale
net than the silver bullion and standard
silver dollars coined therefrom then helC
= the Treasury, purchased with SAID
eotes.
LOw-INTEREST BONDS.
section 3-That the Secretary Of the
Treasury be, and he is hereby. authorized
10 receive at the Treasury any OF th'
outstanding bonds known as the per
centum bonds of 1904, and the per centun
consols of 1907. issued respectively, undel
the act approved January Ia, 1915. and th'
acts approved July II, 1870, and January
20. 1871 and to issue In exchange therefor
coupon or registered bonds of the United
States IN such form as he may pre-
scribe, In denominations of $50, or some
multiple of that such bonds bearing in
terest at the rate Of 21 per centum pei
annum. payable semi-annually, being re
deemable at the pleasure OF the United
States after ten years from the date O
their issue; and the bonds hereby au
thorized shall be payable, principal an'
interest. in United States gold coin o
the present standard value, and shall b'
exempt from all taxation by or unde
State. municipal. or local authority
Provided. that none OF the outstanding
bonds shall be received at a valuation
greater than their present worth, q
yield an income Of 2ia per centum pc
annum, and that the bonds hereby au
thorized shall be issued at not less thar
par.
.Section 4-That the bonds authorized
nv this act and any other bonds of tn