The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-01-22
THE GOLD STANDARD.
A Favorable Report on the Bill by the
Coinage Committee.


Washington, Jan. 21-The house coin
age, weights and measures committee
to-day, by strictly party vote, ordered
favorable report on the substitute for
the Hull BILL to fix standard of value
| in the United States and for other pur-
poses The bill provides in substance
that the standard of value in the Unit
ed States shall be the gold dollar: that
all contracts existing and in future
shall be computed in reference to this
standard; that the greenbacks shall be
retired, and upon retirement, gold hills
shall be substituted therefor.
No silver dollars are to be hereafter
coined, except from bullion now in the
treasury; the secretary of the treasury
in his discretion to coin silver into sub
sidiary coin as public urgency de-
| mands, and the re-coinage of old, worn,
uncurrent subsidiary coin without spc-
cial appropriation therefor: such COIN
age of bullion to be concurrent with
the retirement of treasury notes the
same as if coined into silver dollars
and the coinage of such subsidiary
coin not to be limited to $4,000, 900.
There is to be a separation Of treasury
accounts between issue and financial
transactions by a gold reserve of %
per cent. of outstanding notes and
treasury notes is to be maintained, e.]so
five per cent. gold reserve of the ag-
gregate silver dollars; common fund
for the redemption of all notes.
The retirement of the greenbacks pro-
vision is, for the first five years, an
amount equal to the increase of ma
tional bank notes issued subsequent to
the taking. effect of the act; 20 per cent
to be retired annually during the next
five years and greenbacks to cease ~ be
legal tender at the end of 10 years.
Gold and currency certificates to be
Cancelled as paid and not reissued: no
national bank notes under $40 and no
silver certificates over SIS are to be is
sued. The tax on national banks is to
be changed from the circulation to one
tenth of one per cent on capital, sur
plus and undivided Profits.
The bill repeats all existing regula-
tions on the withdrawal and issue of
national bank notes at will; banks may
issue notes to full value of bonds de-
posted. National banks with a capital
of $4,000 and in cities of 1000 popula-
ton may be established: branch banks
may be provided under regulations of
the comptroller of the currency.
The bill is supplementary to the cur
rency reform bill which is still being
fought over in the committee on bank
ing and currency. Tt is the first gem
eral bill which has been gotten out of
the coinage, weights and measures
committee in several years. IT is the
result of a great deal of labor and
many hearings. These had not in fact
actually been eompleted when the bill
was reported to-day. and Secretary
Gage and eX-Congressman Charles A.
Towne were given leave to file state
ments which would be included in the
hearing when published. Mr.. Walker
of Massa chusets was heard to-day be-
fore the bill was voted for.
Mr.. Bland offered a substitute for the
single gold standard feature of the bill
providing for free bimetallc coinage,
and it was voted down, 6 to s. a strict
party vote. The committee then di-
rected the chairman, c. W. Stone of
Pennsylvania. to call up and press the
bill at the earliest possible moment and
to employ to that end any possible par
liamentary expedient