The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-29
REPUBLICAN, FINANCE PLANS.
scuruE AS SET FORTH IN THE
BILL JUST DRAWN.

uau
,i6cates-NatiOnaI Bank Tax Re
duced-PrOtectiOn of the Gold Re-
serve.
washington, Nov. 2S.-Copies of the bill
4 and report prepared by the Republican
n c,Heus Committee, which met at Atlantic
rty last spring, were mailed this evening
- the Republican members of the House.
The purpose of the bill is to remove any
+ aorbt that may exist as 10 the character
If fna standard. 1t contains a number of
distinct propositions:
FIRST The standard unit of value shall
h. the gold dollar.
second. United States bonds, United
STATES notes and treasury notes shall be
n,i5 in gold and all other public and priv
ate obligations shall be paid in conformity
with the standard.
Third The establishment of a division
If issue and redemption in the treasury to
.sn7rate the note issue from the fiscal OPP
er,-ions of the department and the crea-
too Of a gold reserve equal to % per cent.
Of the outstanding United States notes and
treasury notes.
Fourth. The sale of per cent gold
horjs to maintain the gold reserve.
With. Gold coin may be exchanged for
any other money, when necessary 10 main
tain the parity, and United States notes
and treasury notes redeemed in gold shall
NOT be disbursed except in exchange for
gold.
sixth. Subsidiary silver may be coined
from any silver bullion purchased under
The act of July IA, 1890, and treasury notes
eouaI to the cost of the bullion contained
in such coin shall be cancelled.
seventh All worn and uncurrent subsi-
diary silver coin may be reco3ned. Y
Eighth Silver certificates shall be linn
lied in denominations to 81, 81 and s..
Ninth National banks may issue circu-
lation 10 The par value of the bonds de-
posted by them.
Tenth The tax on national bank circu-
lation is repealed and tax of one-fifth of
per cent per annum is placed upon the
franchise of the banks as measured by
their capital surplus and undivided prof
it's
Eleventh. National banks may be organ
lied with a capital of $4,000 in towns of
1000 Inhabitants
standard Most Important,
The report on the bin has been prepared
by Representative OVerstreet Of Indianap-
oils, who introduced the original bill of
the monetary commission in 1898. Mr..
Oversreet frankly admits that the COM
mittee did not consider the general sub
iecl Of banking nor did it seek TO arrange
a complete scheme of finance, but con-
fined its recommends lions to those sub
jects of most pressing demand as evil
denced by the pledges of the Republican
party and the general policy of the admin
istraton"
1t 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 government relative
to the unit of value, is of paramount i'm
pOrtance."
The report continues:
when the standard shall be perma-
nently established and all doubt of its sta
blty removed the parity of all our money
will be fully recognized, and the kind of
money in which payments shall be made
will rarely, if ever, be the subject of dis
pute. When certainty shall take the place
Of doubt, and the integrity of our credit
be as fixed as the honor of the nation,
the national debt can be readily refunded
at lower interest rates, and future loans
negotiated with ease, upon better terms
than ever before.
Must BE the Best Standard.
The rapid development of American
trades makes it imperative that the stan
dard of value in which settlements are
made shall be the best known to the high
est civilization. Recent events, shaped by
causes beyond our control, bearing Oblga-
lions which national honor requires shah
he courageously discharged, open new
fields for American craftsmanship. Chan
nels OF trade yet unknown to American
enterprises, and avenues of commerce yet
to welcome American products, viii sure
ly result. Such conditions emphasize the
necessity for standard of value which
shall remain firm throughout the vicissi-
tudes of competitive trade
The fact is pointed out that the treasury
al the beginning of October had a net
gold reserve of more than $250, 100000, that
there is more gold in the United States
now than ever before, and that the present
conditions are most favorable, and the
time most opportune, for the clear and I'M
equivocal adoption of the gold standard
II under all existing conditions the United
states shall clearly, by law, adopt the
gold standard it will pass to the new con-
Ution with even less friction than was ex-
perenced by the redemption of specie pay
ment
Issue and Redemption.
The mechanism of the new division of
issue and redemption is explained, and it
Is declared that the different funds re-
l,rred to such a division, as they stood
on September last, are as follows:
flFst. Gold coin and bullion, represent
ea by outstanding gold certificates, $685.
second. United States notes, represented
1004 Y-V'
Ihird Silver dollars represente by out
S'an1lng silver certificates, S405, 1877 5O4
-urth. Silver bullion. represen.ed by out
s'ln ing treasury notes S91, 167, $50
VII A. Gold coin and bullion equal to one
6ouiih OF the United States notes S346. 6S1.-
v,p, and treasury notes 1891, 167, 2sD, QUE
standing $1O9. 1852 GA
ne Hfst four items enumerate the spe-
S'I oepo It's dedicated to specific pay
n'e" s. AS these Obligations are met. the
'''osls are correspondingly reduced.
10 Maintain the standard.
me score and purpose Of the pfovis' ons
90 Aalntaining he standard by the sale
hon. .oNNs and the exchange of money are
" 'E 7et forth by Mr.. Overstreet:
,s. 'l ,Ae absence of law providing pro-
e'.on to the gold reserve, ii is always
a IL.