The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-05
SENATE CURRENCY BILL
The Measure Proposed by the
Finance Committee.
A GOLD STANDARD BASIS
United States and Treasury Notes to Be
Redeemed in the Yellow Metal,
The Gold Rsserve-National
Banks and Silver

currency bill prepared by the republic
can members of the senate finance COM
mittee Is as follows:
A bill to affirm the existing standard
Of value, to maintain the parity in
value OF all forms of money, to refund
the public debt, and for other pur-
poses:
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 25 and eight
tenths grains Of gold, nine-tenths fine,
shall, as established by section 3511 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 a parity Of value
with this standard and United States
notes and treasury notes issued under
the act OF July IA, 1890, when presented
to the treasury for redemption, shall
be redeemed in gold coin of such stand
ard.
Redemption of Treasury Notes.
rotary of the treasury, in order to Sc
cure the prompt and certain redenp-
ton of United States notes and treas
ury notes as hereinbefore provided, TO
set apart in the treasury reserve fund
Of $3.50, 900, 900 in gold coin, which fund
shall be used for such redemption pur-
poses 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 ana
!! maintain such reserve fund in the man
ner following to-wit:
First by exchanging the notes so re-
deemed for any gold coin In the general
fund of the treasury; second, by ac-
cepting deposits of gold coin at he
treasury or at any sub-treasury In ex-
change 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 revised statutes of the United
( States. If the secretary of the treas
ury Is unable to restore and maintain
/ the gold reserve fund by the foregoing
! methods and the amount of such COLO
coin in said fund shall fall below $780,
600, 00O then 1t shall be his duty to re-
store aud maintain the same by Dor
rowing money on the credit OF the
United States, and for the debt thus IN
CURED to issue and sell coupon or res
49,
such form as he may prescribe In de-
nominations of $50 or any multiple
thereof, bearing interest at the rate Or
not exceeding per centum per annum,
: payable quarterly, such bonds to be
payable at the pleasure of the United
/ states after one year from the Gate OF
their issue and to be payable for the
principal and interest in gold coin Of
the present standard value and to be
exempt from the payment OF all taxes
and duties OF the United States as well
/ as from taxation in any form or by un-
I der state, municipal or local authority.
/ The notes redeemed as herein provided
! shall only be used for the purpose of re-
! storing said fund to the maximum
/ amount of $3.50, 900, and the amount
| Of gold coin and notes in such reserve
! fund shall at no time exceed such maxi
mum amount.
4 That it shall be the duty Of the secre-
I tary Of the treasury as fast as sterling
! silver dollars are coined under the pro-
visions of the acts of July IA, 1890, and
June 30, 1898, from bullion purchased
under the act of July IA. 1890, to retire
and cancel an equal amount of treasury
notes whenever received into the treas
ury either by exchange in accordance
with the provisions 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 re
celve deposits of gold coin with the
treasurer of the United States in sums
of not less than $780, and to issue golo
certificates therefor in denomination OF
not less than $40 and the coin so de-
posted shall be retained in the treasury
and held for the payment of such GER
tificates on demand and used for Nc
other purpose. Such certificates shall
be receivable for customs, taxes ant
all public duties and when so received
may be reissued, and when held by any
national banking association may b'
counted as a part of its lawful re
serve.
Provided, that whenever the gold coli
held in the reserve fund in the treasur.
for the redemption of United State!
notes and treasury notes, shall fall be
low 500 100000 the authority to issu
certificates herein provided shall be sus
pended.
And further provided, that of tn
amount of such outstanding certificates
one fourth at least shall be in denomi
nation of $50 or less
And provided further that the secre
tary of the treasury may, in his dis
erection, issue such certificates in de
| nominations OF Slu,QuU payable 10 oiuei
And section 5l93 of the revised statute
Of the United States is hereby re
pealed.
Denominations of Notes.
That from and after the passage O
this act no United States notes o
treasury notes shall be issued or re
issued Of denomina tons less than 81
and all such outstanding notes Of
lower denomination shall, whenever re
ceived at the treasury or redeemed, b
Cancelled and notes of denomination
of SO or upwards shall be hereafte
substituted therefor. No silver certif
cate shall be hereafter issued of
higher denomination than SIC, and
such outstanding certificates of high
er denomination shall. whenever re
ceived at the treasury or redeemed, b
Cancelled and notes of denomination
of SO or less shall be substitute
therefor.
Reminding,
That the secretary of the treasury
hereby authorized to receive at til