The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-03
MAIy FEATURES OF THE REPORT
OF THE CURRENCY COMMISSION.
age Of silver Dollars, the Retire.
ment Of Greenbacks ana Enlarged
Powers Of Issue to National Ranks


sonsis, Ct as grains az gold nineteenth
hne. or g. = grains OF pure gold as now rep
resented by the one-tenth part Of the Gag e.
All obligations OF the United States for he
payment OF money now existing. or here
after entered into, shall unless otnerw Sc
expressly provided. be deemed. and held,
% be payable in geld coin OF the United
states, as defined in ths standard afors-
said.
:. In sahstance) Gold coinage as now.
). No silver dollars shall he hereafter
= and &. In suhstance.l Coinage and re-
demptioR OF subsidiary and minor coins as
now
Z. There shall be created a separate di-
Vision IN the treasury department, TO be
known as the division OF issue and redemp-
llon, under the charge CT an assistant
treasurer OF the United States. who shall
os appointed by the president by and with
The advice and consent OF the senate.
To this division shall be committed all
functions Of the treasury department per
tanning 10 the issue and redemption of
notes or certificates. anu TO the exchange
OF coins. All accounts relating to the bust
ness et this division shall be kept entirely
apart and distinct from those OF the fisca!
departments of the treasury; and the ac-
counts relating TO the nationa! banks shall
he separate and apart from al other &C
counts.
8. A reserve SHALL be established in this
division py the transfer 10 il BY the treas
qrer Of tae United States from the general
FUNDS or the treasury Of an amount OF god
~ coin. and bullion equal to p per cent. OF
tie aggregate amount of both the United
states notes and treasury notes issued I'M
der the act of July IA. 1880. outstanding
and further sum IN gold equal 30 . per
cent. OF the aggregate amount OF the com
age OF silver dollars. Tais reserve shah he
ned as a common fund. and used solely Tor
the redemption OF such notes anu n ex'
change for such notes; aud fer silver, and
subsidiary and minor coins.
10. IL shall be the duty OF the secretary
Of the treasury 10 maintain the gold re-
serve In the division Of issue and redemp-
ton at such sum as shall secure the GER
tain and immediate redemption OF all notes
and silver dollars presented. and the pre-
seryation Of public confidence, and for this
purpose he shall from time 10 TINE, as
needed transfer from the general fund of
the treasury to the division of issue and
redemption any surplus revenus not other
wise appropriated; and IN addition thereto
he shall be authorized 10 issue and sell.
whenever 1t is in his judgment nee ssaTy
for that purpose bonds OF the United
States bearing interest not exceeding per
able In gold coin, al the option OF the
United States, after one year. and the pro
cseds, OF all such sales shs!l be paid Into
the division of issue and redemption for
the purposes aforesaid.
II. To provide for any temporary def
cheney which may at any time exist IN the
United States, the secretary OF the treas
Gry shall be authorized at mis- discretion. TO
issue certificates CT Indebtedness Of the
United States, payable in from one 10 nVe
years after their date. 20 the bearer. Of
the denominations OF $50 or rnultiples there
OF. with interest at a rate not 10 exceed
3 per centum per annum.
L. Whenever money is to be borrowed
on the credit of the United States, the
secretary OF the treasury shall be author
lied, instead OF issuing the usual forms of
engraved bonds, upon receiving lawful
money of the United States in sums not
less than so in any single payment, 10
cause a record of all such payments to be
made in books to be kept for that purpose
i'm Washington. and thereafter from time 10
time. TO pay TO those so registered on such
books interest not exceeding 3 per CENT
per annum In gold coin on the amount
with which they shall seyerally stand
credited on such books in the same man
ner and at the same dates as II they were
the holders and owners OF registered bonds
of the United Safes; and ne shall also pay
to those SO registered the principal sum or
lgtnally deposited, IN gold coin. at the dale
Of maturity OF such inscribed loans.
Is, The division OF issue and redemption
shall on demand at Washington. and at
such sub-treasQries of the United States
as the secretary of the treasury may from
time to time designate
tab Pay out gold coin for gold certifi-
Gates.
o, Pay out gold coin In redemption of
United States notes or treasury notes Of
1890
tcl Pay out silver dollars for silver GER
tifcates OF any denomination.
(D Issue silver certificates OF denomi
nations OF 81, s. ard s.. in exchange for
liver d9aTs ana t Tor silver certificates
(e) Pay out gold in exchange for silver
10 Pay on, silver dollars in exchange
for gold coin. United States notes or treas
ury notes,
(el Pay out United States notes or
treasury notes, not subject 70 immediate
cancellation, in exchange for gold com
(p Pay out and redeem subsidiary. and
minor coins as provided by existing laws.
III Pay out United States notes III ex-
change for currency certificates.
notes onee redeemed shall not be paid out
again except fer gold coin.
10. The secretary of the treasury shall
be authorized to sell from time to time.
AT his discretion any silver bullion in the
division of issue and redemption. and the
proceeds in gold Of such sales shah be
placed to the account OF the gold reserve
In the division Of issue and redemption.
rs The gold certificates and currency
certificates shall whenever presented and
paid or received in the treasury, be re-
tired aud not rcissued.
=. No United states note or treasury
| note OF lS90 OF a denomination less than $40
| shall hereafter De issued: and silver certli-
Gates shall hereafter he issued or paid out
| only In denominations CT 81. 81 and S..
against silver dollars held or deposited IN
! the treasury
Is. The sssetan: treasurer N charge of
| the division of issue and red mpt.on shall
on demand, paT II gold coin al Unit Il
| states notes ana treasury notes presented
| fer payment. ard as reid cancel the same
| up 20 the amount Ct s59-e5ploe.
1
| the taking effec; Of the proposed ar any
| Cu;tsd & ates notes IT treasury notes sAG'
he octstauains, sum not exceeding one
ntth OF sucsl outs tanding amount shall He
| retired ard csElRled each year th@~e2 gteT'
| and 8 the end Of ten years Gf'er the PASS
age Of the proposed act she United states
notes ard treasury notes then oNtSfanGfn :
/ shall cease 70 be legal tender for al deots
F.. pubic add private. except Tor dues 10 he
| United States.
| N THE secretary 81 The treasury may ~
his discretion. transfer from surpiJss rave.
| nue ia sGs general treasury 20 tke 3ivts en-
| n6feS ~ treasury notes ~Htcn OF surl
| transfer could men lawfully - cancel a
/ under Khe provisions Df me prC~rs . -
! II sheS had been re5ee8les5 on nteseE1a-
/ shall ia nsace'yG. The secretary OF .ha
| treasury, u his discretion N 1FsseF-F t..ar-
! may ss United States notes "a treasury
J notes r tbe general treasury nirh A.
/ u hie0 uQou transfer 20 tHe dlvistcn rt 81
/ sue 2E@ rettf mStgaE could then .awtuliy -
| CSuccls1 under me provisions II Jas Sc
/ Z.lsy exchange sGeh uoias W.ta Ire IL s.
| ard such notes shah tnsr@apo3 % c4n-
! celae
| q in substance vss.ed tights not Z
| iI.-BankIng system.
| - The total .ssues 81 any national
| bank shah rot ex0ee5 the amount Of ~
| pald-up and Uulane AIRED capt 2L * iusife
| % 50 EfscA thereof - j. Invested il FfS
| estate Notes shan he ;rsc i'm ug-a -
| th~ asza-S ~ the tzsGlaz hank rt.tel1s
| the personal rabltv ~ lis stock5sol.ie rs
| No notes shall DE q legs denomination
/ than SIC.
| p IT % sn auouHt egGsl to . ner cent
| 81 the capital stock q fhs bank tih'
! ire 0cgss issued by & s1oI uct ~ eea III
| vaiGe Il Jni.ea States bonds 80 es Hxel