Omaha daily bee., 1899-11-29

any silver bullion purchased under the act
of July II. 1890 shall be used In the coinage
OF subsidiary silver coin an amount oi
treasury notes issued under said act edu3l
to the cost Of the bullion contained IN such
coin shall be cancelled and not rcissued.
Sec 6. That the secretary OF the treasury
Is hereby authorized and directed TO cause
all worn and uucurrent subsidiary silver
coin of the United States now in the treas,
ury and hereafter received to be recolned
and to reimburse the treasurer Of the United
States for the difference between the nom
inal or face value Of such coin ana the
amount the same will produce IN new
coin from any moneys In the reasutsS M m
otherwise appropriated So much OF tne
Joint resolution approved July Y, 1876, relat-
ing to the issue of silver coin as limits tne
aggregate amount of subsidiary silver coin
and of fractional currency outstanding az
any time to S5O,0O00OO be, and the same Is
hereby, repealed.
treasury notes issued under the act of july
H. 1890 hereafter issued or rcissued shall
be of such denominations not less tIam t!l
one dollar, as the secretary of the treasury
may prescribe. Silver certificates shall
hereafter he issued or paid out only IN de-
nominations of 81, 81 and 50, against sllNVt
dollars deposited in the division OF issue
and redemption, or in exchange for silver
certificates of denominations exceeding 90
Provisions for Banking.
Sec. s. THAT section 5i59 of the Revised
Statutes of the United States be, and the
same is, amended so as to read as tolIoWs.
Sec. 515g. Every association a1IeT nav NIB
compiled with the provisions of this tlt,e,
preliminary to the commencement OF lhe
banking business and after 1T shall be au-
thorized to commence banking business 5 ul,
1ciivor ia the treasurer of the
United States as security for Its CIR
cuating notes any United States reglstfergl .f,oyl
bonds, bearing interest, to an amount Where
the capital Is Sl50,00O or less, not less than
one-fourth of the capital, and $4,000 where
the capital Is in excess of Sl5O,COO. Such
hon hn
on deposit and shall be by him safely kept
in his office until they shall be otherwise
disposed of in pursuance OF the osnv'Sloms ,' ,n,.
ing on deposit bonds in excess of that
amount are authorized to reduce their CIR
cuation by the deposit of lawful money as
provided by law; -.
Provided, That the amount of such circu-
lating notes issued to any national banking
association having on deposit United states states
bonds to secure circulation at the passage
of this act, or which may hereafter deposit
such bonds to secure circulation, shall not
exceed in any case the par Nalue Oh the
bonds deposited as herein provided.
The report on the bill has been prepared
by Representative Overstreet of lndlanap-
oils, who introduced the original bill Of the
monetary commission in 1898, and has been
distributed to each republican member Of
the house. Mr.. Overstreet frankly admits
that the committee did not consider the
general
to arrange a complete scheme of finance, but
confined its recommendations to those sub
iects of most pressing demand as evidenced
by the pledges of the republican party and
the general policy of the administration"
Fixing Standard of Greatest Import.
1t was felt, the report declares, that the
strengthening of the public credit by the re-
moval of all doubt concerning the policy and
practice of the government relative to the
unit of value, is of paramount Importance.
It Is, pointed out that there can be but
one standard at one time, but that the con-
yenience of commerce is promoted by the
Use of different mediums of exchange, con-
vertible into the standard The report con-
tinues:
"When the standard shall be permanently
established and all doubt of its stability re-
moved, the parity of all our money VIII be
fully recognized and the kind of money In
which payments shall be made will rarely. If
ever. be the subject of dispute. When GER
tainty shall take the place of doubt ana
the integrity of our credit be as fixed as the
honor of the nation, the national debt can
be readily refunded at lower interest rates
and future loans negotiated with ease, upon
better terms than ever before.
"The rapid development of American trade
and its vast expansion. bringing our people
into close relations with the leading nations
of the world, makes it imperative that the
standard of value in which settlements are
made shall be the best known to the highest
civilization and shall safely appeal to in
teligent and successful experience.
Recent events, shaped by causes beyond
our control, bearing obligations which ma
tional honor requires shall be courageously
discharged, open new fields for American
craftsmanship. Channels of trade yet un-
known to American enterprises, and ave-
nues of commerce yet to welcome American
products will surely result Such conditions
emphasize the necessity for standard ot
value which shall remain firm throughout
the vicissitudes of competitive trade. It's
permanency and stability should be above
suspicion. It's security should be absolute.
Some question of experience might be raised
if the proposition were new or we were as
suming a position at variance with other ma
tions But the gold standard is recognized
by. all leading nations and the statute
proposed merely reafrms the policy fol-
lowed by us for over sixty years, so rem
forced and plainly expressed that the ques-
tion will bo placed forever beyond dispute
lhe fact is pOlUleu OUT ludL lue
at the beginning of October had net gold
reserve of more than $3.50 100000 and that
there is more gold in the United States now
than ever before The advantages which
this situation presents are thus described
THE present conditions are most favor
able and the time most opportune for the
clear and unequvocal adoption of the gold
standard. Prior to the year 1896 the gold
standard had been legally adopted by the
following countries, viz: Austria, Hungary,
Brazil, British Honduras, Chile, Denmark,
Egypt, Finland, Germany, Great Britain,
Norway. Portugal Sweden and Turkey, and
since 1896 the gold standard has been
adopted by Costa Rica, Japan, Peru and
Prussia
The coinage of silver on private account
was suspended (prior to 1886 by the United
States, Belgium, France Holland, Italy.
Switzerland, Greece and Venezuela, thus eff
fectually, though not absolutely fixing their
status as gold standard countries.
"If under all these conditions the United
states shall clearly by law adopt the gold
standard. it will pass to the new condition
with even less friction than was expected by
the resumption of specie payment. The gov
ernment is fortunate in being able to act in
so important a matter under such favorable
circumstances. The general policy of the
! government and such declarations as have
been made by congress are entirely con-
| slstent with this proposition"