Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-05
TO REFUND THE DEBT
Provisions of the Finance Committee
Currency Bill.
BANK CIRCULATION EXTENDED
May Issue to Par Value of Bonds
Deposited.
NO SM ALL U. S. NOTE S
o SM ALL U. S. NOTE S

The text of the currency bill prepared
by the republican members of the Senate
finance committee is follows:
"A bill to affirm The existing standard
of value, to maintain the parity in value
of all forms of money, to refund the pub
lie debt, and for other purposes.
The Standard.
"Be it enacted by the Senate and House
of Representatives of the United States of
America in Congress assembled, That the
COLLAR consisting of twenty-five and eight
tenths grains of gold nine-tenths fine shall,
as established by section 35l1 of the Re
vised Statutes of the United States con-
tinue to be the standard unit of value, and
all forms of money issued or coined by
the United States shall be maintained at q
parity of ValCe with this standard; and
United States notes and treasury notes is
sued under the act of July IA, 1890, when
presented to the treasury for redemption
shall be redeemed in gold coin OF such
Standard.
Reserve Fund.
That it shall he the duty of the Score
tary of the Treasury, in order to secure
the prompt and certain redemption of
United States notes ami treasury notes as
hcreinbefore provided, to set apart in the
treasury a reserve fund of $50, OOO 600 in
gold cCin, which fund shall be used for
such redemption purposes only. and when
ever and as often any of said notes
shall be redeemed from said fund il shall
De the duty Of the Secretary of the Treas
ury to use said notes redeemed to re-
store and maintain such reserve fund in
the manner following. TO wit: FIRST, by
exchanging the notes redeemed for any
gold coin in the general fund of the treas
ury; second, by accepting deposits of gold
com at the treasury or at any Subtreas,,rv
in exchange for the United States notes so
redormed; third, by procuring gold coin
by the use of said notes. in accordance
with the provisions of section BOO of the
Revised Statutes of the United States If
the Secretary Of the Treasury is unable to
restore and maintain the gold coin in the
reserve fund by the foregoing thods and
the amount of such gold coin in said fund
tneu II snail be his duty to restore and
maintain the same by borrowing money
on the credit Of the nited States, and for
the DEBT thus incurred to issue and sell
coupon or registered bonds Of the United
states In such form as he may prescribe
IN denominations OF 500 or any mIltipIo
tntfco1. bearing interest at the rate of not
tA'eSnlhS three per CCntum per annlIm
payable quarterly, such bonds to be pava-
PIE at The pleasure of the United states
dIler one year from the date of their iss,,ta
ana 10 be payable. principal ana interest
III s"ld com of the present standard value,
ana TO be exempt from the payment of
an tdNeS or duties Of the United States
~ wen as from taxation in any form Inv
''-~' 'ttilfI municipal or local hprity
me notes redeemed as herein provided
Silall only be used for the burmese of re-
storing Sild fluid to the maximum an,,unt
~ $Io,o"oo GOO ana the amount of gold coin
""' 4ioLSS IN such reserve fund shall ~
no ume exceed such maximum amount
Redemption of Treasur, >ot.s
THAT it shall be the duty of the coc.s-
tary of the Treasury. as fast as eta,fard
sI'Eer dollars are coined under the nro,.j-
SONS Of the acts Of July II. 1880 and June
10 IN'S, from bullion purchased under The
act OF July ii, 1850, to retire and cancel
an equal amount Of treasury notes when
ever received in;o the treasury II. her Nv
eNci.ii'-' III accordance with the provisions
OF ms act OF in the ordinary cours. Of
business, ana upon tho cancellation of treas-
nfF notes .er certificates shall be issued
against the silver dollars 50 coined.
Gold Certificates
MAJ the Secretary Of the Treasury is
hereby authorized and directed to receive
deposits Of gold coin with the treasurer or
any assistant treasurer of the United
states III SUNS Of not less than $50 and 10
issue s"Id certllica,es therefor in denomina-
tons Of not less than $40 and the coin 50
deposited shall he retained in the treasrrv
ana held for the payment of such cer1ifi-
cafes on demand and used for no other mr.
pose such certificates shall be receivable
LOT customs. taxes and all public dues and
when 80 received NAV be. rcissIIed and
Wheh heId by any national banking asso-
20 IN may DE counted as a part Of it's law
lu' reserve: Provided, That whenever and
50 I0hG as the gold coin held in the reserve
iuhd AZ the treasury for rcdeuptinn of
ChIted states noes and treasury notes
shaIl fan below $lo0,oo0.uno the authority 10
issue certificates as herein provided shan
he suspended; and provided furtbar tn
OF the amount of such outstanding rrrtifi
cafes one-f"urth a. least shall be in de-
nominations Of 500 or less: and provided
1uflnCr. InaT the Spprpi4rI Of
ufy may. iii his discretion issue such Ger
tlhcates IN denominations of $lU,GDO PAYABLE
To order And section Jn193 of the Revised
eatutes of the United States is hereby re-
pealed.
Denominations of Notes
That from and after the passaga u this
act no United States notes or treasury
notes shall be issued or reissued of denorlI-
nations less than $40, and all such out
standing notes of a lower denomination
snail, whenever received 1T the treasury
or redeemed, be canceled ana notes Of de-
nominations of SO upward shall be
substituted therefor. No silver certidcat4s
shall be hereafter issued of a higher de-
nomination than $40, and all such out
standing certificates of higher den0ni-
nation snail, whenever received at the
treasury or redeemed, be retired and cam
celed, and notes of denominations of SO
or less shall h" substituted therefor
Refunding.
That the Secretary Of the Treasury is
hereby authorized to receive at the treas
ury any of the outstanding bonds of the
United States bearing interest at ! Der
centum per annum, payable February l.
1904, and any of the bonds of the United
states bearing interest at 4 per centum per
al mum, payable July l, 1897. and any bonds
ot the n1tcd States bearing interest at :,
per centu!n per annum, payable August l.
IJoS, and TO issue in exchange therefor
coupon or r gistered bonds of the United
states in such form as he may prescribe in
denominations of $50, or any multiple there
OF. bearing interest at the rate of per
c'ntum per anaum, payable quarterly such
bonds to be payable at the pleasure of the
United States after thirty years from the
date of their issue, and said bonds to be
payable, principal and interest in gold coin
of the present standard value and to be
exempt from the payment Of all taxes or
duties of the United States as we'll as from
taxation in any form by or under state
municipal or local authority: Provided, That
meme of such outstanding bonds shall be re-
ceived in such exchange at a valuation
greater than their present worth to Weld
an income of "a per centum per annum
and said bonds shall be issued at not less
than par: And provided, further, that such
hon dc rta,, clo1