Griggs courier. (Cooperstown, Griggs Co., Dak. [N.D.]) 1885-1902, 1899-12-07
Features Of the propo,ed Law 4,
Drawn by the Caucus Commit
tee of the House.
TRAINERS MAKE REPORT OF THEIR WORK
II IL Becomes Law, Gold IL to Ne the
standard Of Value and the Basis Of
the Entire Money system Of the
United states-subjcct Of Banking
IL Omitted.

lie the financial blu winch IL WlN ask con.
gress to pass. Under 1t. IL 1t becomes a law.
the basis of the entire money system of
the United States. United States bonds
are to be payable in gold, and all obliga-
lions, public and private, for the payment
Of money shall be paid in gold.
"A division is to be established In the
treasury department for the issue and re4
demption Of the several kinds Of United
States money. The gold reserve held by
this division is to be maintained when nee
essary by the issue Of three per cent.
bonds.
United States notes, treasury notes and
are to be held in the division of issue and
redemption and paid out again only in ex-
change for gold.
The silver bullion purchased under the
Sherman act and still held by the treasury
is to be available for the coinage Of SUBJ
sidiary silver coins.
Worn and uncurrent subsidiary silver
coins are to be recoined from time to time.
as 1t becomes necessary, and the legal linz
itation CT $50,000,000 placed on such coinage
Is to be removed.
The denominations Of future issues Of
United States notes or treasury notes are
to be determined by the secretary of the
treasury, but silver certificates shall be
issued only in denominations Of 81, 81 and
IS.
National banks are to be permitted to
issue their notes up to the par value Of
the bonds deposited by them to secure
circulation.
The tax on national bank notes is to be
repealed and the banks are to pay tax
Of one-f1fth Of one per cent. on the aggre-
gate Of their capital. surplus and undi-
vided profits.
Authority is to be granted to organize
national banks with $4,000 capital in towns
a n mn no
Main Purpose of Committee.
The members Of the committee consider
the definite enactment Of the gold standard
and the provision for the redemption Of
all other forms Of metallic and paper money
in gold on demand the most important fea-
lures Of their measure. The main purpose
which they had in view was to take from
a secretary of the treasury the power to
change the financial basis by a depart
possible only by the concurrence Of ma
jorities Of both houses Of congress and the
president.
subject of Banking Omitted.
In its report the committee says:
1.-THE committee did not consider the gen.
eral subject Of banking, nor did 1t seek
to arrange complete scheme of finance,
but confined its recommendations to those
subjects Of most pressing demand. as evil
u0uccu NY LILO pA0uScS u tuc republican
party and the general policy Of the repub-
lican administration.
Authors of the Measure.
The authors Of the bill are the follow
ing congressman: D. B. Henderson, Of
Iowa; s. e. Payne, Of New York; John
DalzeM, Of Pennsylvania; Jesse Overstreet.
Of Indiana; w. s. Kerr, of Ohio: j. w.
Babcock, Of Wisconsin,; Page Morris, Of
Minnesota; William c. Lowering. of Mas
sachusetts; Eugene F.. Loud, Of Califor-
MIA; Charles Curtis. Of Kansas. and R. B.
Hawley. of Texas.
The men who drafted the currency bill
compose caucus committee appointed I'M
der authority Of the last session of con-
gress for the purpose Of considering mon
etary legislation and making recommends
atoms. The bill embodies the unanimous
views of the committee It will be re-
ported to republican caucus next Satur-
day night. when plans will be laid for
pushing it through congress. Col Hcnder-
son was chairman and Jesse Overstreet
secretary Of the committee.