The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-11-29
TO INCORPORATE
GOLD STANDARD
INTO THE LAW.
Provisions Of Financial Measure Al
Prepared by the Republican
Caucus Committee
TO SECURE The STABILITY
OF Our Monetary System and Pre-
serve the Credit and Integrity
of the Country.

Gun CAUCUS CVHlAiAbtSS "A'eSh
| Atlantic city last Spring, was to-day
made public by the committee, Its
text in part follows:
Be 1t enacted by the senate and
house of representatives Of the United
States Of America in Congress assem-
bled.
That the standard unit Of value shall,
as now, be the dollar, and shall consist
OF twenty-five and elEht-tenths grains
Of gold, nIne-tenths fine, or twenty
three and twenty-five one-hundredths
grains OF pure gold, being the one'tenth
part of the eagle.
Section 2.-That all Understanding
obligations of the United States for the
payment of money, now existing or
hereafter to be entered into, and all
| United States and treasury notes Is
| sued under the law OF July "A. 1890,
shall be deemed and held to be payable
| in the gold coin OF the United States as
defined in section Of this act and all
| other obligations, public and private,
for the payment Of money shall be
performed in conformity with the
standard established in said section.
Nothing herein contained shall be
construed or held to AFFECT the present
legal tender quality OF the silver doll
lar, or OF the subsidiary or minor coins.
or OF the paper currency Of the United
states. or the laws making national
bank notes receivable and payable Tor
certain public debts and dues and obli-
cations between National banks.
Section S.-That there be established
in the treasury department as a part OF
the office of the treasurer Of the United
states, a division to be designated and
known as the division OF issue and re-
demptfon, to which shall be assigned.
under such regulations as the secretary
OF the treasury may approve, all re"
cords and accounts relating to the Is
sue, redemption and exchange, as here
matter provided, for the several KINDS
OF United States money.
Section 4.-That II 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, ana
| for this purpose he may from time to
time transfer to such fund any moneys
| in the treasury not otherwise uppropri-
nted; and in addition thereto he ls
hereby authorized to issue and sell,
whenever, in his Judgment, 1t IS nee
essary to the maintenance OF SAID re"
serve fund, bonds Of the United states
bearing interest at rate not exceeding
per centum per annum. payable IN
gold coin at the end Of twenty years
But no transfer shall at any time De
made from the general fund OF tho
treasury to the division OF issue and re.
demptiOn which will reduce the general
! fund below fifty millions Of dollars,
Section 6.-ThRt the secretary OF the
treasury Is hereby authorized to use, at
his discretion, any silver bullion In the
treasury of the United States purch1s-
cd under the act OF July II. 1890. for
coinage into denominations of subsi-
diary silver coin as may be necessary
TO meet the public requirements Tor
such coin; and any gain or seigniorage
arising from this coinage shall be &C"
counted for and paid into the treasury.
Whenever any silver bullion purchased
under the act OF July IA, 1890, shall be
used In the coinage Of subsidiary silver
coin, an amount Of treasury notes Is.
sued under said act equal to the cost OF
the bullion contained In such coin shall
be cancelled and not reisSued.
Section 6.-That the secretary OF the
treasury Is hereby authorized and d.
rected to cause all worn and uncurrent
subsidiary silver coin Of the United
Etntes now in the treasury, and here
after received, to be re-coined. So
much OF the Joint resolution approved
July %, 1876, relating to the issue OF
silver coin, as limits the aggregate
amount Of ubstdiRry silver coin and OF
fractional currency outtOndinE at any
time to fifty millions Of dollars, be and
the same Is hereby, repealed.
Section THAT the United states
notes or treasury notes Issued under
the act Of July II. 1890. hereafter issued
or re-iBsued, shall be of such denomi-
nations, not less than one dollar, as the
secretary OF the treasury may pre-
scribe.
The other sections refer to the regula-
ton of the National banks.
The report on the bill has been pre-.
pared by Representative OVerstreet, OF
indianapolis, who introduced the orig
inal bill Of the monetary commission IN
1908. and has been distributed to each
Republican member Of the house. Mr..
Overstreet frankly admits that the
committee did not consider the gem
eral subject Of banking, nor did It seek
10 arrange a complete scheme OF
finance, but confined It's recommended
lions TO those subjects OF most press
ing demand, ms evidenced by the
pledges Of the Republican party and
the general policy OF the ndmlnistra-
tIon."
II was felt. the report declares that
''the strengthening OF the public credit
by the removal Of all doubt concerning
the policy and practice Of the govern
ment relative to the unit e the value,
is Of paramount Importance"
It IA pointed out that there can be
but one standard Mt one time, but that
the convenience Of commerce Il promo
ted by the use OF different media Of eX-
change, convertible into the standard.
Tho report continues:
"When the standard shall be permR.
nantly established, and all doubt Of It's
stability removed, the parity OF all our
money will be fully recoBnlzed and the
kind OF money In which its payments
shall be made, VIII rarely, n ever, be
the subject OF dispute. When GER
tnlnty shall take the place Of doubt,
and tho integrity Of our credit be ms
fixed az the honor OF the nation, and
tho national debt can be readily re-
funded at lower interest rates, and fu-
ture loans negotiated with ease, upon
better terms than ever before"
Mr. OVeTstreet quotes the pledge or
the Republican national convention OF
1895 that "Rll our silver and paper cur
rcncy must be maintained at parity
with gold, and we favor all measures
designed TO maintain invtoiabic the oh.
legations Of the United States and all
our money, whether coin or paper. Ht
the present standard, the standard OF
the most enlightened nations OF the
EARTH"