Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1899-11-29
GOLD THE STANDARD.
Features of Republican Bill
Made Public.
4 NEW TREASURY DEPARTMENT.
One to Be Known as the Division of
Issue and Redemption Provided For
In the Ieasurs-Provisions Fer Main
tenance OF Gold Reserve.

Issue ana Redemption Provided For
In the sIeasure-Proyisions Fer sIair-
tenance OF Gold Reserve.
WASHINGTON, Nov. 29.-The financial
bill prepared by the Republican caucus
committee which met at Atlantic City
last spring was made public by the
committee. The bill was ID part as fol-
lows:
That the standard unit Of value shall, es
now, be the dollar. and shall consist OF 25 $40
grains Of gold, 9l0 fine, OF % 22.l00 grains OF
pure gold, being the lilo part OF the eagle.
Sec. p That all interest bearing obligations
OF the United States for the payment of money,
now existing or hereafter to be entered into,
and all United States notes and treasury notes
issued under the law Of July IA, 1890, shall be
deemed and held to be payable in the gold
coin of the United States as defined in section
/ Of this act; and all other obligations, public
and private, for the payment of money shall
be performed in conformity with the standard
established in said section. Nothing herein
contained shall be construed or held to affect
the present legal tender quality of the silver
dollar. or of the subsidiary minor coins. or
Of the paper currency Of the United States. or
the laws making national bank notes receiv-
able or payable for certain public debts and
dues and obligations between national banks.
Sec. 8. That there be established in the
treasury department as part Of the Office of
the treasurer OF the United States, a division
to be designated and known as the division of
issue and redemption. to which shall be as
signed under such regulations as the secre-
tary OF the treasury may approve, all records
and accounts relating to the issue, redemp-
tion and exchange, as hereinafter provided,
of the several kinds of United States money.
Thar han ha %r,v, rod from fhk ara1
fund in the treasury nf the United States and
taken up on the books of said division re-
demption fund the amount of gold coin and
bullion held against outstanding gold certih
Gates. the amount Of United States notes held
against outstanding currency certificates. the
amount of silver dollars held against out
standing silveS certificates, the amount in
silver dollars and silver bullion held against
outstanding treasury notes issued under the
act of July II. 1880; and an amount of gold
coin and bullion to constitute a reserve fund
equal to 20 per cent Of the amount, both of
United States notes and treasury notes issued
under the act of July II, 1890; outstanding.
The gold and silver coins and bullion trans
ferred from the general fund in the treasury
as herein provided shall be increased or di-
niniShed, as the case may be, in accordance
with the provisions of this act and in no other
way.
Mr.. Overstreet gave the following explana-
ton in part of section 4:
Section of the bill seeks to provide com
plete safeguard to guarantee the permanent
maintenance of the gold standard by author.
izing the secretary of the treasury, whenever
it is necessary for such maintenance. to issue
and sell bonds Of the United States. payable in
cold coin. and for the exchange of gold coin
Tor any other money issued or coined by the
United States. should the secretary of the
treasury deem such exchange necessary in or
der to maintain the parity and equal value of
all the money Of the United States. The le-
CALLING of the gold standard and provision
for the equality of all forms of money at a
parity with the standard will SO remove all
doubt of the soundness and integrity Of our
money that there will be little occasion for the
exchange Of one kind of money for another.
And yet in order to make complete guaranty
against any ccntingency which may arise. au-
thority to the secretary Of the treasury to
meet such emergencies, should they arise. by
the sale Of bonds or the exchange of any
money issued or coined by the United States
is deemed advisable. The provision in this
section that no note or certificate, once re-
deemed or exchanged, shall be withdrawn |
except in exchange for an equivalent amount |
of the coin in which said note or certificate |
was redeemed or exchanged. will forever put |
an end to the so-called endless chain which |
has so embarrassed the government In the |
ever recurring redemption Of the greenback |
Sec. D. Iuat Tue SSClcldTJ VI ttle treasury Is |
hereby authorized to use, az his discretion, |
any silver bullion in the treasury of the |
United States purchased under the act of july |
a. lS91 for coinage into such denominations of |
subsidiary silver coin as may be necessary to |
meet the public requirements for such coin |
and any gain or seigniorage arising from this |
coinage shall be accounted for and paid into |
the treasury. Whenever any silver bullion |
purchased under the act OF July "a, 1880, shall |
be used in the coinage Of subsidiary silver |
CON- an amount of treasury notes issued un- |
der said act equal to the cost of the bullion |
contained in such coin shall be Cancelled and |
not reissued
Sec. g. That the secretary of the treasury is |
hereby authorized and directed to cause all |
worn and uncurrent subsidiary silver coin Of |
the United States now In the treasury, and |
hereafter. received, to be recoined, and to re-
imburse the treasurer of the United States for
the difference between the nominal or face
value of such coin and tine amount the same
will! produce in new coin from any moneys in
the treasury not otherwise appropriated. So
much of the joint resolution approved July
q, 1875 relating to the issue of silver coin as
limits the aggregate amount of subsidiary
silver coin, and of fractional currency out
standing at any time to $4,000 .OO0. be and the
same is hereby repealed
Sec I. That the United States notes or
notes issued under the act of july IA,
1850. hereafter issued or reissued shall be of
such denominatio.s. rot less than ST. as the
Of the treasury may prescribe. Sill
yer certificates shall hereafter be issued or
paid out only in denominations OF 81, SO and IS
against silver dollars deposited in the division
Of issue aud redemption, or in exchange for
silver certificates Of denominations exceed
ing IS.
Other sections contain amendments to the
national bank act authorizing banks to be or
ganized with capital stock as low as s2j C01;
authorizing banks to issue notes to the par
value of the bonds thoy have on deposit to Sc
cure circulation. and reducing the taxation
on bank circulation to lilo of per cent