Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1899-12-04

Washington, Nov. 29.-The financial
bill prepared by the republican caucus
committee which met at Atlantic City
last spring, was Tuesday made public
by the committee. After the enacting
clause the text is in part as follows:
Sec. 1. The standard unit of value
shall, as now, be the dollar and shall
consist of 25 $40 grains gold, $40 fine.
Sec. II. All Understanding obliga-
tons of the United States for the pay
ment of money now existing or here
after to be entered into, and all United
States notes and treasury notes issued
under law of July IA, 1890, shall be
deemed held to be payable in gold com;
all other obligations public or private,
for the payment of money shall be per-
formed in conformity with the standard
established. Nothing herein contained
shall be constructed or held to affect
the present legal tender quality
of the silver dollar, or of sub
sidiary or minor coins, or OF the
paper currency of the United States or
laws making national bank notes re-
ceivable and payment for certain pub
lie debts, dues and obligations between
national banks.
Sec. III-There shall be estab-
lished in the treasury depart
ment division to be known as the d1-
vision of issue and redemption to
which shall be assigned all records and
accounts relating to issue, redemption
and exchange as of the several kinds
of money. There shall be transferred
from the general fund in the treasury
and then taken up on the books as
redemption fund the amount OF gold
coin and bullion held against out
standing gold certificates the amount
of United States notes held against
outstanding currency certificates, the
amount of silver dollars held against
outstanding silver certificates, the
amount of silver dollars and silver
bullion held against outstanding
treasury notes issued under act of July
IA, 1890, and the amount of gold coin
and bullion to constitute the reserve
fund equal to Is per cent. of the
amount both of United States notes
and treasury notes issued under act of
July IA, 1890.
Sec. IV-It shall be the duty of the
secretary of the treasury to maintain
the gold reserve fund taken up on
the books of the division of issue
and redemption and for this
purpose he may from time to time
tranfer to such fund any moneys in the
treasury not otherwise appropriated or
may exchange any Of the fLlds in the
division for other funds which may be
in the general fund of the treasury
and in addition thereto he is hereby
authorized to issue and sell, whenever
in his Judgment it is necessary to the
maintenance of said reserve fund.
bonds of the United States bearing in
terest at rate not exceeding per
cent per annum payable in gold coin
at the end Of 20 years, but redeemable
in gold coin at the option of the Unit
ed States after one year. But no
transfer shall at any time be made
from the general fund Of the treasury
to this division which will reduce the
general fund below $50,000,000. All
United States notes and treasury notes
issued under the act of July IA, 1890,
presented for redemption, shall be re-
deemed in gold coin at the will of the
holder and silver certificates paid for
redemption shall be redeemed in ac-
cordance with the existing law. The
secretary of the treasury is authorized
and required to use the said reserve
fund in maintaining at all times
parity of equal value of every dollar is
sued or coined by the government.
Notes and certificates redeemed or ex-
changed shall be held in and constitute
part Of said fund and shall not be
withdrawn therefrom nor disbursed ex-
cept in exchange for an equivalent
amount Of coin.
Sec V. The secretary Of the treas
ury is authorized to use at his discre-
ton any silver bullion in the treasury
purchased under act of July IA, 1890,
for coinage in such denominations Of
subsidiary silver coin as may be neces-
sary to meet public requirements for
such coin and any gain or seignorage
arising from this coinage shall be ac
counted for and paid into the treasury.
Whenever any silver bullion purchased
shall be used in the coinage of subsid
larry silver coin, the amount of treasury
notes issued under said act shall be
equal to the cost Of the bullion con-
tanned in such coin and be cancelled
and not reissued.
Sec. VI. The secretary of the treas
ury is authorized and directed to cause
all worn uncurrent subsidiary silver
coin now in the treasury and hereafter
received to be recoined and to REIN
burse the treasures of the United
States for the difference between the
nominal face valuesof such coin and the