Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1899-12-05
CURRENCY REFORM BILL,
Features Of Law Drawn by the
House Committee.
FOR GOLD STANDARD.
Caucus NJ easurc Already Approved
by the President and Sec
reCary Gage.

is the principal feature of the currency
bill which Republicans propose to have
passed at the coming SESSION OF Congress. !
The details of the bill were completed yes
terday and a printed copy OF it was sent !
to every Republican member OF both /
houses. The authors OF the bill are the |
following COD21eSSmen:
d. L. Henderson Of Iowa, S. L. Payne Of !
New York, John Dalzell of Pennsylvania, |
Jesse ON erstreer Of Indiana, W. 5. Kerr OF |
Ohio, J. W; Babcock OF Wisconsin, Pas-
Morris of Minnesota, William &. Lover. AK |
OF Massachusetts Eugene +. Loud Of Cali |
fornia, Charles Gurus f Kansas and K. Is. !
daWIey OF IeXaS.
The men who drafted the currency bill |
compose Il caucus committee appointed
under authority of the last session Of
Congress Tor the purpose Of considering
monetary legislation and making recon-
mcndatons. The bill cmbodles the
unanimous views of the committee. 1t
Will be reported to Il Republican caucus
next Saturday night, when plans viii be
laid for pushing il through Congress. Col. /
Henderson was chairman and Jesse OY-
crstreet secretary OF the committee.
suLj CT Of Banking onitt-d.
In its report the committee says:
The committee did not consider the gen
eral subject OF banking, nor did 1t seek TO
arrange complete scneme Of finance, but
confined its recommendations to those sub
jccts OF most pressing demand, as evidenced
by the pledges of the Republican party and
the general policy or the Republican admin i
iStratiCn.
The hrst ana most important feature of
the proposed bill, as contained in the first
-four sections. is the establishment of the !
gold standard in law. The element of val
lie Is just as essential to standard OF value /
as the element Of weight to standard of
weight, of length to a standard of
measurement; frmness, stability and con-
stancy are characteristics which any stand
ard must possess # it shall meet the demand
81 fnl nj
true measurements, whether OF value, |
weight length. There be but one
standard of 4 given measurement at one
time. An attempt TO couple two Standards
differing III any degree IN essential char
acIcristlcS will SHIFT the standard to the
weaker link. All efforts TO effect, by law,
a double standard of value have been futile
and The laws OF trade and commerce, III
different to statute law, have universally
and consistently recognized as the standard
that metal the intrinsic value OF which has
been most stable and most free from f1uc-
tuarions. bimetallic currency is feasible
and practicable. The metals vii: circulate
with ease. but the measure or ral-e must
be Il single standard.
Summary of the Bill.
The argument then goes On to say that
there is now more gold III the Omitted
States than ever before and that the pres
ent is u most favorable time to adopt
the gold standard. The currency bill pro-
posed is then summarized as fellows:
The bill is drawn in ten l10 sections.
Sections /, >, - and 4 provide Tor the es
taDnsnment and maintenance OF the gold
sections ) and provide for the coinage
OF subsidiary coin and worn and uncurrent
coins, and the repeal OF the statute limit
ing the issue Of subsidiary coin and frac-
ti0nal currency TO $JU,UUO,U00
Section provides for the issue of United
States notes and treasury notes in such
denominations not less than 81, as the |
secretary of the treasury may prescribe, !
nll n fDr he
in denominations only Of 81, 81 and SO.
Section provides Tor the issue OF natic1al
bank note circulation to the par value 81
the bonds deposited tor their security.
Section provides for the repeal of the
tax upon national bank note circulation ana
the substitution OF tax of one-htth OF
per cent. upon the franchises OF national
banks, measured by their capital, surplus
and undivided profits.
Section 10 authorizes the organization OF
rational banks with a capital STOCK CT So
000 III towns having population OF 2OoO
Inhabitants or less.
How Gold Standard Shall be Z xed.
The sections relating to the gold stand
ard read as follows:
bill to define and fix the standard of
value, to maintain the parity of all FERNS
OF money issued coined 0y the United
States, and for other purposes.
Section l. Be 1t enacted by the Senate
and House of Representatives of the United
States of America, in Congress Assembled:
That the standard unit or value shall, as
now, be the dollar, and shall consist of 2o.S
grains OF god nine-Jenths tine, 23.22
grains OF pure GoIu, being the one-tenth
part of the eagle.
Sec >. That all interest-bearng oblga-
lions OF the United States for the payment
OF money, now existing hereafter be
entered into, and all Omitted States notes
and treasury notes issued under the law
OF July II, 1890, shall be deemed and held
to be payable in the gold coin OF The United
States defined in section 1 of this act
and all other Obligations, public and pri |
NIL shall
performed i'll conformity with the standard !
established i'll said section. Nothing here |
IL contained shall be construed or neld TO |
affect the present legal-tender quality OF the |
silver dollar, of the subsidiary or minor |
coins, or OF the paper currency OF the |
United States, the laws making national |
bank notes receivable and payable Tor GER |
tam public debts and dues and obligations |
between national banks.
Plan for a Redemption Fund.
Sec. 3. That there be established in the
treasury department, part of the Office |
OF The treasurer OF the United States, a di- |
vision to be designated and known as the |
division OF issue and redemption, to which |
shall be assigned, under such regulations |
as the secretary Of the treasury may APP |
prove, all records and accounts relating 10 /
the issue, redemption and exchange as |
of United states money. There shall be !
transferred from the general fund in the |
treasury Of the United States, and taken /
up on the books OF said division as Il re- |
demption fund.- the amount Of gold coin |
ana bullion held against outstanding gold
certificates the amount of United States |
notes held against outstanding currency
certificates, the amount in silver dollars |
held against outstanding silver certificates |
the amount in silver dollars and silver bull |
lion held against outstanding treasury notes |
issued unQer the act of july II, 1890, and |
an amount of gold coin and bullion to con-
sCitute Il reserve fund equal to % per cent |
of the amount, both of United States notes |
and treasury notes issued under the act of |
JulN Il, 1890, outstanding. The gold and |
silver. coins and bullion transferred from
the general fund in the treasury, herein |
provided, shall be increased or diminished. |
as the case may be- III accordance with the |
PROVISIONS of this act, and i'll no other way. |
A4ati tenance of Gold Keservc.
Sec. f. That it shall be the duty of the |
secretary OF the treasury to maintain the |
gold-reserye fund taken up on the books of /
the division OF issue and redemption, as
herein provided, aud for this purpose he /
may, from time to time, transfer to such |
fund any moneys in the treasury not other
wise appropriated, or may exchange any of |
he funds in the division of issue and re- |
lempJiOn for other funds which NAV he |
N the general fund Of the treasury and i'm /
addition thereto he is hereby authorized |
Ill