The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-20
NEW CURRENCY BILL.
Mtr BE REPoRTBD TO-DAY M THE
COMMITTEES ON COINAGE

More silver Dollars to he Coined E1cep
from Bullion Held Against Silver Ger
iincntes and Treasury Notes-Provide
for the Gradual Retirement of Nntionn
Rank Notes and Treasury Notes-Gen
Warner Calls II n Death Blow to silver
WARRINGTON. Jan. 1o.-The Committee OF
Coinage. Weights and Measures expects to re,
port to the House tomorrow q bill for the re
vision of the banking and currency laws. The
hill Ia based on that drawn by Representatiy,
Hill OF Connecticut. but contains some materia
amendments submitted by Secretary Gage ant
Mr.. Hill. A report ~favorlnR the passage OF the
bill has been prepared by tho Republican mem.
hers and will be submitted to the committee
tomorrow.
Tho bill provides that the gold dollar shall be
the standard OF value in tho United States
that ali obligations of the United States are
payable in gold unless otherwise stipulated
and that no more silver dollars shall be coined,
except from the silver bullion now held in the
Treasury against tho silver certificates or
Treasury notes issued under act OF July IA,
1890. division OF redemption Is provided tor.
to which there shall be transferred from the
general fund in the Treasury and taken up OH
the books OF this division as n redemption
fund all tho amount in gold coin and
bull ion held against outstanding gold GER
~tihcates, the amount in United States notes
held against outstanding currency certifi-
Gates and the amount OF silver dollars held
against tho outstanding Treasury notes: also.
ms a reserve fund. an amount Of gold. in coin
and bullion. equal to % per cent. of the amount.
both of United States notes and Treasury
notes. and . per cent. of the amount OF the
coinage OF silver dollars. This reserve is to
be used solely for the redemption OF said
notes and in exchange for the notes and
silver dollars. To maintain this reserve
the Secretary Of tho Treasury Ia authorized to
transfer other funds and to issue twenty-year
3 per cent. bonds at his discretion. Tho
Treasurer OF the United States and such sub
trcasurers as are designated by the Secretary
may pay out gold coin for gold certificates.
United States notes for currency certificates.
gold coin for United States notes. silver dollars
for silver certificates: issue silver certificates
Of 81. 80 and So denominations in exchange for
silver certificates Of larger denominations and
for silver dollars; pay out gold coin in exchange
for silver dollars: pay out silver dollars not COW
cred by outstanding silver certificates in ex-
change for gold coin. United States notes or
Treasury notes. and pay out United States
notes or Treasury notes in exchange for gold
coin.
Section 8 authorizes the Treasurer OF the
United States to pay in gold coin. on demand.
all United States notes and Treasury notes
presented for payment. and cancel the same to
an amount equal to the increase in the ma
ito nal bank notes issued subsequent to the
taking effect Of this act. To force the retire
ment OF these notes section 8 provides that II
at the end Of five years any such United States
or Treasury notes shall be outstanding. a sum
not exceeding one-ffth OF such outstanding
amount shall as received be retired and can
celled each year. and at the end OF ten
years after the passage OF the act such notes as
still remain outstanding shall cease to be q
legal tender. except for debts due tho United
States, or Treasury notes once redeemed shall
not be paid out again except for gold coin. The
Secretary OF the Treasury ia authorized to use
any bullion in the Treasury for the coinage OF
silver subsidiary coin. and as such bullion is
used an equal amount OF Treasury notes is to
an sSTG sn2ren 1s p es2siteste ths ssai fol ah ss1tiafa res
authorIzing thelIr issue arc repealed. This VAS
I - !, ss ms r.. 'S 3ssn NJ q p, $ + t s ssfsss :! q PS4R s$ss:n .
main d ls q the l"sb Eli Ht deals Il W With tx the fssb Baking laws Ts.
II is provided that national banks shall be
tic f5,SWfGH n a9 lssP sts shslr 6 aS5Ss % Gep 1es Rsdf v n the S5
prohibited. Instead Of tie present method q
'Nai WY VI biO atlOh olh U
on the value, OF the franchise OF the bank as
represented by the aggregate, amount OF it's
%canital. surplus and undivided profits. and all
colniicting laws are repealed;
The, organization of national banks with
$4,000 capital is. permitted In cities OF 5000
inhabitants. No bank with less than S20O.00O
capital is permitted for cities having 10000 In
habitants. Any national banking association
Is permitted to establish branches under reRu-
Iatlons prescribed by the Comptroller OF the
Secretary Gage was before the committee
this morning and explained his amendments. |
which were iPcorporated in the biz. At the
n writing a number OF their questions upon
Gen. Warner OF Ohio. q former Representative
and a well;known silver man. appeared and
possible TO have a gold standard with nQtes
BASED on bonds as legal tender. for they had
sary TO have coin back Of every note. which
could not be done with a gold standard there
lore. 10 was necessary to have some other
metal OF which there was q more abundant
supply. The Inference was. that the country
should adopt silver as a standard Of value. Gen:
warner thought the passage OF this bill would
DC a death blow to silver.