New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-22
FIXING A GOLD STANDARD.
AN ELABORATE COINAGE AND CUR
RENCY BILL PREPARED.
IT PROVIDES FOR GRADUAL RETIREMENT
OF oREENBACKs AND MAKES MANY
OTHER CHANGES IN THE FINAN-
C1AI. sYsTEM-FAvORABLE RE-
PORT ORDERED By THE
HOUSE COINAGE
COMMITTEE
rBY TELEGRAPH TO THE tribune

fsY TELEGRAPH TO THE TFIBrNE.l
Washington Jan. 21.-The House Committee
on Coinage to-day agreed 10 report favorapN'
with several amendments. a substitute TOT the
bill introduced and referred 10 that committee
several weeks ago by Mr. Hill. OF Connecticut.
H. is a member Of that committee az well as
NJ the Committee on Banking and Currency
and despairing OF any action by the latter look
ing to currency reform. he offered and had re-
ferred 10 the former committee bill ito deflne
and fix the standard OF value and 10 regulate
coinage and provide for redemption hereunder
and for other purposes" The bill is an elaborate
one the salient and more important features be
ing follows:
To establish and fix the gold dollar as the
standard unit OF value. 10 which all obligations
for the payment Of money shall conform; to
establish in the Treasury Department division
70 be known as the Division OF Issue and Re
demption. with extensive functions and powers;
10 provide for the gradual retirement and can
collation. Of all outstanding greenbacks and
Treasury notes and deprive them Of their legal
tender quality at the end Of ten years atter the
spprovaI OF the act. and also providing that no
greenbaoks Treasury notes once redeemed
IN gold within the period referred 70 shall be
paid out again except TO- gold coin; to provide
for the cancellation from time 10 time Of Treas
u
subsidiary silver coin coined from silver bullion
purchased under the act OF 1890 10 provide that
all gold and currency certificates redeemed shall
be cancelled and no more issued or reissued: 70
provide that National banks shall be entitled to
receive circulating notes equal in value TO the
par value Of the bonds deposited 10 secure said
notes: 10 require every National banking as
ISOLATION 20 pay into the Division Of Issue and
Redemption each half year duty Of one-tenth
OF ] per cent on the value Of its franchise as
measured by the aggregate amount Of its capt.
tal surplus and undivided profits on the last
day OF the calendar month next preceding the
payment; 70 repeal the provisions Of existing
law affecting the increase or withdrawal o. its
circulating notes by a National bank: 10 au-
thorize the establishment OF National banks
with a capital Of not less than $4,000 in towns
whore population does not exceed six thousand
and with capital OF not less than $4,000 in
places whose population does not exceed three
thousand inhabitants; 10 make II lawful for any
National banking association to establish
branches. under rules and regulations 10 be pre-
scribed by the Controller OF the Currency. with
the approval Of the Secretary Of the Treasury.
Probably neither Mr. Hill nor the majority
OF the Coinage Committee expects or even
hopes that this bill. which was ordered 20 be
reported 10 the House by strict party vote.
will reach the first stage OF consideration In that
body before the expiration Of this Congress,
and the measure Is. therefore. 20 be regarded
simply as an expression Of the views OF IT'S
author and his Republican colleagues OF that
committee. Just why they should have cons'd-
cred such expression either timely or neces-
sary within six weeks OF the final adjournment
Of Congress is regarded as somewhat OF mys-
terry quite apart from the fact that tho COM
mittee has rashy Yentured 70 invade the pre-
cincts so jealousy guarded by Chairman Walk
or and his colleagues of the Committee on
Banking and Currency. who have sole Jursdlc-
ton Of all legislative questions in the House
affecting the currency. especially that Issued
under the National banking laws.
II is the first general bill which has been pre-
pared by the Coinage. Weights and Measures
Committee In several years. 1t is the result OF
a great deal OF labor and many hearings. The
hearings had not, in fact. actually been com
pleted when the bill was reported to-day and
Secretary Gage and ex-Congressman Charles
A ToWne received leave 10 file statements
which will be included in the report OF the
hearings when published. Mr.. Walker. OF Mas
sachusetts was heard to-day before the Dill
was voted on. Mr.. Bland offered substitute
for the single gold standard feature providing
for free bimetalic coinage. and II was voted
down & TO s. q strict party vote. The commit
tee then directed the chairman, c. ". Stone. OF
PENNSYLVANIA, 10 call up and press the bill at
the earliest possible moment and 70 employ u
that end any possible parliamentary expedient