The times. [volume] (Richmond, Va.) 1890-1903, 1899-11-29
As to the Stability Of Value of Ou
Circulating Media.
NATIONAL BANK TAX REPEALED
And in Its Place is Substituted Tax
ofOne-Fifth OF One Per Cent. Per
Annum Upon the Franchise OF
the Bank-May Increase Cir
cuIation To Par Nniue Of
Bonds Deposited.

WASHINGTON. Nov. SCOPES OF the
bill and report prepared by the Nepuo-
Ilcan Caucus Committee. which met at
Atlantic city last spring. were mailed
this evening to the Republican members
of the House The purpose OF the pil -
TO remove any doubt that may exist as u
the character OF the standard.
II contains number OF disllhcI pio-
positions. It'll T..
/. The standard unit of value shan De
the gold dollar .....-
notes and Treasury notes shall be pald
in gold and all other public and private
obligations shall be paid IN conformity
with the standard.
& The establishment Of a division OF IS
sue and redemption in the Treasury 10
separate the note Issue from the hsGa
operations Of the department ana inc
creation Of a gold reserve equal to twenty
five per cent. of the outstanding Chlleu
states notes and Treasury notes.
The sale OF three per cent. gold bonds
TO maintain the gold reserve.
s. Gold coin may be exchanged Tor any
other money, when necessary to mann
tain the parity and United states notes
and Treasury notes redeemed In gold snail
not be- disbursed except in exchange Tor
gold.
Subsidiary silver may be coined from
any silver bullion purchased under the
act Of July Il. 1890 and Treasury notes
equal TO the cost Of the bullion contained
I'm such coin shall be cancelled
Z. All worn and uncurrent subsidiary Sill
yer coin may be recoined.
s. silver certificates shall be limited IN
denominations 20 81. g. and s..
MAY INCREASE CIRCULATION.
National banks may issue c.rcula-
tior to the par value OF the bonds de-
posted by them.
no. The tax on National bank circula>
ton is repealed and a tax OF one-nith OF
one Der cent. per anuum Is placed upon
the franchise of the banks as measured
by their capital. surplus and undivided
profits.
H. National banks may be organized
with capital OF twenty-five thousand
dollars in towns Of two thousand inhab-
itauts.
The report on the bill has been pre-
pared by Representative Oyersreet OF
indianapolis, who introduced the origi-
nal bill of the monetary commission IN
1895.
Mr. Overstreet frankly admits that the
committee did not consider the general
subject Of banking. nor did it seek 10
arrange a complete scheme Of finance,
but confined its recommendations TO
those subjects of most pressing demand,
as evidenced by the pledges Of the Re
publican party and the general policy OF
the administration"
10 was felt, the report declares, that
"the Strengthening of the public credit
by the removal of an doubt concerning
the policy and practice Of the govern
mcnt relative 10 the unit Of value was
oi paramount Importance
DEBT CAN BE REFUNDED.
The report continues: when the stand
ard shall be- permanently established and
AL d0ub, 0f its stability removed. tha
parity Of an our money will be fully rec
ognized and the kind of money in which
paym.nts shall be made viii rarely Il
ever bee the subject of dispute. When
certainty shall take the place of doubt.
and The integrity OF our credit be as
fixed as the honor of the nation the ma
ri0nal debt can be readily refunded at
lower interest rates, and future loans
negotiated with ease, upon better terms
than ever before.
THE rapid development of American
trade makes ii imperative that the stand
ard OF value In which settlements are
made shall be the best known TO the
highest civilization. Recent events. shap-
ed by CAUSES beyond our control bearing
obligations which our national honor re-
ouires shall be courageously discharged,
open new fields for American statesman
ship. Channels OF trade yet unknown 10
q arf grrria4- aud II
commerce yet 10 welcome American pro-
ducts will surely result. such conditions
emphasize the necessity for "a standard
40 value which shall remain firm through
out the yicissitudes Of competitive trade"
TIME ROPlTIOUS.
The fact is pointed out that the Treas
ury at the beginning of October had a
net gold reserve Of more than $50 o0.00.
that there is more gold in the United
States now than ever before. and that the
present conditions are most favorable aud
the time most ODDOrtune for the clear
and nequivocal adoption Of the gold
standard II under AN existing conditions
tha United states shall clearly by law.
adopt the gold standard. it will pass TO
the now condition with even less friction
than was experienced by the redemption
OF specie payment.
ME- HANISM ENfLAlNbD.
The mechanism Of the new division of
issue and redemption IS explained and it
is declared that the different funds refer
rcd 10 such a division as they stood on
September last. are as follows:
1-Gold coin and bullion, represented
by outstanding sold certificates. Sl25.5)l.-
1ie
2.-ITnited States notes represented By
outstanding currency certificates Sl6
10000
3-silvcr dollars. represented by out
standing silver certificates Shj.l9i.jH.
4.-sHver bullion. represented by OUT
standing treasury notes. S,l,lc5.2@.
5-Gold coin and bullion. equal 20 one
fourth Of the United states notes (s3i6,eSl.-
016). and treasury notes (Ssl,l5' ,2s0. out
standing. Sl09 46201i
The first four items enumerate the spe-
cial deposits dedicated 20 specific pay
ments. AS these obligations are met. the
deposits are correspondingly reduced.
The scope and purposes Of the provis-
tons for maintaining the standard by the
sale OF bonds and the exchange OF money
arc thus set forth by Mr.. Overstreet:
I'm the absence Of a law providing pro-
lection 10 the gold reserve. II is always