New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-12-05
SENATE CURRENCY BILL
TEXT OF THE FINANCE COMMITTEE
MEASURE.

MEASURE.
GOLD STANDARD AFFIRMED-TREAsURf
RESERVE OF aD.OOoco-PRovIsION FOR
REFUNDING BONDED DEBT.
Washington, Dec 4.-The text of the currency
bill prepared by the Republican members OF the
Senate Finance Committee is as follows
bill to affirm the existing standard OF value.
10 maintain the parity in value OF all forms
of money, to refund the public debt and for
other purposes.
THE STANDARD
Be it enacted by the Senate and House Of Rep
resentatives OF the United States OF Amer
lea, in Congress assembled.
That the dollar consisting OF twenty-five
and eight-tenths grains of gold nine-tenths
fine shall, as established by Section 30ll OF the
Revised Statutes of the United States, continue
TO be the standard unit OF value. and all forms
Of money issued or coined by the United
states shall be maintained at parity or Value
with this standard: and United States notes and
Treasury notes issued under the act or July
~. 1870 when presented 10 the Treasury lot
redemption, shall be redeemed In gold coin OF
such standard.
RESERVE FUND
That it shall be the duty of the Secretary of
the Treasury, in order to secure the prompt
and certain redemption OF United States notes
and Treasury notes as hereinbefore provided.
70 set apart in the Treasury a reserve fund or
SlJOoOoVDO In gold coin, which fund shall be
used for such redemption purposes only, and
whenever and as often as any of said notes
shall be redeemed from said fund it 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 folloYing to
wit: First, by exchanging the notes so re-
deemed for any gold coin in the general fund
Of the Treasury; second. by accepting deposits
OF gold coin at the Treasury or at any Sub
Treasury In exchange for the United states
notes so redeemed: third. by procuring gold
coin by the use Of said notes, in accordance
with the provisions of Section 300 OF the Re-
vised Statutes Of the United States.
II the Secretary OF the Treasury is unable to
restore and maintain the gold coin in the re-
serve fund by the foregoing methods. and the
amount Of such gold coin in said fund shall at
any time fall below S10oUDOOOO, then 1t shall
be his duty to restore and maintain the same
by borrowing money on the credit Of the United
States and for the debt thus incurred to issue
and sell coupon or registered bonds of the
United States in such form he may prescribe.
in denominations of 500 or any multiple thereof;
bearing interest at the rate Of not exceeding
per centum per annum payable quarterly, such
bonds to be payable at the pleasure OF the
United States after year from the date of
their issue. and 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 taxa
tion in any form by or under State, municipal
or local authority. The notes redeemed as here
in provided shall only be used for the purpose
OF restoring said fund to the maximum amount
Of S150,OOOO00 and the amount of gold coin
and notes in such reserve fund shall at no time
exceed such maximum amount
REDEMPTION OF TREASURY NOTES
That IT shall be the duty Of the Secretary OF
the Treasury as fast as standard silver dollars
are coined under the provisions OF the acts of
July IA 1880. and June 13, 1898 from bullion
purchased under the act Of July IA, 1870 TO
retire and cancel an equal amount OF Treasury
notes whenever received into the Treasury,
either by exchange in accordance with the pro-
visions Of this act or IN the ordinary course OF
business, and upon the cancellation Of Treasury
notes silver certificates shall be Issued against
the silver dollars so coined.
GOLD CERTIFICATES.
That the Secretary OF the Treasury is hereby
authorized and directed to receive deposits of
gold coin with the Treasurer or any Assistant
Treasurer Of the United States in sums Of not
less than SO and to issue gold certlncates
therefor in denominations Of not less than
$40 and the coin so deposited shall be retained
in the Treasury and held for the payment of
such certificates on demand, and used for no
other purpose. Such certificates shall be re-
ceivable for customs, taxes and all public dues
and when received may be reissued and.
when held by any National banking association
may be counted a part of its lawful reserve.
Provided that whenever and so long as the
gold coin held in the reserve fund in the Treas
ury for the redemption Of United States notes
and Treasury notes shall fall below S1OOWOOO
the authority to issue certificates as herein pro-
vided, shall be suspended; and provided, fur
ther. that OF the amount Of such outstanding
certificates one-fourth at least shall be in de-
nominations Of $50 or less: and. provided fur
ther, that the Secretary Of the Treasury may, in
his discretion. issue such certificates in denom-
nations Of $4,000 payable to order And Sec
tion 5,193 of the Revised Statutes Of the United
States is hereby repealed
DENOMINATIONS OF NOTES.
That from and after the passage Of this act
no United States notes or Treasury notes shall
be issued or ressued Of denominations 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 so or upward shall be sub
stituted therefor. No silver certificates shall be
hereafter issued Of higher denomination than
$40 and all such outstanding certificates Of
higher denomination shall, whenever received
at the Treasury or redeemed, be retired and
cancelled, and notes of denominations of $40
or less shall be substituted therefor.
REFUNDING
That the Secretary of the Treasury is hereby
authorized to receive at the Treasury any of
the outstanding bonds Of the United States
bearing interest at } per cent per annum. pay
able February !, 1904, and any Of the bonds OF
the United States bearing interest al per cent
per annum payable July |, 1907, and any bonds
of the United States bearing interest at per
cent per annum, payable August |, 1908. and to
issue in exchange therefor coupon or registered
bonds of the United states in such form as he
may prescribe. in denominations of $40 any
multiple thereof bearing interest at the rate OF
per cent per annum, payable quarterly, such
bonds TO be payable at the pleasure of tho
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 pres
ent standard value. and to be exempt from the
payment Of all taxes duties Of the United
states, well as from taxation I'm any form
by or under State. municipal or local authority:
Provided. That none Of such outstanding
bonds shall be received in such exchange at a
valuation greater than their present worth to
WELD an income Of pa per cent per annum, and
said bonds shall be issued at not less than par:
And Provided further. That such bonds when
issued shall be numbered 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-