The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1899-12-06
Synopsis of Bill Prepared fer Re-
publican Caucus.
CURRENCY MEASURES
An Admission of the Illegality OF
cleyelano's Bond System
Seeks 70 Enact Single
Standard.

were mailei Tuesday evening to the
Republican members of the house.
The wurpose Of the bill is to remove
any doubt that may exist as to the
character Of the standard. 1t contains
nun Ger Of 6istinc: propositions. :,
!. The stand ard unit Of value shall
be the gold dollar.
2. United States bonds, United
States notes and treasury notes shall be
paid ia gold, and ali other p'solic AID
private obligations shall be paid IN con-
furm;ty with che standard.
3. The establishment of division
OF issue and redemption in the treasury
to seq aaste the note issue from the
fiscal operations Of the department and
the creation of golo reserve eqnsl TO
25 per cent of the outstanding United
States potes and treasury notes. :.
/. The sale of three per cent. gold
bouds to maintain the gold reserve.
5. Gold coiu may be exchanged tor
any other money, when necessary to
maintain the parity, and United States
notes and treasury no;eS redeemed Ia
GOLD shall not be disbursed except N
exchange for gold.
s. Subsidiary silver may be coined
from any silver bullion purchased
under the act Of July 4, 1890, and
treasury notes equal TO the cost OF the
bullion contained in such coin shall De
Cancelled.
{. All worn uncurrent subsidiary
silver coin may be recoineo.
s. Silver certificates shall be limited
9. National banks may issue clrcu!a-
ton to the bar value of the bonds de-
posted by them.
in denominations of 81, 81 and IS.
10. The tax on na.iup4l baIk clrcu-
lation is repealed and tax Of one fifth
Of l per cent. per annum Is placed on
the franchise OF the banks as measured
by their capital, surplus, and undivided
profits.
II. National banks may be organized
with capital of so, 900 in towns OF
1000 inhabitants,
The report on he bill has been pre-
cared BY Representative Overstreet OF
Indianapolis, who introduced the orig
inal bill of the mouetry commission IN
1898. Overstreet frankly admits that
the committee did not consider the
general subject Of banking, nor did 1t
seek to arrange complete scheme OF
finance, but confined its recommends
tions to those subjects Of most pressing
demand, as evidenced by the pledges OF
the Republican party and the general
policy of the administration.
It was felt, the report declares. that
Strengthening Of the public credit by
the removal Of all doubs concerning
the policy and practice OF the govern.
ment relative to the unit Of value, IS OF
paramount importance.
The report continues: "Wh hen the
standard shall be permanently estab-
lished and all doubt OF It's stability re-
moved, the parity Of all our money will
be fully recognized, and ths kind OF
money in which payments STALL be
made will rarely, if ever be the subject
of dispute. When certainty shall take
the place Of doubt, and the Integrity Of
our credit be as fixed as the homer OF
the nation, the national debt can be
readily refunded and at lower interests
and future loans negotiated with ease
upon better terms than ever before.
The rapid development Of American
trade makes it imperative that the
standard of value IN which settlements
are made shall be the best known to
the highest civilization. Recent
events, shaped by causes beyond con
troll, bearing obligations which national
honor requires shall be courageously
discharged, open new fields for Amerl,
can craftsmanship. Channels Of trade
yet unknown to American enterprises
and avenues of commerce yet to vel
come American products, will surely
result. Such conditions emphasize the
necessity for s standard OF value whlct
shall remain firm throughout the vlcls-
situdes OF competitive trade.
The fact is pointed out that the treas
ury at the beginning CT October had
net gold reserve OF more .han sou, ,OOO,
600; that there is more gold Ia the
United States nov than ever before
aDd that the present conditions are
most favorable, and the time most op
portune for the clear and uneQul7ec. i
adoption of the gold standard. If
under all existing conditions, the
Halted States shall clearly, BY law
adopt the gold standard, 1t will pass Il
the new coudition with even less trlc
tion than was experienced by the re
demption OF specie pay meut.
The mechanism Of the new DIVISION
of issue and redemption is explained
and it is declared that the dferen
funds referred to in that division a:
they stood on September last, are a
follows:
l. Gold coin and bullion, represent
ed by outstanding gold certificates
$l35, sol, ll9.
2. United States notes, represented
by outstanding currency certificates
SIG, 10000
3. Silver dollars, represented by out
standing silver certificates, s4O5, 1877,
504.
4. Silver bullion, represented by out
standing treasury notes, s9l, l67, ,20e.
5. Gold coin aid bullion, equal t
one fourth Of the United States note
(S346 6Sl, ,0l6) and treasury notes (S9l,
l67. .2SO) outstanding, slO9, 462, ,O74.
The first four items enumcrate tn
special deposits dedicated to speci6
payments. AS these obligations AZ
met, the deposits are corresponoingl
reduced.
The scope and purposes Of the pro
visions for maintaining the standard D.
the sale of bonds and the exchange Q
money are thus set forth b ,lr. Over