El Paso daily herald. (El Paso, Tex.) 1881-1901, 1899-12-11
THE CAUCUS
CURRENCY BILL
To Be Debated In the House
This Week and Voted Upon
Next Monday.

4 To Be Debated In the House ,
q This Week and Voted Upon y
II Next Monday. s
A bill to define and fl the standard
of value, to maintain the parity of al
forms OF money issued or coined by the
United States, aud for other purposes
Section l. Be it enacted by the sen
ate and house of representatives of the
United 8 ates of America, in congress-
value shall, as now, be the dollar, and
shan consist of twenty-five aud eight
tenths grains of geld, nine-tenths
fine, or twsnty-thrse and twenty two
one hundredths grains of pure gold,
beiEg the one tenth part of the eagle.
Sec. 2. That ell Interest bearing
obligations 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 four
| teenth, eighteen hundred ana ninety,
shall be deemed and held to be payable
in the gold coin OF the United States
| IS defined in section one of this act;
and all other obligations, public and
private, for the payment of morey
shall be performed in conformity with
the standard established In said sec
tion. Nothing herein contained shall
be construed or held so affect the pre-
sent legal tender quality of she silver
dollar, or OF the subsidiary or minor
coips, 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.
Seo.3. Tha. there be established in
the treasury department., as part Of
the officer of the streasurer Of the
United States, q division to be designat-
ed and known as the division of issue
and redemption, TO which shall be as
signed under such regulations as the
secretary of the trea Jury many ap-
prove, all records and accounts relat-
ing to the issue, redemption and ex-
change, as hsrein after provided, of the
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 q redemDtion
fund, the amount of gold coin and bull
lion held against outstanding gold Ger
ti6cates, tie amount of United States
notes held against outstanding cur
rency certificates, tho amount of sill
YER dollars held against outstanding
|
dollars and silver bullion held against
outstanding treasury notes issued un-
der she Act OF July fourteenth, eiRh-
teen hundred aud ninety; and an
amount of gold coin and bullion to con-
stitute reserve fund equal to twenty
five per cent. of the amount, both OF
United States notes and treasury notes
issued under the Act of July fourteeth,
eighteen hundred and ninety, outsta adj
i~ Thn a,l
bullion transferred from the general
fund In the treasury, as herein provid-
ed, shall be increased or diminished.
as the case may be, in accordance with
the provisions of this act, and in no
other way.
Sec. 4. That it shall be tho duty of
the secretary, of the treasury to main
the books OF the division of issue and
redemption, as herein provided, and
for this purpose he may, from time to
time. transfer to such fund any moneys
in the treasury not otherwise appro-
priated, or may excha nge/ any of the
funds In the division of issue and re
dempsion for other funds which may
be in the general fund of the treasury,
and in addition thereto he is HEREBY
authorized to issue and sell, whenever,
in his judgment, it is necessary to the
bonds of the United States, bearing in
terest at a rate not exceeding three
ger centum per snnum, 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 aod redemption which will reduce
he finn ho1
of dollars. That all United States
notes and treasury notes issued under
the act of July fourteenth, eighteen
hundred and min ETY., presented for re-
demption, shall be redee med in gold
coin at the will OF the holder, and all
silver certificates presented for re-
demption shall be redeemed in accor-
dance with existing law. The secreta-
ry OF the treasury Is authorized and
main tanning at all times the parity and
equal value of every dollar issued or
coined by the government; and II at
any time the secretary of the treasury
deems 1t necessary in order to main
tain the parity and equal value of all
the money OF the United States, b. may,
at his discretion, exchange gold coin
for any other money issued or coined
by the United States. The notes and
shall be held in and constitute a part of
said fund, and shall not be withdrawn
nor disbursed, except in ex-
change for an equivalent amount of the
coin In which said notes or certificates
we're redeemed or exchanged, except
as herein before in this section provtd-
ed. Nothing in this act shall be con-
strued as repeating that provision of
the act approved July fourteenth,
eighteen hundred and ninety, which
provides that mo greater or less
amount of such notes shall be OUT