The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-03

needed for the issue and exchange OF such
coins and the funds deposited with the
treasury for the liquidation of national
bank notes. All accounts relating to the
tirelv apart and distinct from those Of the
fiscal departments of the treasury. and the
accounts relating to the national banks
shall be kept separate and apart from all
other accounts.
PROPOSED RESERVE FUND
o. A reserve shall be established in this
division by the transfer to it by the sreas-
urer of the United States from the general
funds of the treasury of an amount of gold
in coin and bullion, equal to IS per cent
of the aggregate amount of both the United
States notes and treasury notes issued under
the act of July H. 1890, outstanding, 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 re-
demption 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 reserve
in the division of issue and redemption at
such sum as shall secure the certain and
immediate redemption of all notes and sill
yer dollars presented, and the preservation
of public confidence; land for this purpose
he shall from time to time, as needed, trans
fer from the general fund of the treasury to
the division of issue and redemption any
surplus revenue not otherwise APPROPRIATED
and in addition thereto he shall be author
lied 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 redeemable 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
H. To provide for any temporary deficien-
cy which may at any time exist in the fiscal
department of the treasury Of the United
be authorized, at his discretion, TO issue GER
tificates of Indebtedness of the United
States, payable in from one to five years
after their date to the bearer of the de-
nominations of $50 or multiples thereof, with
interest at a rate not to exceed per cent
UNI per annum, and to sell and dispose of
the same for lawful money at the Treasury
Department. and at the subtreaSurieS and
designated repositories or the United states,
and at such postoffices as he may select.
And such certificates shall have the like
privileges and exemptions provided in the
act to authorize the refunding of the ma
tionaI debt, approved July IA, $50
BONDS TO BE PAID IN GOLD.
u. Whenever money is to be borrowed on
the credit of the United States, the secre-
tary of the treasury shall be authorized, in
stead of issuing the usual forms of en-
graved bonds, upon receiving lawful money
of the United States in sums of not less
than fifty dollars $500 in any single pay
ment to cause a record of all such pay
ments to be made in books to be kept for
that purpose in washington, and, there
after, from time to time to pay to those
so registered such books interest not ex-
ceeding per cent per annum in gold coin
on the amount with which they shall
seyerally 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
scribed loans. Suitable arrangements shall
be made at each and every money-order
postoffice in the United States for receiving
such payments into the treasury on like
terms, as well as for the transfer, on
proper identification, of any inscription on
| thereof not less than fifty dollars ($50) No
interest shall accrue or be paid on inscrip-
| tons which shall have been reduced below
| fifty dollars ESQ., No charge of any kind
| shall be made by any department or officer
| of the government for any service in con-
| nection with the receipt or transmission of
| the lawful money, nor in the transfer of
| Inscriptions on the books at Washington.
13 The division of issue and redemption
| shall on demand at Washington and at
| such subtreasuries of the United States as
| the secretary of the treasury may from
| time to time Designate:
| (a) Pay out gold coin for gold certificates.
(b) Pay out gold coin in redemption of
| United States notes or treasury notes of
1890 se
| (C) Fay out silver dollars IOr silver GER
| tificates of any denomination.
(d) Issue silver certifi atesbnof denomina-
| tons of 81, 50 and S., in exchange for silver
dollars and for silver certificates in denom-
| ,(e( Pay out gold coin in exchange for silver
dollars.
60 Pay CIT silver dollars in exchange for
| gold coin. United States notes or treasury
notes.
90 Pay out United States notes or treas
ury notes, not subject to immediate cam
collation. in exchange for gold COIN
(h) Pay out and redeem subsidiary and
minor coins provided by existing laws.
ID Pay out United States notes in ex-
| change for currency certificates.
TO BE PAID OUT FOR GOLD ONLY.
IA. United States notes or treasury notes
once redeemed shall not be paid out again
except for gold coin unless there shall be
an accumulation of such notes in the Divi-
sion of Issue and Redemption which can
not then be Cancelled under the provisions
of the act in which ease the secretary of
the treasury shall have authority, if in his
| judgment that course is necessary for the
public welfare, to invest the same or any
portion thereof in bonds of the United
States for the benefit of the redemption
fund such bonds to be held in the Division
of Issue and Redemption, subject to sale at
the discretion of the secretary OF the traS-
ury for the benefit of the Division of Issue
and Redemption, and not for any other pur-
pose.
Is. The secretary of the treasury shall be
authorized to sell, from time to time in his
discretion, any silver bullion in the Divi-
sion of Issue and Redemption, and the pro-
ceeds in gold of such sales shall be placed
to the account of the gold reserve in the
Division of Issue and Redemption.
16. The gold certificates and the currency
certificates shall, whenever presented and
paid or received in the treasury, be retired
and not reissued. sre
II. No United States note or treasury note
OF a denomination less than $40 shall
hereafter be issued, and silver certificates
shall hereafter be issued or paid out only
in denominations of 81, 81 and IS against sill
yer dollars held by or deposited in the
treasury.
is. The assistant treasurer in charge of
the Division of Issue and Redemption shall,
on demand pay In gold coin all United
States notes and treasury notes presented
for payment and as paid cancel the same
up to the amount of $50.00O0O0 After that
amount shall have been paid and Cancelled
he shall then from time to time cancel such
further amounts of notes so paid shall
equal but not exceed, the increase of ma
tional bank notes issued subsequent to the
taking effect of the proposed act
10. If at the end of five years next after
the taking effect of the proposed act any
United States notes or treasury notes shall
be outstanding a sum not exceeding one
fifth of such outstanding amount shall be
retired and Cancelled each year thereafter
and at the end of ten years after the pas
sage of the proposed act the United States
notes and treasury notes then outstanding
shall cease to be legal tender for all debts