Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-11-30
MONETARY
STANDARD.
Full Text Of New Financial
Measure to be Consider
ed by Congress.
TO BEA REPUBLICANBILL

Its object is to Strengthen the Public
Credit by the Removal OF All Doubt
as TO Republican Policy Concern-
sernins the Amount of Value.
Washington, Nov. 29.--The financial
bill prepared by the republican caucus
committee which met in Atlantic City
last spring, was yesterday made public
by the committee. The text is as fol-
lows:
A bill to define and fix the standard
of value, to maintain the parity of all
forms of money used or coined by
the United States, and, for other pur-
poses.
Section /. Be it enacted by the senate
and house of representatives of the
United States of America, in congress
assembled: 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,
J or twenty-three and twenty-five one
hundredths grains Of pure gold, being
the one-tenth part of the eagle.
Tho Gold Standard
Sec. 2. Thar. all interest bearing obli-
CARTONS OF the United States for the
payment of money, now existing or
hereafter to be entered into, and all
United States notes and treasury notes
issued under the law of July IA, 1890,
shall be deemed and held to be payable
in the gold coin of the United States as
defined in section one 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-
Ssfraedsor ned 70 affset the present le-
gal tender quality of the silver dollar,
br of the subsidiary or minor coins, or
OF the paper currency of the United
States, or the laws making ma
tional bank notes receivable and pay
able for certain public debts and dues
and obligations between national
banks.
Sec. 3. That there be established in
the treasury department, as part of
the officer of the treasury Of
the United States division to
be designated and known as the divis-
ion of issue and redemption, to which
shall be assigned, under such regular
sions as the secretary of the treasury
may approve, all records and accounts
relating to the issue, redemption and
exchange, 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 redemption
fund, the amount of gold coin and bull
lion, held against outstanding gold GER
tificates, the amount of United States
notes held against outstanding curren-
cy certificates, the amount of silver
dollars held against outstanding silver
certificates, the amount in silver dol
lars and silver bullion held against out
standing treasury notes issued under
the act of July IA, 1890; and an amount
of gold coin and bullion to constitute
n reserve fund equal to 25 per cent OF
the amount, both of the United States
notes and treasury notes issued under
the act of July 4,11S90, outstanding.
The gold and silver coins and bullion
transferred from the general fund in
the. treasury, as herein provided, shall
be increased or diminished, as the case
may be, in accordance with the pro-
visions, of this act, and in no other
way.
Sec. 4. That it shall be the duty OF
the secretary 2of the treasury to main
tain the gold reserve taken up on tbe
books of the division of issue and re-
demption, as herein provided, and for
this purpose he may, from time to time,
transfer to such fund any moneys in
the treasury not otherwise appropriate
ed, or may exchange any of the funds
in the division of issue and redemption
for other funds which may be in the
general fund of the treasury and in
addition thereto he is authorized to is
SHE. and sell, whenever, in his judg-
ment, lit is necessary to the mainten-
ance of said reserve fund, bonds of the
United States, bearing interest at a
AdlC Aol sNCECuibS . PSI ScHlt per ail-
nun, payable in gold coin at the end
of twenty years, but redeemable in gold
! coin at the option of the United STATES
after one year. 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 general fund below fifty millions OF
dollars. That all United States notes
and treasury notes issued under the
act of July IA, 1890, presented for le.
demption. shall be redeemed in god
coin at the will of the holder, and all
silver certificates presented for redemp.
tion shall be redeemed in accordance
with existing law. The secretary OF
the treasury is authorized and required
TO use said reserve fund in maintain-
ing at all times the parity and equal
value of every dollar issued OF
coined by the government; and if at