The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-29

last spring, was today made public by
the committee. Its text follows:
"A bill 10 define and fix the standard
of value, to maintain the parity of all
forms of money issued or coined by the
| United States and for other purposes.
BE it 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 25 $40 grains of gold. nine
tenths fine, or % 22-l00 grains of pure
gold, being the one-tenth part of the
eagle.
Section 2. That all interest bearing
obligations of the United States for
the payment of money, now existing or
/ hereafter to be entered into. and all
| United States notes and treasury notes
pisSued under the law of July II 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 pri-
vate, for the payment of money shall
! be performed in conformity with the
standard established in said section.
Nothing herein contained shall be con-
strued or held to affect the present ie-
gal tender quality of the silver dollar.
or of subsidiary or minor coins or of
/ the paper currency of the United States,
/ or the laws making national bank
/ notes receivable and payable for certain
I public debts and dues and obligations
/ between national banks.
A New Department
Section 8. That there be established
in the treasury department, as a part
of the Office of treasurer of the United
States. a division to be designated and
known as the division of issue and re-
-demption, to which shall be assigned,
under such regulations as the secretary
OF the treasury may approve, all rec
ords and accounts relating to the issue
redemption and exchange, as hereinaf-
4 ter provided. of the several kinds of
United States money. There shall be
transferred from the general fund in the
treasury of the United States and taken
up on the books of said division as a re-
demption fund, the amount of gold coin
and bullion held against outstanding
gold certificates, the amount of United
States notes held against outstanding
currency certificates, the amount of sill
yer dollars against outstanding silver
certificates, the amount of silver dol
lars and silver bullion held against
outstanding treasury notes issued under
sthe act of July IA, and an amount of
gold coin and bullion TO constitute a
reserve fund equal to % per cent of the
amount, both of United States notes
and treasury notes, issued under the
act of July II. 1890, outstanding. The
gold and silver coin and bullion trans
ferred from the general fund in the,
treasury, as herein provided, shall be
increased or diminished, as the case
may be. in accordance with the proviS-
ions of this act. and in no other way.
Maintain Gold Reserve Fund.
~f-.-
the secretary of the treasury to main
tain the gold reserve fund taken up on
the books of the division of issue and
redemption. as herein provided, and for
this purpose he may. from time to time
transfer to such fund any moneys in
the treasury not otherwise appropriate
ed, or may exchange any of the funds
in the division of issue and redemption
for other funds which may be in the
general fund of the treasury, and in
addition thereto is hereby authorized
to issue and sell. whenever in his judg-
ment it is necessary to the mainte-
nance of said reserve fund, bonds. of
the United States, bearing interest at
rate not exceeding 3 per cent per
annum. payable in gold coin at the enI
of twenty years, but redeemable in gole
coin at the option of the United States
after one year.
But no transfers shall at any time
be made from the general fund of the
treasury to the division of issue and
redemption which viii reduce the gem
eral fund below $50, 100000. That all
United States notes and treasury notes
Issued under the act of July II. 1890,
presented for redemption shall be re-
deemed in gold coin at the will of the
holder, and all silver certificates pre-
scented for redemption shall be redeem
ed in accordance with existing law.
Maintain the Parity.
The secretary of the treasury is
authorized and required to use said |
reserve fund in maintaining at all times !
the parity and equal value of every |
dollar issued or coined by the govern |
ment; and if at any time the secretary |
of the treasury deems it necessary in
order to maintain the parity and equal
value of all the money of the United /
States he may at his discretion, ex-
change gold coin for any other money /
issued or coined by the United States. |
The notes and certificates so re-
deemed or exchanged shall be held in !!
and constitute a part of said fund and |
shall not be withdrawn therefrom nor |
disbursed except in exchange for an ]
equivalent amount of the coin in which |
said notes or certificates We're re- |
deemed or exchanged, or except as
hereinbefore in this section provided
Nothing in this act shall be con-
strued as repeating that provision of |
the act approved July IA, 1890, which,
provides that. no greater or less /
amount of such notes shall be out |
standing at any time than the cost of |
the silver bullion and the standard sill |
yer dollars coined therefrom. then held |
in the treasury purchased by such |
notes.
Use of Silver Bullion.
Section 5. That the secretary of the /
treasury is hereby authorized to use
at his discretion any silver bullion in |
the treasury of the United States pur- |
chased under the act of July Il 1890. |
for coinage into such denominations of |
silver coin as may be neces-
sary 10 meet the public requirements
for such coin; and any gain or seignior-
age arising from this coinage shall be
accounted for and paid into the treas ,
ury. Whenever any silver bullion pur-
chased under the act of July IA, 1890,
shall be used in the coinage of subsi-
diary silver coin, an amount of treas
ury notes issued under said act equal
to the cost of the bullion contained in
such coin shall be. Cancelled and not
reissued.
Section g. That the secretary of the
treasury is hereby authorized and di-