Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-29
All Obligations 10 Be Paid in Accord
anCe Herewith.
PROTECTION OF THE RESERVE


WASHINGTON. November 2S.-Copies
of the bill and report prepared By the
Republican Caucus Committee, which met
at Atlantic city last spring, were mailed
this evening TO the Republican members
OF the House. The purpose Of the bill
is TO remove any doubt that may exist as
to the character of the standard. 1t
contains a number of distinct PROPOSE
lions, as follows:
/. The standard unit Of value shall be
the gold dollar.
2 United States bonds, United States
notes, and Treasury notes shall be paid
in gold. and all other public and private
obligations shall be paid in conformity
with the standard.
NEW TREASURY DIVISION.
3. The establishment Of a division or
issue and redemption i'm the Treasury. 10
separate the note issue from the fiscal
operations Of the department. and the
creation Of gold reserve equal to .
per cent. Of the outstanding United
states notes and Treasury notes.
f. The sale of per cent. gold bonds
to maintain the gold reserve.
8. Gold coin may be exchanged for
any other money when necessary TO
maintain the parity. and United States
notes and Treasury notes redeemed in
gold shall not be disbursed. except in ex-
change for gold.
SILVER.
6. Subsidiary silver may be coined from
any silver bullion purchased under the
act Of July H. 1890, and Treasury notes
equal TO the cost of the bullion contained
in such coin shall be cancelled.
T. All worn and uncurrent subsidiary
silver coin may be recoined.
s. Silver certificates shall be limited In
denominations to 81, 81. and So.
BANK LAW AMENDMENTS.
g. National banks may issue circulation
to- the par value Of the bonds deposited
by them.
10. The tax ON national bank circulation
is repealed. and a tax of one-fifth
of l per cent. per annum is placed upon
the franchise OF the banks as measured
by their capital, surplus and undivided
profits.
H. National banks may be organized
with a capital of S-5,..J i'm towns of 1000
inhabitants.
The report on the bin has been pre-
pared by Representative Overstreet. of
indianapolis. who introduced the original
bill Of the Monetary Commission i'm 1898.
no SCHEME or FINANCE.
Mr.. Diversified frankly admits that the
committee "did not consider the general
subject Of banking. nor did it seek 10 ar
range a complete scheme of finance. but
confined its recommendations To those
subjects Of most pressing demand. as evl-
dcnccd by the pledges Of the Republican
party snd the general policy of the adj
minlstrati0n.'
Ii was felt. the report declares. that
"the strengthening of the public credit
by the removal II an doubt concerning
the policy and practice of the government
relative O. the unit of value is of para
noun, Importance
CERTAINTY INSTEAD or DOUBT"
The report continues: when the stand
ara shall be permanently established. and
AN doubt of its stability removed the
parity of all our money viii be fully re-
c0gnized. and the kind OF money I'm which
payments shall be- made will rarely. If
ever be the subject of dispute. When
certainty shall take the place Of doubt
and the integrity of our credit be as fixed
as the honor of the nation, the
national debt can Doe readily re-
funded at lower interest rates and future
loans negotiated with ease. upon better
terms than ever before.
DEMANDS OF EXPANSION"
"The rapid development Of American
trade makes it imperative that the stand
ard of value I'm which settlements are
made shall be the best known 10 the
highest civilization Recent events,
shaped by causes beyond our control.
bearing obligations which our rational
honor requires shall be cOurdgeOusly dis
charged. open new fields for Amer can
statcsmanship. Channels of trade yet UNI
known 10 American enterprises and ave-
nues Of commerce yet TO welcome Amer
lean products Will surely result. such
conditions emphasize the necessity for
q standard OBJ value uhi % shall remain
firm throughout the vicissitudes of COM
pettiVe trade"
TIME AUsPICIOUS.
The fact So roI.tt.. o1t ,nat the Trea-
surV. at the beginning Of October. had
net gold reserve Of more than 500 O00 900:
that there is more gold in the Unibed
States now than ever before, and that
the present conditions are most favorable
and the time most oppOrtune. for the
clear and unequivoca adoption of the
gold standard. IT, under all existing con-
ditiOns. the United States shall clearly.
by law. adopt the gold standard. it Will
pass TO the new conditions with even less
friction than was experienced by the re-
sumption Of specie payments.
The mechanism OF the new division of
issue and redemption Is explained. and II
f. declared that the different funds re-
ferred to such a division. as they stood
on September last. are as follows
FUNDS ON HAND.
/. Gold coin and bullion, represented by
outstanding gold certificates, H;5,5Olll9.
.. United States notes. represented by
outstanding currency certificates, $780,
0O).
). Silver dollars, represented by out
standing silver certificates. s4O5. s7 50i.
4. Silver bullion, represented by out
standing Treasury notes. Sll65,2sO.
3. Gold coin and bullion. equal TO one
fourth Of the United States notes Gai6.
CSl. Ol6) and Treasury notes (s9l, lc7 $50 out
standing $i0t 1904.
The first four items enumerate the spe-
ciaI deposits dedicated 10 specific pay
ments AS these obligations are met. the
deposits are correspondingly reduced.
PROTECTION OF RESERVE.
The scope and purposes ?f Pe Prov
sions for maintaining tina standard hv ina