Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-11-29

The financial bill prepared by the Re-
publican caucus committee, which met
at Atlantic City last spring, was to-
day made public by the committee. Its
text in part follows:
A bill to define and fix the standard
of value, to maintain the parity of all
forms of money issued or coined by the
United States, and for other purposes.
Be it enacted by the Senate and
House of Representatives of the United
States of American in Congress assem-
bled:
That the standard unit OF value shall,
as now, be the dollar, and shall consist
of twenty-five and eight-tenths grains
of gold, nine-tenths fine, or twenty
three and twenty-one- -hundredths
grains of pure gold, being the one-tenth
part of the eagle.
Section g. That all Understanding
obligations of the United States for the
payment of money, now existing or
hereafter to be entered into, and all
United States and Treasury notes is
sued under the law of 5uly 14th. 1890,
shall be deemed and held to be payable
in the gold coin Of the United States
as defined in Section 1 of this act; and
all other obligations, public and pri-
vate, for the payment of money shall
be performed in conformity with the
standard established in said section.
Nothing herein contained shall be con-
strued 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 receivable and payable for
certain public debts and dues and obli-
cations between national banks.
Section g. That there be established
in the treasury department as a. part
of the Office Of the treasurer of the
United States, a division to be desig-
mated and known as the division OF
issue and redemption to which shall
be assigned under such regulations as
the Secretary of the Treasury may ap-
prove, all records and accounts relat-
ing to the issue, redemption and ex-
change, as hereinafter provided, for the
several kinds of United States money.
Section 4. That it shall be the duty
of the Secretary of the Treasury to
maintain the gold reserve fund taken
up on the books of the division of is
sue and redemption as herein provided,
and for this purpose he may from time
to time transfer to such fund any mon
eys in the treasury not otherwise APP
propriated, and in addition there to he
is hereby authorized to issue and sell,
whenever in his Judgment it is neces-
sary to the maintenance of said reserve
fund, bonds of the United States bear
three per centum per annum, payable
in gold coin at the end Of twenty years.
But no transfer shall at any time be
made from the general fund of the
treasury to the division of issue and
redemption which will reduce the gen
eral fund below fifty millions Of dol
lars.
Section 5. That the Secretary of the
Treasury is hereby authorized to use,
at his discretion, any silver. bullion in
the treasury of the United States pur-
chased under the act of July IA, 1890,
for coinage into denominations of sub
sidiary 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 ac-
counted for and paid into the treasury.
Whenever any silver bullion purchased
under the act of July IA, 1890, shall be
used in the coinage of subsidiary silver
coin, an amount of treasury notes is
/ sued under said act equal to the cost
of the bullion contained in such coin
shall be cancelled and not reissued.
Section 6. That the secretary of the
treasury is hereby authorized and di-
rected to cause all worn and uncurrent
subsidiary silver coin of the United
!, States now in the treasury, and re-
after received, to be recoined. So much
of the joint resolution approved July
%, 1876, relating to the issue of silver
coin. as limits the aggregate amount
of subsidiary silver coin and of frac-
tional currency outstanding at any
time TO fifty millions of dollars, be and
the same is hereby repealed.
Section Z. That the United States
notes or treasury notes issued under
the act of July IA, 1890, hereafter is
sued or reissued, shall be of such de-
nominations, not less than one dollar,
as the secretary of the treasury may
prescribe.
The other sections refer to the regu-
lation of national banks.
The report on the bill has been pre-