Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1899-12-06

NEW 'l'lll CIT 81 BILL.
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Washington, Nov. %. After spending
many months in Its preparation. the re-
publlcan caucus committee has made pub
lie the financial bill which twill ask con.
gress to pass Under It, II it'beconaes. 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 sobliga-
lions, public and private, for the payment
Of money shall be paid in gold '12 .'"--.'~'
A division Is to be established In the
treasury department for. the issue and re-
States money. The gold reserve hold by
| this division is to be maintained when nee
essary by the issue Of three per cent.
bonds. - - = = = 4. I.~lE
United States notes, treasury notes and
| silver certificates, when redeemed in gold,
are to be held In the division or issue end
! redemption and paid out again only In ex-
| change for gold.
The silver bullion purchased under the
Sherman act and slim held by the treasury
| Is to be available for the coinage of sub
sidiary silver COINS.
Worn and uncurrent subsidiary silver
| coins are to be5recoined from time to time,
itation Of So. 100000 placed on such coinage
is to be removed. "En '&,t<-
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 denominations of 81, 81 and S.
National banks are to be permitted to
issue their notes up to the par value of
the bonds deposited by them to secure
circulation. "
The tax on national bank notes is to be
repealed and the banks are to pay a tax
Of one-flfth of one per cent. on the aggre-
gate of their capital surplus and. undi-
vided profits. y
Authority is to be granted to organize
national banks with $25,Gc0 capital in towns
with population Of not more than $4,000
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. The main purpose
which they had in view was to take from
secretary of the treasury the power to
change the financial basis by a depart
ment ruling and to make such a change
possible only by the Concurrence of ma
jorities of both houses of congress and the
president.
The authors Of the bill are the follow
ing congressman: D. B. Henderson, of
Iowa; S. e. Payne, Of New York; John
Dal2ell, of Pennsylvania; Jesse Overstreet,
of Indiana; w. S. Kerr, Of Ohio; J. w.
Babcock, Of Wisconsin; Page Morris, of
Minnesota; William c. Lowering, Of Mas
sachusetts; Eugene r. Loud Of Califor-
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-
gross for the purpose of considering mon
etary legislation and making recommend
atoms. The bill embodies the unanimous
views Of the committee. Col. Henderson
was chairman and Jesse Overstreet secre-
tarY Of the committee.