The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-22
GOLD DOLLAR RULES
HOUSE COINAGE COMMITTEE DE-
CIAARES IN IT'S FAVOR AS
STANDARD OF VALUE
GREENBACKS TO BE RETIRED
Gold B1IIs Are to- Be Substituted
Therefor--NO Silver Dollars to
Be Hereafter Coined Except From
the Bullion Now in the Treasury
tonnage of Subsidiary Coin to
he Limited to $5O,OOO,COO.

WASHINGTON, Jan. 21.-The house
coinage, weights and measures COM
naittee today, by a strict party vote,
ordered a favorable report on the sub
stitute for Representative Hills bill to
fix the standard of value in the United
States and for other purposes.
The bill provides, in substance, that
the standard of value in the United
States shall be the gold dollar; that all
contracts existing and in future shall
be computed on the reference to the
standard; that there shall be estab-
lshed in the treasury department Of
issue and redemption; that the green
backs shall be retired, and, upon re-
tirement, that gold bills shall be sub
stituted therefor. No silver dollars
are to be hereafter coined, except from
the bullion now in the treasury, the
secretary of the treasury, in his dis
cretlOn, to coin silver into subsidiary
coins as public urgency demands, and
the recoinage of old, worn, uncurrent
subsidiary coin, without special ap-
preparation therefor, such coinage Of
bullion to be concurrent with the re-
tirement of treasury notes the same
as If coined into silver dollars, and the
coinage of such subsidiary coin to be
limited to 100000 There is to be
a separation of treasury accounts be-
tween Issue and financial transactions.
a gold reserve Of 25 per cent of out
standing notes and treasury notes is to
be maintained, also per cent gold re-
serve of the aggregate silver dollars
a common fund for the redemption of
all notes. The retirement of the green
backs provision is, for the first five
years, an amount equal to the increase
OF national bank notes issued subse-
quent to the taking effect of the act
ne Z
ing the next five years, and green
backs to cease to be legal tender at the
end of ten years. Gold currency and
certlncates to be conceled as paid and
not re1ssued; no national bank notes
under $40 and no silver certificates
over$5 are to be issued. The tax
on national banks is to be changed
from the circulation to one-tenth of
per cent On capital, surplus and I'M
divided profits.
REPEALS EXISTING REGUI4A-
TIONS.
The bill repeats all existing regula-
tons on the withdrawal and issue Of
| national banks, and such banks may
issue currency to the full amount of
bonds deposited.
National banks with capital of $25,-
600. and in cities of 10000 population,
may be established; branch banks may
be provided under regulations of the
controller of the currency
The bill is supplementary to the cur
rency reform bill, which is still being
fought over in the committee on bank
ing and currency. 1t Is the first gen
eral bill which has been gotten out of
the coinage, weights and measures
| committee In several years. 1t is the
result Of a great deal of labor and
many hearings. These had not, in fact,
actually been completed when the bill
was reported today, and Secretary
Gage and ex-Congressnan Charles A.
| Towne were given leave to file state
ments which will be included in the
hearings when published
Mr. Walker, of Massachusetts, was
heard today before the bill was voted
upon.
Mr. Bland offered a substitute for
the single standard feature of the bill,
| providing for free bimetallic coinage,
and 1t was voted down, six to eight
a strict party vote.
The committee then directed the
| chairman, Mr.. c. w. Stone. of Penn
| sylvania, to cali up and press the bill
at the earliest possible moment, and to
employ to that end any possible parlia-
| mentary eXpedient.