The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-03
PLAN OF CURRENCY REFORM.
1. Metallic Currency and Demand
Obligations.


1. Metallic Currency and Demand
Obligations.
/. The existing gold standard shall be
maintained; and 10 this end the standard
unit of value shall continue, as now, to
consist Of 25S grains Of gold nine-tenths
fine, or 1922 grains Of pure gold as now
represented by the tenth part Of the
eagle. All obligations for the payment of
money shall be performed in conformity to
the standard aforesaid: but this provision
shall not be deemed to affect the present
legal-tender quality Of the silver coinage
of the United States or of their paper
! currency having the quality of legal ten
/ der. All Obligations of the United States
! for the payment of money now existing
or hereafter entered inro, shaL, unless 9TH
erw.se expressly provided, be deemed, and
| held, to be payable in gold coin of the
| United States, as defined in the standard
| aforesaid.
| 2. On substance) Gold coinage as now.
! 3. No silver dollars shall be hereafter
coined.
4, and s. Qn substance) Coinage and
redemption o. subsidiary and minor coins
as now.
! Z. There shall be created a separate di-
vision in the treasury department. to be
| known as the divis on of issue and redemp-
| tlon under the charge of an assistant
| treasurer of the Uni ed States, who shall
be appointed by the President by and with
the advice and consent of the Senate
! 3. To this division shall be committed
all functions of Che treasury department.
pertaining to the issue and redemption of
| notes or certificates, and to the ex-
change of coins; and this division shall
! nave the custody of the guaranty and re-
| oemptlon funds of the national banks and
| shall conduct all the operations of redeem
/ ing national bank notes, as prescribed by
! law; and TO this division shall be trans
ferred all god coin he'd against outstand-
| ing gold certificates, all silver dol
! lars held against outstanding Sill
yer certificates all United States
notes held against outstanding currency
certificates, and all silver dollars and sill
yer bullion he'd against outstanding treas
ury notes of 1899, and all subsidiary and
minor coins needed for the issue and ex-.
change OF such COINS and the funds de-
posted with the treasury for the liquida-
ton of national bank notes. All accounts
relating to the business of this division
shall be kept entirely apart and distinct
from those of the fiscal department of the
treasury; and the accounts relating 10 the
national banks shall be separate and apart
! from all other accounts
y reserve shall be established in this
| division by the transfer to it by the treas
urer of the United States from the general
| funds of the treasury of an amount of
gold in coin, and bullion, equal 10 % per
cent of the aggregate amount of both the
/ United States notes and treasury notes
issued under the act of July IA, 1890, out
standing, and a further sum in gold equal
| to per cent. OF the aggregate amount of
the coinage of silver dollars. This reserve
shall be held as a common fund, and used
solely for the redemption of such notes
and in exchange for such notes; and for
silver, and subsidiary and minor coins.
10. 1t shall be the duty of the Secretary
of the Treasury to 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-
SerVation of public confidence and for this
purpose he shall from time to time, as
needed, transfer from the general fund Of
the treasury to the division of issue and
redemption any surplus revenue not other
wise appropriated; and in addition thereto
he shall be authorized to issue and sell,
whenever it is in his judgment necessary
for that purpose, bonds Of the United
states, bearing interest not exceeding
per cent, running twenty years. but re-
deemable in gold coin, at the option of the
United States, after one year; and the
proceeds of all such sales shall be paid
into the division of issue and redemption
for the purposes aforesaid
II. To provide for any temporary de-
iciency which may at any time exist in
the fiscal department of the Treasury of
The United States the Secretary of the
Treasury shall he au; horned, at his discre-
ton, TO issue certificates of Indebtedness
of the United States, payable in from one
to five years after their date, to the bearer.
of the denominations of $50 or multiples
thereof, with interest at rate not to ex-
coed three per centum per annum, and to
sell and dispose of the same for lawful
money at the treasury department, and at
the sub-treasuries and designated deposit
tories Of the United States, and at such
poSt-ohces as he may select. And such GER
titcates shall have the like privileges and
exemptions provided in the act to authorize
the refunding of the national debt, APP
proved July Il, 1870.
' H. 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 fifty dollars $50 in any single |
payment to cause a record of all such
payments to be made in books to be kept
for that purpose in Washington, and there !
after from time 10 time, to pay to those so |
registered on such books interest not ex- !
ceeding per cent. per annum in gold coin, !
on the amount with which they shall sew |
orally stand credited on such books in the
same manner and at the same dates as if |
they were the holders and owners Of reg
istered bonds of the United States; and he |
shall also pay to those so registered the |
principal sum originally deposited, in gold |
coin, at the date Of maturity of such in
scrlbed loans. Suitable arrangements shall |
be made at each and every money order |
postOfice i'm the United States for receive |
ing such payments into the treasury on |
like terms, as well as for the transfer. on |
proper Identification, of any inscription |
on the books in Washington, or of any |
part thereof not less than fifty dollars |
$500. No interest shall accrue or be paid |