The Portland daily press., 1899-01-23
A CURRENCY BILL.
VIII BE Reported by the House Coinage
Committee.

Washington, January 2i.-The House
today by \ strict party vote ordered Z
favorable report on the substitute fol
Represent tative Hill's bill TO fix the stand
ard of value In the United States and fol
other purposes. The bill provides, In sub
stance, that the standard of value in the
United States shall be the gold dollar
that a II contracts existing and In the fu
ture shall be computed in reference t.
that standard; that here shall be estab
| lished In the treasury department oil
| issue and redemption: that the green
| backs shalt be retired and gold bills sub.
stituted therefor. No silver dollars arr
to be hereafter coined except from bull
| lion now in the TREASURY; the Secretary
of the Treasury in his discretion Is to coir
silver into subsidiary coin as public ur'
gency demands and re-coin old. worn,
uncurrent subsidiary coin without special
augmentation therefor; such coin Of bull
| lion TO be concurrent with the retirement
of treasury notes, the same as IL coined
into silver dollars, and the coinage oi
such subsidiary coin not to be limited
TO $50, coo, 900.
Thers is TO be separation Of treasury
accounts between issue and financial
ransactions A gold reserve of 20 pei
cent of outstanding notes and treasury
notes IL to be maintained. also q i've pei
cent gold reserve OF the aggregate Of sill
yer dollars ms common. fund for the
redemp ption Of all notes.
The retirement of the greepbacks pro-
vision IL for the first five years an
amount equal to the increase OF national
| bank notes issued subsequent 20 the tax
| ing effect Of the act; two per cent to be
retired annually during the next five
| years and green nbacks to cease to be legal
tender ut the end of ten years. Gold and
currency certificates are to be cancelled
| as not reissued; no national bank notes
under $40 and no silver certificates over
SIS are to be issued. The tax on national
banks is to be changed from the circula'
tion 10 one-tenth of one per cent of capt.
tai, surplus aud undivided profits.
The bill repeAls ali existing restrictions
on the withdrawal and issue of national
bank notes ut will. Banks may issue
notes to the full value of bonds deposited.
NatiopaI banks with a capital of $50, 000
and in cities of 1000 population, may be
established and branch banks may be
provided under regulations OF the comp
troller of tho currency.
rency reform bill which Is till being
fought over In the committee OF banking
and currency. 1t Is the first general bill
which has got out of the coinage weights
and measures committee in several years
Ii is the result OF = great dsal of labor
and many hearings. The hearings had
not in fact actually been completed when
the bin was reported today and Secretary
Gage and ex-Congressman Towne were
oiven leave TO file statements which will
ne included in the hearings when pub
lshsd. Mr.. Walker OF Massachusetts,
was heard today before the bill was voted
unon. MIR. bland offered a substitute for
the single gold standard feature Of the
bill. providing for FREQ bimetallic coinage
nar,v vote. The committee then directed
the chairman, MIR. q. W. Stone of Penn
sylyania, to call up and press the bill ut
the earliest possible moment and to en-
ploy to that end any possible parliamsn-
|-tary expedient