The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-11-29
Provisions Of Financial Measure Al
Prepared by the Republican
Caucus Committee
TO SECURE THE STABILITY
OF Our Monetary System and Pre-
serve the Credit and Integrity
Of the Country.

made public by the commlttee' aus
text in part follows:
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 twenty-five and eight-tenths grains
of gold, nine-tenths Ane, or twenty
three and twenty-five one-hundredths
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 and treasury notes Is
sued under the law Of July II, 1890,
shall be deemed and held to be payable
in the gold coin of the United states az
defined in section Of this act; and all
other obligations, public and private.
for the payment of money shal pc
performed in conformity with the
standard established In SAID section.
! Nothing herein contained shall De
Construed or held to affect the present
leEal tender quality OF the silver dol
lar, or Of the subsidiary or minor coins.
or Of the paper currency Of the United
States. or the laws making national
bank notes receivable and payable Tor
certain public debts and dues and obli-
cations between National banks.
Section 3,-That there be established
In the treasury department as a part OF
the Office of the treasurer OF the United
States, a division to be designated ana
known as the division Of issue ana re-
demption, to which shall be assigned.
under such regulations as the secretary
OF the treasury may approve all re-
cords and accounts relating to the IS
sue. redemption and exchange, as here
ihafter provided, for the several KINGS
of United States money.
Section 4.-That It shall be the duty
of the secretary of the treasury %
maintain the gold reserve fund taken
up on the books Of the division Of Issue
| and redemption as herein provided, ana
for this purpose he may from time 10
time transfer to such fund any moneys
in the treasury not otherwise npnropri-
uted: and In addition thereto he 70
hereby authorized to issue ana SELL
whenever, in his judgment, It Is nee
essary to the maintenance of said re"
/
bearing interest at a rate not exceeding
per centum per annum, payable IN
gold coin at the end Of twenty years.
But no transfer shall at any time be
made from the general fund OF tho
treasury to the division OF issue and re.
demption which will reduce the general
fund below fifty millions of dollars
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 purchas-
ed under the act Of July II, 1890, Tor
coinage into denominations of subsi-
diary silver coin as may be necessary
TO meet the public requirements Tor
such coin; and any gain or seigniorage
arising from this coinage shall be ac-
counted for and paid into the treasury:
Whenever any silver bullion purchased
under the act OF July "a, 1880, shall be
used in the coinage OF subsidiary silver
coin, an amount Of treasury notes is-
sued under said act equal to the cost Of
the bullion contained In such coin shall
be cancelled and not reissued.
Section 6.-That the secretary OF the
treasury Is hereby authorized and d.
rected to cause all worn and uncurrent
subsidiary silver coin Of the United
States now in the treasury, and here
after received, to be re-coined. SO
| much of the Joint resolution approved
July %, 1876, relating 70 the Issue or
silver coin, as limits the aggregate
amount Of ubsidiary silver coin and or
fractional currency outtanding Mt any
time to nifty millions Of dollars, be and
the same Is hereby, repealed.
Section THAT the United states
notes or treasury notes issued under
the act OF July H. 1890. hereafter issued
or re-issued, shall be Of such denoml-
nations not less than one dollar, as the
secretary Of the treasury may pre-
scribe.
The other sections refer to the regula-
tIon Of the National banks.
The report on the bill has been pre-
pared by Representative Overstreet, OF
indianapolis, who introduced the orig
InRl bill OF the monetary commission IN
| 1893, and has been distributed 10 e1ch
Republican member of the house. Mr..
Overstreet frankly RdmitR that the
committee did not consider the gem
eral subject Of banking, nor did It seek
to arrange a complete scheme OF
finance, but confined Its recommenda-
tIoBg 10 those subjects Of most press
ing demand, as evidenced by the
pledges of the Republican party ana
the general policy Of the administers
tIon."
II was felt, the report declares, that
''the STRENGTHENING OF the public credit
! by the removal Of all doubt concerning
the policy and practice OF the govern
ment relative TO the unit e the value'
is OF paramount importance"
It Is pointed out that there can be
hut one standard at one time, but that
the convenience Of commerce IL promo
ted by the use OF different medln OF e%-
change, convertible Into the standard.
Tho report continues
"When the standard shall be perna-
nently established, and all doubt OF itS
atRbIilty removed, the parity Of all our
! money will be fully recognized and the
kind OF money In which Its payments
shall be made, viii rarely, II ever, Dc
the subject OF dispute. When GER
tnlnty shall take the place Of doubt,
and tho integrity OF our credit he 0a
fixed as the honor OF the nation, and
the national debt can be rendily re-
funded at lower interest rates, and fu-
ture loans negotiated with ease, upon
better terms than ever before"
Mr.. Overstreet quotes the pledge OF
the Republican national convention or
1895 that 'all our silver and paper cur
rcncy must be maintained at parity
with gold. and we favor all measures
designed 10 maintain lnvlolnblp the OBJ
legations of the United States and all
our money, whether coin or paper, at
the present standard, the standard or
the most enlightened nations Of the
u