The daily morning journal and courier., 1899-12-05
FOR A PURE GOLD STANDARD
TEXT OFTHE SENATE ECOM1IIITEE'S
 CURRENCY BILL.
Reserve Fund of $50, 100000 in Gold for Redemption of United States Notes and Treasury Notes.-The Coinage of Silver-Denomination of Notes-GoId Certificates.

SiIver-Denomination of Notcs-GoId Certificates.
 | Washington, Dec. 1.-The text of the
 currency bill prepared by the republi-
 can leaders of the Senate Finance com
 mittee is as follows: A bill to affirm
 the existing standard of value, to main
 tain the parity in value of all forms of
 money, to refund the public debt, and
 for other purposes.
 Ihestandurd.
 Be it enacted by the senate and house
 of representatives of the United States
 of America, in congress assembled, that Pthe dollar consisting of 25 S-10ths grains
 of gold, nine-tenths fine, shall, as es-
 tablished by section 3511 of the revised
 statutes of the United States, continue
 to be the standard unit of value, and
 all forms of money issued or coined by
 he United States shall be maintained at
 a parity of value with this standard;
 and United States notes and treasury hotes issued under the act of July 14. 1890. when presented to the treasury
 for redemption shall be redeemed in gold com or such standard.
 Keserve Fund.
 That it shall be the duty of the sec retary of the treasury in order to secure the prompt and certain redemption of
 United States notes and treasury notes as hereinbefore provided, to set apart in the treasury reserve fund of one hundred and fifty million dollars in gold coin, which fund shall be used for such redemption purposes only, and whenever and as often as any of said notes shall be redeemed from said fund it shall be the duty of the secre- tary of the treasury to use said notes so redeemed to restore and maintain such reserve fund in the manner fol- lowing. to wit: First, by exchanging the notes so redeemed for any gold coin in the general fund of the treas ury; second, by accepting deposits of gold coin at the treasury or at any sub treasury in exchange for the United States notes so redeemed third, by pro curing gold coin by the use of said notes, in accordance with the provision of section 3700 of the revised statutes of the United States. If the secretary Of the treasury is unable to restore and | maintain the gold coin in the reserve fund by the foregoing methods, and the amount of such gold coin in said fund shall at any time fall below one hun dred million dollars, then it shall be l his duty to restore and maintain the | same by borrowing money on the credit | of the United States and for the debt l thus incurred to issue and sell coupon | or registered bonds of the United States In such form as he may prescribe, In | denominations of fifty dollars or any | therof, bearing interest at the rate of not exceeding three per centum per annum payable quarterly, such bonds to be payable at the pleasure of the United States after one year from the date of their issue and payable, and interest, in gold coin of the present standard value, and to be exempt from the payment of all taxes or dues of the United States as well as from taxation in any form by or under notes redeemed as herein provided shall only be used for the purpose of such fund to the maximum amount of 50OOO,OO0 and the amount of the gold coin and notes in such re- serve fund shall at no time exceed such maximum amount
 Redemption of Treasury Notes.
 That it shall be the duty of the secre- ary of the treasury as fast as standard silver dollars are coined under the pro- visions of the acts of July IA, 1890, and June IS, 1893, from bullion purchased lnder the act of July IA, 1890, to retire md cancel an equal amount of treasury totes whenever received into the treas- Try. either by exchange in accordance ] with the provisions of this act or in the { course of business and upon ' he cancellation of treasury notes sil- Ter certificates shall be issued against ] he silver dollars so coined.
 Gold Certificates.
 That the secretary Of the treasury is lereby authorized and directed to re- eive deposits of gold coin with the reasurer or any assistant treasurer of he United States in sums of not less han twenty dollars, and to issue gold | therefore in denominations f not less than twenty dollars and the oin so deposited shall be retained in f he treasury and held for the payment f euch certificates on demand and used d or no other purpose. Such certificates \ hall be receivable for customs, taxes b nd all public duties and when SC re- V eived may be reissued and when held V y any national banking association fl nay be counted as a part of it's lawful ? eserve. Provided, that whenever and o 0 long as the gold coin held in the re- Y arvc fund in the treasury for the re- emption of United States notes and notes shall fall below one 1 f. undred million dollars the authority n ) issue certificates as herein provided n hall be suspended and provided fur o her, that of the amount of such out it tanding certificates one fourth at least hall be in denominations of $50 or less, nd provided further that the secretary the treasury may, in his discretion, V sue such certificates In denominations ii [ S10,000 payable to order And sec a on 5193 of the revised statutes of the 0( nited States ia hereby repealed. f.
 Denominattonso Of Notes. Itf That from and after the passage Of cl lis act no United States notes nor easury notes shall be issued or re- sued of denominations less than ten ollars and all such outstanding notes ii lower denomination shall when- VI Jer received at the treasury or re- te aemed, be cancelled and notes of de- al