The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-29

spring, was today made pubic by the COM
mittee. Its text follows:
"a bill to define and fix the standard of
value, to maintain the parity of all forms
of money issued or coined by the United
States and for other purposes.
BE it enacted by the senate and house
of representatives of the United States of
America, in congress assembled, That the
standard unit of value shall, as now, DE
the dollar and shall consist of 20 $40 grains
of gold, nine-tenths fine, or % 22-1O0 grains
of pure gold, being the one-tenth part of
the eagle.
Section q That all interest bearing obli-
cations of the United States for the pay
ment of money, now existing or hereafter
to be entered into, and all United States
notes and treasury certificates issued I'M
der the law of July IA, 1890, shall be deemed
and held to be payable in the gold coin of
the United States as defined in section l of
this act and all other ebliga tions, puolic
and private, for the payment of money
shall be performed in conformity with the
standard established in said section. Moth
ing herein contained shall DE construed or
held to affect the present legal tender quail
ity of the silver dollar or the subsidiary or
minor coins, or of, the paper currency of
the United States, or the laws making ma
Tional bank notes receivable and payable
for certain public debts and dues and obli-
CATIONS between national banks.
~ s.on ui iseuo and redemption
Section g. That there be established in
the treasury department, as part of the Of
flee of the treasurer of the United States,
a division to be known and designated as
the division of issue and redemption, to
which shall be assigned, under such regu-
lations as the secretary of the treasury
may approve, all records and accounts re-
latlng TO the issue, redemption and ex-
change, as hereinafter provided, OF the sew
eral kinds of United States money.
There shall be transferred from the gem
eral fund in the treasury of the United
States, and taken up on the books of said
division as redemption fund, the amount
of gold coin and pullion neld against out
standing gold certificates, the amount Of
United States notes held against outstand-
ing currency certificates, tine amount OF sill
yer dollars held against outstanding silver
certificates, the amount in silver dollars
and silver bullion held against outstanding
treasury notes issued under the act of July
IA, 1890, and an amount of gold coin and
bullion to constitute reserve fund equal
to % per cent of bhe amount both of United
States notes and treasury notes issued I'M
der the act of July IA, 1890, outstanding.
The gold and silver coins and bullion trans
ferred from the general fund in the treas
ury, as herein provided, shall be increased
or diminished, as the case may be, in ac-
cordance with the provisions of this act,
and in no other way.
The Gold Reserve
ssCaotio, T,l,ot II shall 1a he duty Of
the secretary of the treasury to maintain
the gold reserve fund taken up on the books
of the division of issue and redemption as
herein provided, and for this purpose he
may from time to time transfer to such
fund any monies in the treasury not other
wise appropriated or may exchange any of
the funds in the division of issue and re-
demption for other funds which may be in
the general fund of the treasury, and in
addition thereto he is hereby authorized to
issue and sell whenever in his Judgment
1t is necessary to the maintenance of said
reserve fund, bonds of the United States
bearing interest at a rate not exceeding 3
per centum per anuum, payable In gold
coin at the end of twenty years, but re-
deemable in gold coin at the option of the
United States after one year. But no trans
fer shall at any time be made from the
general fund of the treasury to the division
of issue and redemption which will reduce
the general fund below fifty millions or
dollars. That all United States notes and
treasury notes issued under the act Of July
a. 1890 presented for redemption shall be
redeemed in gold coin at the will of the
holder and all silver certificates presented
for redemption shall be redeemd in accord
ance with existing law.
To Maintain Parity
1.-THE secretary of the treasury is author
tied and required to use said reserve fund
in maintaining at all times the parity ana
equal value of every dollar issued, or coined
by the government; and If at any time the
secretary of the treasury deems 1t necessary
I'm order to maintain the parity and equal
value of all the money of the United States,
he may, at his discretion. exchange gold
coin for any other money issued or coined
nv the United States. The notes and claims
so redeemed or exchanged shall be held in
and constitute part of said fund and snail
not be withdrawn therefrom nor disbursed
except in exchange for an equivalent
amount of the coin in said notes or certifi-
Gates where redeemed, or exchanged, except
as hereinbefore in this section provided
.Nothing In this act shall be construed
as repeating that provision of the act ap-
proved July IA, 1890. which provides that no
greater or less amount of such notes shall
be outstanding at any time than the cost
of the silver bullion, and the standard sill
yer dollars coined therefrom, then held in
the treasury purchased by such notes.
silver Coinage
"Section s. That the secretary of the
treasury is hereby authorized to use at his
discretion any silver bullion in the treasury
of the United States purchased under the
act of July H. $780, for coinage into such
denominat lions of subsidiary silver coin as
may be necessary to meet the public re-
uuirements for such coins and any gain or
seigniorage arising from this coinage shall
be accounted for and paid into the treas
ury Whenever any silver bullion purchased
under the act of July IA 1890, shall be used
in the coinage or subsidiary silver coin an
amount of treasury notes issued under said
act equal to the cost of the bullion con-
tained In such coin shall be cancelled and
not reissued
"Sechon 6. That the secretary of the
treasury is hereby authorized and directed
to cause all worn and uncurrent subsidiary