The San Francisco call., 1899-12-05
TEXT OF THE SENATE
CURRENCY MEASURE.
GOld-Standard Bill Agreed Upon
by the Republican Members
OF the Finance Committee.

DENOMINATION OF NoTEs-That from
and after the passage Of this act no United
states notes or Treasury notes shall be issued
or rcisSued % denominations less than SO and
all such outstanding notes Of q lower de-
nomination shall whenever received At the
Treasury or redeemed De Cancelled and notes
% denominations q SO or upward shall be
substituted therefor. No silver certificates
shall hc hereafter issued OF higher denomina-
ton than SIC. and all such outstanding certi-
ncates % q higher denomination shsll when
ever received al the Treasury or redeemed be
Cancelled and notes of denominations Of SO CT
less shall be substituted therefor.
REFCNDING-That the Secretary OF the
Treasury is hereby authorized 70 receive at the
Treasury any of the outstanding bonds ot the
United States bearing Interest az per cent per
annunl. payable February l. 1904, and any ot
the bonds of the United States bearing inter
est az per cent per annum, payable August
/. 1905. and 70 issue In exchange therefor cou-
non or registered bonds of the United States
In such form As he may prescribe In denoni-
nations OF $50 or any multiple thereof. bearing
interest at the rate 81 per cent per annu'n,
payable quarterly such bonds 20 be payable
at the pleasure Of the United States after
thirty years from the date Of their issue. and
said bonds TO be payable. principal and inter-
est, in gold coin OF the present standard value
and 20 be exempt from the payment Of all
taxes or duties Of the Unitcl States. as well
as from taxation in any form by or under
State. municipal or local authority.
Provided. that none Of such outstanding bonds
shall ~ received IN such exchange al vslua-
tion greater than their present worth TO yieid
an income OF 2A per cent Pc annuu. ana SAID
Lonc. shall be Issued at not less than par
And provided further. that such bonds when
issued shall be numbered consecu:ively in the
order of their issue and when payment is made
the last numbers issued shall be followed un-
III all the bonds are paid. Whenever any OF
the outstanding bonds are called Tor payment
Interest thereon shall cease three months AFTER
such call
And provided further that the secretary, Of
tAe Trea sury may, in his discretion. pay our OF
any moIey IN the Treasury not otherwise an
prorrIated tho difference between the present
worth. computed as aforesaid. OF the outstaha-
Ing bonds surrendered in accordance with the
provisions Of this act and their par value.
NATTONAT, pANKS-That upon deposit by
national banking associations OF any bonds or
the United States under the provisions OF sec
lions 5l5s and 5l6o Of the Revised Statutes OF the
United States such associations shall be en-
titled 20 receive from the Co'nptroIer or the
Currency circulating notes OF different denom-
nations IN blank. registered and counters sleo,
provided b. existing law, equal in face value
10 the par value Of the bonds so deposited; ana
national banking associations now haNnB
bonds on deposit for the security OF circulating
notes less ia face value than the par value OF
the bonds or which may hereafter have such
bonds on deposit. shall be entitled. upon due
application 70 the Comptroller Of the Currency
20 receive additional circulating notes in blank
20 amount which shall increase the asgre-
gate value OF the circulating notes held by such
associations 70 the par value OF the bonds de-
posted. such additional notes 10 be held and
treated In the same way as circulating notes
~ national banking associations heretofore is
sued ard subjected 70 all the provisions OF ex-
listing Law. affecting such notes
Provided. that nothing herein contained shall
be construed 70 modify or repeal the provisions
of sections 5l6T and 5l7l of the Revised Statutes
cf the United States. authorizing the Comptrol-
Ter OF the Currency 10 require additional depos-
It's of bonds or OF lawful money in case the
market value Of the bonds held 10 secure the
circulating notes shall fall below the par value
OF the circulating notes outstanding. for which
such bonds may be deposited as security
And provided further. that the circulating
notes furnished 10 national banking associations
under the provisions Of this act shall be Of the
denominations prescribed by existing law. eK-
cept that no national banking association shall
after the passage Of this act. be entitled 10 re-
ceive or 10 issue or reissue or place IN circula-
tion any circulating notes OF less denomina-
ton than SO.
And provided further that at no time shall
the total amount Of such notes Issued 10 my
such association exceed the amount at such
time OF It's capital stock actually paid in
TAX on CIRCTLATlON-That every ma
uonal banking association having on deposit. as
provided by sections bi5s and sl60 OF the Revised
Statutes. bends OF the United States bearing
interest Al the rate OF ? per cent per annum
70 secure its circulating notes. shall pay TO the
Treasurer Of the United States in the months
of January and July tax OF fourth Of /
Per cent each half year upon the average
amount of such of it's circulating notes as arc
based upon the deposit of said ? per cent bonds
and such taxes shall be in lieu Of existing taxes
on It's circulating notes imposed by section 52l4
of the Revised Statutes.