The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-05
Proposed By Republican Memb srs
of the Committee.
FIX STANDARD OF VALUE
MEASURE WHICH SETTLES UPON
THE GOLD DOLLAR.
To Set Apart a Reserve Fund of
$4,000, 900 In Gold Coin, For
Redemption Purposes 0nly-Coin-
age of Silver Dollars-Redemp-
ton of Treasury Notes.

Washington, Dec. 4.-The text of the
lican members of the senate finance
committee is as follows:
A bill to affirm the existing standard
of value. TO maintain the parity in
value of all forms of money: to refund
the public debt; and for other Dur-
poses:
Be it enacted by the senate and
house of representative of the United
States OF America in congress assem-
bled: That the dollar consisting of
twenty five and eight-tenths grains of
gold, nine-tenthS fine. shall. as estab-
liShed by section BOIL of the revised
statutes of the United States. continue
to be standard unit of value, and all
forms of money issued or coined by the
United States shall be maintained al
parity of value with this standard. and
United States notes and treasury notes
issued under the act of July IA. 1890,
when presented to the treasury for re-
demption. shall be redeemed in gold
coin of such standard.
Reserve Fund.
That il shall be the duty of the sec
rotary of the treasury. in order to Sc
cure the prompt and certain redemption
of United States notes. and treasury
notes as hereinbefore provided, to set
apart in the treasury reserve fund of
$780, 0O0. 900 in gold coin, which fund
shall be used for such redemption pur
poses only, and whenever and as often
as any of said notes shall be redeemed
from said funds it shall be the duty
of the secretary of the treasury 20 use
said notes so redeemed to restore and
maintain such reserve fund in the man
ner following. to-wit:
First, by exchanging the notes so re-
deemed for any gold coin in the general
fund of the treasury: second, by ac-
cepting deposits of gold coin at the
treasury or at any sub-treasury in eX-
change for the United States notes so
redeemed: third, by procuring gold coin
by the use of said notes, in accordance
with the provisions of section 300 of
the revised statutes of the United
States.
If the secretary of the treasury is
unable to restore and maintain the gold
reserve fund by the foregoing methods,
and the amount of such gold coin IN
said fund shall fall below slaO. OOO,O 600,
then it shall be his duty to restore and
maintain the same by borrowing money
on the credit of the United States, and
for the deDt thus incurred to issue and
sell coupon or registered bonds of the
United States, in such form as he may
prescribe il denominations of $50 or any
multiple thereof. bearing interest at
the rate of not exceeding 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 to be pay
able, principal and interest, in gold
coin of tine present standard value, and
to be exempt from the payment of all
taxes and duties of the United States.
as we'll as from taxation in am form
by or under state, municipal or local
authority. The notes redeemed as here
in provided shall only be used for the
purpose of restoring said fund to the
maximum amount of $150,000000, and
the amount of gold coin and notes in
such reserve fund shall at no time ex-
coed such maximum amount.