Omaha daily bee., 1899-11-29
TEXT OF THE FINANCIAL BILL
Republican Caucus Committee Makes Public
Result Of Its Labor.
GOLD DOLLAR THE STANDARD OF VALUE
Provides for Redemption of TrensurS
Notes and When Redeemed Shnl
Not lie neissucd Except in
Exchange for Gold.

WASHINGTON, Nov 2S.--The financial
bill prepared by ,he republican committee,
which met at Atlantic city last spring was
made public by the committee. lts text
follows:
A bill to define and fix the standard Of
value to maintain the parity of all forms
of money issued or coined by the Jhltel
States and for other purposes.
BE IT enacted by the senate and house OF
representatives Of the United states OF
America in congress assembled:
Section l. That the standard unit of value
shall as. now, be the dollar, ana @ @snali G%m- nni
sist of 25S grains OF gold, ninc-tentns hhe'
or %. % grains of pure gold, beng the one
tenth part of the eagle. ,,
Sec q That all intercst-bearing oDllsa-
tions 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 on
July A. 1890 shall be deemed and held 70
be payable In the gold coin of the Ihltea
States as defined In section | or TINS act
and all other obligations, pubic ana PR
Vafe. for the payment of money shall be
performed in conformity with the stanuard d
established in said section. Notnlns neretl
contained shall be construed or held TO AZ a..
feet the present legal tender quality oil the
silver dollar or of the subsidiary or minor
tinted States. or the laws making ma
tional banknotes acceptable and payapie
for certain public debts ana dues ana op-
Sec. B. That there be establls hed III an n,,e
Treasury department, as part OF the Once oinie
of treasurer of the United States, a uit ho
sion to be designated and known as ny ny
division of issue and redemption, TO WhlCn
shall he assigned under such regulations as
the secretary of the navy may apP,oiie tpn Issue u
redemption and exchange, as heieIldiilt
provided, of the several kinds OF Ini.ed I.e,i
States money There shall be tranSlerreI i
from the general fund in the treasury OF
the United States and taken up on ine
books of said division as reGeinpiio ,ii
fund the amount of gold com anu Dul!lot .
held against outstanding gold certlhcaIeS,
the amount of United States notes heiu
against outstanding currency certllCa,tS9..
the amount of silver dollars held against
outstanding silver certificates, the amounI
in silver dollars and silver bulllon i,1d neld
against outstanding treasury notes isSueu 5 e,,
under the act of July IA, 1890; ana an
amount of gold coin and bullion to constlc
tute reserve fund equal to 70 per cent ol M
the amount both of United states no'eS
and treasury notes issued under the act OF
July H. 1890 outstanding. The gold anu
silver coins and bullion transferred 1roin
the general fund in the treasury, as I,elh herela
provided, shall be increased or dllniiliSnSu ~,
as the case may be in accordance Win the
provisions of this act, and in no other way
To Maintain Gold Reserve.
Sec. A. That it shall be the duty of the
secretary of the treasury to MAINTAIN titc
of the division of issue and redemption az
herein provided and for this purpose ne
may from time to time transfer to Such
fund any moneys in the treasury not Olhel
wise appropriated or may exchange any Oh
the funds in the division of issue ana re-
demption of other funds Whlch may De
the general fund of the treasury, ana ia
addition thereto he is hereby authorized
to issue and sell whenever in his JudgmenI
It is necessary to the maintenance OF Salu
reserve fund.- bonds OF the Inlteu Stdtcn
bearing interest at a rate not exceeding .
per tcentum per annum, payable IN soIu
coin at the end of twenty years, pus re- re-
To- III ut
United States at the end of one year. But
no transfer shall at any time be maze
from the general fund of the treasury TO
the division of issue and redemption WnlCh
will reduce the general fund below $5O,OVO,-
OOO That all United States notes and treas
ury notes issued under the act OF July IA.
1890 presented for redemption shall be re-
deemed in gold coin at the VIII OF th9
holder, and all silver certificates presented
for redemption shall be redeemed In accord :
ance with existing law: The secretary OF
the treasury Is required to issue said re-
serve fund in maintaining at all times the
party and the value of every dollar issued
or coined blythe government and if at any
time the secretary of the treasury deems
it necessary In order to MAINTAIN the party
and equal value of all the money OF the
United States he may at his discretion eX-
change gold coin for any other money Is
sued or coined by the United States. The
notes and certificates so redeemed or eS-
changed shall be held to constitute a part
of said fund and shall not be Withdrawn
therefrom nor disbursed except in exchange
which said coin or certificates We're re-
deemed or exchanged except hereinbetore
In this section provided. Nothing in TINS
act shall be construed as repeating mat
provision of the act approved July IA, lS9U
which provides that mo greater or less
amount of such notes shall be outstandinE
any time than the cost of the silver bullion
and the standard silver dollar coined
therefrom then held in the treasury pur-
chased by such notes.
Sec. .. That every national banking as
scciation shall pay TO the treasurer of the
United States in addition to the taxes i'm
posed by an act approved July lS, 1895 en-
Titled IAN act to provide ways and means
to meet war expenditures and for other
purposes" each half a year In the months
of January ana July, on or before the SOth
day thereof, a tax of Onc-tenth per centum
on the value of its franchise, as measured
surplus and undivided profits, upon the last
day of the calendar month next proceeding.
Sections 5,2l4, 5,25, 5,2lG and 52l7 of the
Revised Statutes of the United States are
hereby repealed. But nothing in this sec
ton contained shall be so construed as in
any manner to release any national bank
ing association from any liability from
taxes or penalties incurred prior to the
passage of this act. In order to enable the
the provisions of this section each associa-
ton shall within ten days from the first
days of January and July OF each year
dent or cashier, to the treasurer of the
United States in such form as the treasurer
may prescribe of the amounts of its capt.
tai, surplus and undivided profits ON the
last day of the calendar month preceding.
Every association which fails TO make such
return shall be liable TO a penalty of $2l0,
to be collected either out of the interest
as II may became due to such association
on bonds deposited with the treasurer OF
at his option in the manner m which the
penalties are a. he collected of other
corporations under the laws of the United
States. Whenever any association fails to
make the return herein required the taxes
to be paid by such association shall be
assessed on such amount as the treasurer
may determine TO be the true amount OF
capital, surplus and undivided profits OF
such association. Whenever an association
fails to pay the taxes imposed by this sec.
tion the sums due may be collected in the
manner provided for the collection OF
United States taxes from other corpora,
tions, or the treasurer may reserve the
amount out of the interest as II may be,
come due on the bonds deposited by him
with such dcfaultiug association.
Sec. 10. That section s. l5S of the Revised
Statutes Is hereby amended so as to read
as follows:
ganized with a less capital than 100000
except that hanks with capital of moi
of the secretary of the treasury, be or,
ganized in any place, the population ol
which does not exceed 5000 inhabitants auC
except that banks with capital of not less
Than $4,000 may, with the sanction of the
secretary of the treasury, be organized IN
any place, the population of which does no
exceed 1000 Inhabitants, No association
shall be organized in city, the population
OF which exceeds $1,000 persons, with
capital of less than 100000.
See g. That the secretary of the treasury
% baraby ant bDriZpd n ttga n his disprat IN