Warren sheaf., 1899-12-07
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NEW CURKEN CY BEL
synopsis Of One to BE submit tted to-
! ConEress Has Gold Tor B B
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ashington, Nov. 90 After spending
many months IN Its preparation, the re-
puDhcan caucus committee has made pub
ZIG the financial bill which 1T will ask con-
gress to pass. Inder It, II it becomes q law,
gold Is to be- the standard OF value and
the basis OF the entire money system Of
the United States. United States bonds
are to be payable IN gold, and all obliga-
lions, ubIcs and private, for the payment
of money hall be paid IN gold
:Aa division is to be- est stabNshed In the
trea sury department. for the issue and re-
states money. The gold reserve held by
this division is to be maintained when nec-
essary by the issue of three per cent.
bond 3 s a, s It Ne n B 81 al llSs
9 Omitted States notes, treasury notes and
silver. ertificates, when redeemed in gold,
are to- be held in the division Of issue and
redemption and paid out again only in ex-
|achange for gold. s ssa
81 The silver bull ion purchased under the
Sherman act and stiM held by the treasury
is to be available for the coinage OF sub
ssidiary silver coins. @ 81 sit4g; IS
d Worn and uncurrent subsidiary silver
coins are to besrecoined from time to time.
as It becomes necessary, and the legal linn
ton of $50, 900, 900 placed on such coinage
is to be removed, ~
The denominations OF future issues OF
United States notes or treasury notes are
to be determined by the secretary Of the
treasury, but silver certificates shall be.
issued only in denomina lions off, 81 and IS.
National banks are to be permitted to-
issue their notes up to the par value of
the bonds deposited by them to secure
circulation. IS IS Fiji rs IF. 5l55 s3
The tax on national bank notes is to be
repealed and the banks are to pay tax
of one-hfth Of one per cent on the aggre-s
gate of their capital, surplus and undi-.
vided profits. 55i
N Aut hority is to be granted to organize
national banks witt SIS 900 capital in towns
with a population Of not more than $1,000.
The members Of the committee consider
the definite enactment of the gold standard
and the provision for the redemption Of
all other forms Of metallic and paper money
in gold on demand the most important fea-
lures of their measure. II T he main purpose
which they had In view was to take from
a secretary Of the treasury the power to
change the financial basis by a depart
ment ruling and to- make such change
possible only by the concurrence Of ma
jortties Of both houses of congress and the
president. sfiE#l il isss @.35S
The authors Of the bill are the follow
ing congressman: d. B. Henderson, Of
Iowa; S. q. Payne, of New York; John
DalEell, of Pennsylvania; Jesse Overstreet,
of Indiana; w. S. Kerr, of Ohio; j. w.
Babcock, of Wisconsin; Page Morris, of
Minnesota; William G.. Lowering, of Mas
sachusetts; Eugene f. Loud, of Califor-i
MIA; Charles Curtis, Of Kansas, and r. B.
Hawley, of Texas.
The men who drafted the currency bill
compose caucus committee appointed un-
der authority Of the last session of con-
gress for the purpose of considering mon
etary legislation and making recommends
ations. The bill embodies the unanimous,
views Of the committee. Col Henderson
was chairman and Jesse overstreet secre-
tary Of the committee.