Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1897-12-21

Oil cIuDOuyiuS MS views ICF re-
vision of the currency, to explain and
urge it's 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 bill.
"A bin to provide for the retundlng Of
demption fund. and division Of issue and
redemption in the treasury Of the United
States, and to modify existing laws re-
spectlns national banks. and for other pur-
BE it enacted, etc, that there be estab b.
Of the oee o ibs as
United States. division to be DESIGNATED
and known as the division Of issue and
, under such regulations as the secretary
Of the treasury may approve, all records
ana accounts aG relEatlng to the ISSUE re-
ytded Of the several classes of United
States paper money. There shall be trans
the Unea saes and IN ake4 IRE
fund the sum Of $12S: 100000 in United States
sums Of standard silver dollars and Sill
yer bullion purchased under the act of
the 9Ssf ssH a. 1897 Sc
standing on the date when this act shall
silver coins and bullion hereby transferred
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 al! ,ed Tntted States notes.
Gates presented for redemption shall be
redeemed from the redemption fund here
In provided. in accordance with the terms
tihcateS so redeemed shall be held in and
cor part Of SAID fund. and SHAH
bursed, except in exchange for an equi va
lent amount Of the coin in which said notes
or 6,s tta were but to
contained in this act he is HEREBY e authors
division o isse ana rede enc tHma1 for m ahS
fHnd Of the treasury e department. provided
proved July H. 1880. which provides that a
more and no less Of the tr IT, a y'm netee
authorized by said act than the Silver bul.
lion and standard silver dollars coined
therefrom Their, 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-
ing bonds known as the five percentum
bonds Of ,o 1894 and the four Pe1centum con
sols OF I9O| issued respectively under the
ISL and to Issue ueo in exehangs Therefor
States in such form as he may prescribe, in
denominations Of $50, or some multiple Of
that sum. bearing interest at the, rate Of
Annually. and redeemable at the pleasure
Of TIE United States sso after Ten years from
by authorized shall be payable. principal
and interest. in United States gold coin
Of the present standard value, and shall
state, Municipal or local authority. pro-
vjded that none of the outstanding bonds
sha be at wotS ~
come Of w percentum per annum. and that
the bonds hereby authorized Shall be issued
Issue of Notes.
Sec. 4. That the bonos authorized by
this act, and any other bonds Of the
United states may be deposited with TIE
for the circulation notes of national bank
ing associations: and any national banking
5eren Se 0eeps as
curity for it's circulating notes shall be en-.
titled to receive from the comptroller Of
to an. amount equal to the face value Of
amount Of bonds deposited by any ma
shall not EXCEED the amount Of it's CAPITAL il
and provided further that nothing herein
repeal the provisions Of section 5l67 and
section Sill of the REVISED Statutes. au-
'o reanre the adpa 81 df b
Of the bonds held to secure the c!rculs f ting
crcuatng notes e o%tsta ne for %hes
such bonds may be deposited as security.
Sec That any national banking as
socia zion. whose deposit OF bonds is less
than the amount Of. it's capital, may de-
post with the treasurer Of the United
rotary Of the treasury may approve, United
and sha aiff Be 81 entitled 10
ORIGINATING. notes: but the aggre es It's
sessy 8 y sSS sys1
Soeiati9n shall not exceed the amoSnt Of
Of Unted sates notes nosS Mt
1890 and silver certificates deposited with
c tits R 'ss sba S,es exsd
the sum Of $500, 100000. :.
Issue Of Bonds.
Sec: s: That the secretary or the treas
nry shall issue from time to time. In his
character as those described in the third
section. OF this act. and shall substitute
sfatgs for with the 9fhe Tns
sver depos hsfs By q n ns ad
sued and substituted shall be charged to
the respective national banking associa-
tons and be accounted for by them, at
such prices, not less than par, as shall
represent the market value Of such bonds,
notes. OF 1890 and silver certincates Re,
leased as herein provided shall become a
the secretary of the treasury is hereby au-
thorized to exchange any OF said treasury
notes OF 1880 and said silver certificates
Tor like amount OF United States notes.
provided that the amount OF bonds issued
under the authority Of this section shall
not exceed the sum Of $200. 00O.00O
redemption by the Government.
Sec. !. When any national bank now
eSistingaor hereafter. organized shall have