The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-05
SENATE FINANCE BILL.
Full Text of the Measure Which Is to Be
introduced.
FIXES GOLD AS THE STANDARD OF VALUE
Provides for Bond Issues, Mnintcnncc
of Reserve Fund and Further
Privileges to National Banks.

Washington December 4.-Tho text OF the
currency bill prepared by republican members
of the senate finance committee Is as follows:
! A bill to affirm the existing standard of
value. to maintain tho parity in value OF all
funds OF money. to refund the public debt
and for other purposes
The Standard BE IT enacted, by the senate
and house OF representatives of the United
states. in congress assembled that the dollar
consisting of twenty Ave and clght-tenths
grains of gold, ninetenths fine. shall. as
established by section S5li of tho Revised Stat
utes of the United States, continue to be the
standard unit of value and all forms of
money issued Or coined by the United States
shall be maintained at d parity of value with
this standard and United States notes and
treasury notes issued under the act of July
II, 1890, when presented to tho treasury for
redemption shall be redeemed in gold coin
OF such standard.
Reserve Iound.--That it snail be the duty of
the secretary OF the TREASURY in order 10 Sc
euro tho prompt and certain redemption OF
United states notcB and treasury notes. as
hereinbslor0 provided, 10 set apart in the
treasury reserve fund Of o0,O0O.000 IN gold
coin, which fund shall be used for such re-
demptOn purposes only. and whenever and
us often RS any of said notes shall be re-
doomed from said fund it shall be the duty
of the secretary of tho treasury to use said
notes so redeemed to restore and maintain
such reserve fund in the manner following
to-wit: /. BY exchanging the notes so re-
deemed for any gold coin in the general fund
of the treasury. 2. BY accepting deposits of
gold coin at the treasury or at any sub
treasury in exchange for the United States
notes so redeemed. 3. BY procuring gold
coin by the use Of said notes in !aecordance
with the provisions of section 300 of the
Revised Statutes OF the United states II the
secretary of the treasury is unable TO re-
store aud maintain tho gold coin In the re-
servo fund by the foregoing methods and
the amount of such gold coin In said fund
shall at any time falis below $loo.o0o0 goo, then
1t shall he his duty to restore and maintain
the same by Borrowing money on the credit
of the United States aud for the debt thus
iEeurred to issue and sell coupon or regis
tered bonds OF the United States In such form
as he may prescribe, in denominations Of $50
or any multiple thereof. bearing Interest at
the rate OF not exceeding 3 per cent per an
mum payable quarterly. such bonds to he
payable at the pleasure Of the United States
after one year from the date OF their Issue
and TO be payable principal and interest in
gold coiH OF the present standard value. and
TO be exempt from the payment OF all taxes
from taxation in any form by or under State
municipal or local authority. The notes re-
deemed as herein provided shall only be used
maximum amount OF $50, 000. 900, and the
amount of gold coin and notes In such res
serve FUND shall at no time exceed such maxi
Redemption OF Treasury Notes.--That It
shall be tho duty of the secretary OF tho
treasury, as fast al standard silver dollars
OF July H. 1890 and June 49, $685. from bull
lion purchased under the act OF July IA.
1880, to retire and cancel an equal amount
OF treasury notes whenever received into tho
with the provisions OF this act. or In the
ordinary course OF business. aud upon tho
cancellation OF treasury notes. silver certlh-
Gates shall be issued against the silver dollars
so coined.
Gold Certificates That the secretary Of the
treasury is hereby authorized and directed
TO receive deposits OF gold coin with the
treasurer of any assistant treasurer OF the
United States In sums OF not less than SEQ
aud to issue gold certificates therefor in de-
nominations of not less than $40. aud the
coin so deposited shall be retained In tho
treasury and held for the payment OF such
certificates on demand and used for no other
purpose. Such certificates shall be receivable
for customs. taxes and all public dues, and
when 80 received may be ressued. and when
held by any national banking association
% ss Sasd s Rss % Is syu ne
as tho gold coin held in the reserve fund OF
the treasury for the redemption OF the United
States notes and treasury notes shall fall
below 500. 600, 900 the authority TO Issue GER
tifcates as herein provided shall be suspend
ed and provided further, that OF the amount
OF such outstanding certificates one;fourth at
least shall be Ia denominations OF $50 or less
and provided further, that the secretary of tho
treasury may. In his discretion. issue such
certificates in denominations of $4,000. pay
able to order, and section 5iss OF the revised
statutes OF the United States Is hereby re,
pealed,
Denominations OF Notes.-That from and
after the passage OF this act, no upited States
notes or treasury notes shall be issued or
reissued OF DENOMINATIONS less than $40. and
all such outstanding notes OF a lower de-
nomination shall. whenever received at the
treasury or redeemed. be cancelled and notes
of denominations Of $40 or upward shall be