The sun., 1899-11-29
HERE'STHE CURRENCY BILL
THE MEASURE or THE HOUSE oAU.
Gus COMMITTEE MADE PUBLIC

tho Establishment OF Smaller Bankas
WASHINGTON. Nov 2S. S.-Representative Over
street OF Indiana. acting for tho committee
appointed by the Republican caucus OF the
Fity.ifth Congress, to prepare u measure OF
fnanc al reform to be submitted to the Fifty
sixth Congress. which meets next Monday, has
made public the text Of tho bill. 1t will be
acted upon by a caucus OF both Senate and
House. but so far tho Efforts to have joint
caucus on the measure have not been SUCCESS
full 1t Is not likely that the Senate Finance
Committee will approve the measure In its
present shape. The House caucus bill reads az
follows:
A blu TO define and d1 the standard Of ralue 10
ma jntdin the parity Of all forms Of money
issued or coined by the United States. and for
other purposes.
BE 1t enacted by the Senate and House OF
Represent atives OF the United States OF
American In Congress assemblies:
sec'ion l.-That the standard unit OF value
shall. as now. b. the dollar. and shall consist OF
twenty-five and eight-tenths grains Of gold.
nnc-tcnths fine. or twenty-three and twenty
two onc-hunircdths grains o. pure gold. being
the one-tcnth part OF tho eagle.
Sec 2.-That all interest," ,-bearing obligations
OF the United States for the payment OF money.
now existing or hereafter to he entered into.
and all United States notes and Treasury notes
issued under the aw OF July IA. 1880. shall bs
deemed and held to be payable in the gold coin
OF the United States as defined In Sec. ! OF
this act and all other obligations. public and
private. and for the payment OF money shall
be performed in conformity with tho 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 or minor coins. or
OF the paper currency OF the United States. or
| the laws making National Bank notes rcceiv-
abe and payable for certain public debts and
dues and obligations between National Banks.
sec. 3.-Tha; there be established in tho
! Treasury Department. as part Of the once 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
I signed. under such regulations as the Secre-
tary OF the Treasury may approve all records
| and accounts relating to the issue. redemption
| and exchanging. as hereinafter provided OF
| the several kinds OF United states money.
! There shall be transferred from the General
! Fund In the Treasury OF the United States and
! taken up on the books OF said division as "A
redenption fund. the amount of gold coin and
! bullion held against outstanding god certla-
| Gates. the amount OF United States notes held
, against outstanding currency certificates.
| the amount OF silver dollars held against out
/ standing silver certificates. the amount in Sill
YER dollars aud silver bullion held against OUT
. standing Treasury notes issued under the Act
OF July IA. 1890: and the amount OF gold coin
Ani bullion to constitute reserve fund
| equal to rs per cent OF the amount both OF
7 Uu,ted States notes and Treasury notes. issued
3 under the act Of July Il. 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 dimin-
1 ished a. the case may be. in accordance with
! the provision OF this act and no other way.
Sec. +-That II shall he the duty OF the Secre-
! tary OF the Treasury to maintain the gold re-
serve fund taken up on the books Of the Div-
! sion OF Issue ami Redemption herein
provided. and for this purpose he may from
| time to time transfer to such fund any moneys
! In the Treasury not otherwise approprl lated. or
/ may exchange any OF the funds in the Division
! OF Issue and Redemption for other funds which
| mgy hc in the General Fund OF the Treasury.
! and In addition thereto he Is hereby authorized
! to issue and sol. whenever in his judgment It
| is necessary to the maintenance of said reserve
! fund bonds OF the United States bearing
| interest at a rate not exceeding per centum
! per annum. payable in gold coin at the end OF
| twenty years. but redeemable in gold coin at
the option o; the United States after one year.
| But no transfer shall at any time be made
| from the General Fund OF the Treasury to tho
Division OF Issue and Redemption which will
reduce tho General Fund below fifty millions
: OF dollars. That all United States notes and
/ Treasury notes issued under the Act OF July
| II. 1880. presented for redemption shall be
, redeemed In gold coin At the will
! OF the holder. anl all silver certificates
presented for redemption shall be re-
deemed In accordance with existing
law. The Secretary OF the Treasury is author-
tied and required to use said reserve fund in
Ivt, oil ity. tha n ar nd ~ n
value of every dollar issued or coined by the
/ Government: AMI II at any time the Secretary
| Of the Treasury deems II necessary in order 10
| maintain the parity and equal valu" OF all the
money Of the United States, he may at his
discretion exchange golh CON for any other
money issued or coined by the United States.
The notes and certificates so redeemed or
exchanged shall be held in and constitute "A
part Of said fund and shall not be withdrawn
q thcrc'rOm nor dlShursrd except in cN-
change for an equivalent amount u tho coin
from which notes or rtinrateS wore redeemed
or exchanged. except a. herein bcinrc in this
| scction provided Nothing in this act will bo
| construed "a repeating that provision OF the
net approved July IL. lSO, which provides
TINT. mo greater or less amount OF such notes
shall bc outstanding AT any time fhhn the cost
OF silver bullion and the standard silver doll
lars coined thcrctrom. then hrldrn the Treas
ury purchased by such notes"
See THAT the Secretary OF tho Treasury
is hereby authorized 10 use. nj his discretion.
any slvcr bullion IN the Treasury OF the United
States. purchased under tho act of July Il,
1870 for coinage in such denominations oi
subsidiary silver coin as may ho necessary "a
meet the public requirements for such coin
and any gain or seigniorngc arising from this
coinage shall b. accounted for and paid intG
the Treasury. Whenever any silver bullion
purchased under the act of July "a. 1890. shall
be used in the coinage OF subsidiary silver coin.
an amount OF Treasury notes issued under
said nc, equal TO the cost OF the bullion con-
tained In such coin shall be cancelled and not
reSsued.
Sec q That tho Secretary OF the Treasury
is hereby authorized and directed to cause all
worn and uncurrent sub diary silver coin o
the United States now In the Treasury and
hereafter received. to be recoined. and to reim-
burse the Treasurer OF the United States fol
the difference between the nominal or face
value OF such coin and the amount the same will