The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1899-12-06
CURRENCY REFORM BILL.
Features Of Law Drawn by the
House Committee.
FOR GOLD STANDARD.
SaECns Measure Already Approved
by the President and Sec
rotary Gage.

Washington, D. c., Nov 29.-Estab-
hshment in law of the gold standard for
the money system of the United States
is the principal feature of the currency
Dill which Republicans propose to have
| passed at the coming session of Congress.
IheAdetails of the bill were completed yes
terday and printed copy Of it was sent
TO every Republican member of both
houses. The authors Of the bill are the
followlng congressman:
| u. B. Henderson of Iowa, S. E. Payne Of
| New York, John DalZell of Pennsylvania,
Jesse Overstreet of Indiana, w: 5. Kerr OF
OhIo, J. w. Babcock of Wisconsin, PaSe'
Morrs of Minnesota, William {. LOyeriAE
OF Massachusetts, Eugene +. Loud or Call
| fornia, Charles Curtis Ct Kansas and Il. b.
! l1aWley Of L eXaS.
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-
mendations. The bill embodles the
unanimous views of the committee. 1t
| will be reported to a Republican caucus
next Saturday night, when plans will be
laid for pushing it through Congress. Col.
| Henderson was chairman and Jesse Nv
crstreet secretary Of the committee.
subj ct of Banking Omitted.
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 it's recommendations to those SUD-
| Jccts OF most pressing demand, rs evidenced
| by the pledges of the Republican party and
| the general policy OF the Republican admin
| iStraIOn
The hrst and most important feature Of
| the proposed bill, contained in the first
| four sections, is the establishment OF the
/ gold standard in law. The element Of val
ue is just ESSENTIAL to standard of value
| as the element of weight to a standard OF
| measurement; tirmness, stability and CON
| stancy are characteristics which any stand
ard must possess if it shall meet the demand
| upon it ny Universal use for honest and
| true measurements, whether of value,
| weight or length There can be but one
| standard of L given measurement at one
| time. An attempt TO couple two standards,
| differing in any degree IN essential char
| acreristlcs, will SHIFT the standard to the
| weaker link. All efforts to effect, by law,
| double standard of value have been futile,
| and the laws of trade and commerce, in
| 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 fuc-
| tuations. A bimetallic currency Is feasible
and practicable. The metals vii. circulate
with ease, but the measure Of value must
/ be single standard.
Summary of the Bill.
The argument then goes On to say that
| there is now more gold IN the United
/ States than ever before and that the pres
| ent is a most favorable time to adopt
the gold standard. The currency bill pro-
posed is then summarized as follows:
The bill is drawn in ten Q0) sections.
/ Sections /, =, and provide Tor the es-
! adjustment and maintenance of the gold
| standard.
Sections and 6 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-
| tional currency to $50,O0O,O00
/ Section Z provides Tor the issue of United
/ States notes and treasury notes in such
| secretary of the treasury may prescribe
/ and also for the issue of silver certificates
in denominations only of 81, 81 and SO.
Section provides Tor the issue Of national
| bank note circulation to the par value TT
| the bonds deposited for their security.
| Section 8 provides for the repeal of the
| tax upon national bank note circulation and
| the substitution of tax of one-hfth of 1
| per cent. upon the franchises of national
| banks, as measured by their capital, surplus
| and undivided profits.
| Section 10 authorizes the organization OF
| national banks with Il capital Stock OF So
| 600, Ill towns having population o. 2OoO
| Inhabitants or less.
How Gold Standard Shall be Fixed.
The sections relating to the gold stand
! ard read as follows:
| A bill to define and fix the standard of
value, to maintain the parity OF all forms
| or money issued or coined by the United
| States, and for other purposes.
Section l. Be it 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 gold, nine-tenths hne, or 23.22
| grains OF pure gold, being the Onetenth
| part of the eagle.
| Sec. 2. That all interest," bearing obliga-
lions OF the United States for the payment
| of money, now existing OF hereafter to be
| entered into, and all United 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-
| vate, for the. payment or money shall be
| performed in conformity with the standard
| established in said section. Nothing here
| IN contained shaft be construed or held to
| affect the present legal tender quality of the
/ silver dollar, of the subsidiary or minor
! coins, or OF the paperL currency of the
/ United States, or the laws making national
bank notes@reeeivable and payable tor GER
| tain publIc debts and dues and obligations
| between national banks.
T. Plan for a Redemption Fund.
| Sec 3. That there be established in the
| treasury department., as Il part OF the office
| OF the treasurer of the United States, di-
| vision to be designated and known as the
| div ision or 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 TO
the issue, redemption and exchange, as
hereinafter provided, of the several kinds
| 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 re-
demption fund, the amount of gold coin
anu 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
hon held against outstanding treasury notes
issued under the act OF July II, 1880, and
an amount of gold coin and bullion to con-
stitute Il reserve fund equal to % per cent.
of the amount, both OF United States notes
and treasury notes issued under the act of
July IA, 1890, outstanding. The gold and
silver coins and bullion transferred from
the general fund in the treasury, as herein
provided, shall be increased or diminished,
as the may be, i'll accordance with the
provisions of this act, and i'll no other way.
Mali tenance of Gold Reserve.
Sec T. That it shall be the 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
NAV. from time TO time transfer TO Such