The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-05


cites Denomination of Notes to BE
Issued-Defines Method of Re-
funding and Makes New PrOvis-
Ion to Govern Bank Circulation.
WASHINGTON. Dec. 4.-The text of the
currency bill prepared by the Republican
members Of the senate finance committee
is as follows:
A bill to affirm the existing standard
of values; 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 dollar consisting of twenty-five
tenths fine. shall, as established by sec:
3511 of the Revised Statutes of the United
States. continue to be the standard unit
of valve aped and h al all forms red Of
maintained at 8 parity value with this
standard; and United States notes and
treasury notes issued under the act of
July A. 1881. when presented to the treas
ury for redemption, shall be redeemed In
gold coin of such standard.
RESERVE FUND.
That 1t shall be the duty of the secre-
tary of the treasury, in order to secure
the prompt and certain redemption of
United States notes and treasury notes,
as hereinbefore provided. to set apart in
the treasury a reserve fund of $3.50. 600 900
In gold coin. which fund shall be used
ever and as often as any of said notes
shall be redeemed from said fund. 1t
shall be the duty of the secretary of the
treasury to use said notes so redeemed
to restore and maintain such reserve fund
in the manner following, to-wit: First,
by exchanging the said notes so redeemed
for any gold coin in the fund of the
treasury; second, by deposit of gold coin
exchange for said notes so redeemed;
third. by procuring gold coin by the use
Of said notes, In accordance with the pro
visions of sec, 300 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
amount of such gold coin in said fund
shall at any time fall below $780, 900, 900,
then 1T shall be his duty to restore and
MAINTAIN m, 1ha the same by borrowing money
for the debt thus incurred to issue and
sell coupon and registered bonds of the
United States In such form as he may
prescribe. in denominations of $50 or any
multiple thereof, bearing interest at the
rate of not exceeding 3 per centum per
annum, payable quarterly. such bonds to
be payable at the pleasure of the United
States. after one year from the date of
their issue, and 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 dues of the
united states. as well as from taxation
In any form by or under state, municipal
or local authority. The notes redeemed
herein provided shall only be used for the
purpose of restoring said fund to the
maximum amount of $3.50 600 600. and the
amount of gold coin and notes in such
reserve fund shall at no time exceed s11cb
maximum amount
REDEMPTION TPEA CTTDv N1OyUr,e,
That it shall be the duty of the secre-
Yer dollars are coined under provisions
OF Gdoo the acts of July IA. 1890, and June 13,
B@ from bullion purchased under the
act of July IA, $780, to retire and cancel
an equal amount Of treasury notes
whenever received into the treasury.
either by exchange, in accordance with the
course of business or upon the cancelIa-
ton of treasury notes silver Certificates
shall be issued against the silver dollars
so coined.
GOLD CERTIFICATES.
be Tnat tho he secretary of the treasury is
ceive deposits of gold coin with the treas
urer or any assistant treasurer of the
IN United States in sums of not less than
?2V ana to issue gold certificates therefor
IN uenomlnatlons of not less than 500 and
the coin so deposited shall be retained
IN the treasury and held for the payment
OF OF such certificates on demand. and used
Ior no other purpose: Such certificates
shall be receivable for customs, taxes
and all public duties, and when so re-
celved may be reissued, and when held
py any national banking association may
De counted as part of it's lawful re-
serve; provided that whenever and so
long as the gold coin held in the reserve
OF treasury notes shall fall below $106, O00,-
0O0 the authority to issue certificates as
herein herein provided shall be suspended; and
such outstanding certificates one-fourth
at least shall be in denominations of $50
or less; and provided further, that the
discretion, issue further checks in de-
nominations Of $4,000 payable to order.
Section 5199 Of the Revised Statutes Of
DENOMINATIONS OF NOTES.
That from and after the passage Of
this act, no United States notes and
sued of denominations of less than $40
and all such outstanding notes of a lower
denomination shall. whenever received at
the treasury or redeemed, be Cancelled
and notes OF denominations of $40 or up-
wards shall be substituted therefor No
silver certificates shall be hereafter is
sued OF higher denomination than SO
ana all such outstanding certificates of a
higher denomination shall, whenever re-
celved at the treasury, or redeemed, be
retired and Cancelled, and notes of de-
nominations Of $40 or less shall he sub
stituted therefor.
REFUNDING.
That the secretary of the treasury is
hereby authorized to receive at the treas
TRY any Of the outstanding bonds of the
United States bearing interest at per
centum per annum, payable Feb. l. 1904
and any of the bonds of the United States
bearing interest at per centum per an
mum, payable July l, 1907 and any bonds
OF the United States bearing interest at
per centum per annum, PAYABLE April
l, 1903, and to issue in exchange therefor
coupon or registered bonds Of the United
States in such form as he may prescribe
In denominations of $50 or any multiple
per centum per annum, payable quar-
terly, 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 dues of the
United States, as we'll as from taxation
or local authority: Provided, that none
of such outstanding bonds shall be re-
ce1ved 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 bonds when issued shall be num-
bered consecutively in the order of their
issue, and when payment is made the last
numbers issued shall be first paid and
this order shall be followed until all the
bonds are paid, and whenever any of the
outstanding bonds are called for payment
interest thereon shall cease three months
after such call: And provided further,
that the secretary of the treasury may,
in his discretion, pay out of any money
in the treasury not otherwise appro-
priated the difference between the pres
ent worth, computed as aforesaid of the
outstanding bonds surrendered in ac-