Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-11-29
CURRENCY MEASURE THAT REPUB-
LICANs HAVE FRAMED.
FORECASTS WERE ACCURATE
BILL PROVIDES FOR LEGAL ENACT
MENT OF GOLD STANDARD.
Report on Measure Was Prepared by
Representative Overstreet and
Sets Forth at Length the
Reasons for the Pro-
posed Law.

WASHINGTON. Nov. 2S.-The financial
bill prepared by the Republican caucus
committee, which met at Atlantic City
last spring, was to-day made public by the
committee. Its text follows:
bill TO define and fix the standard of value, to
maintain the parity OF all forms OF money issued
coined by the United states and for other purposes
Section !. Be IT enacted by the senate and house
Of representatives Of the United States OF America
in congress assembled: That the standard unit of
value shall be the dollar. and shall eonsis;
Of twenty-five and eight-tenths grains Of gold. nine
tenths fine. or twenty-three and twenty-five
hundredths grains of pure gcId being the one-tenth
part Of the eagle.
Sec . That all interest bearing obligations of the
United States for the payment OF money existing
or hereafter to be entered into and all United States
notes and treasury notes issued under the law of July
IL. 1890 shall be deemed and held to be payable in
the gold coin Of the United States defined in
tion Of this act: and all other obligations public
and private, for the payment Of money, shall be per-
formed in conformity with the standard established
in said sction. Nothing herein contained shall be
construed held to affect the present legal tender
quality of the silver dollar or of the subsidiary or
minor coins or Of the paper currency of the United
States, or the laws making national bank notes
eeivabls and payable for certain public debts and
obligations between national banks
New Treasury Department.
Sec. ,. That there be established in the treasury
department. as part of the officer OF the treasurer
of the United States division TO be designated and
known as the division Of issue and redemption to
which shall be assigned. under such regulations as
the secretary of the treasury approve all records
and accounts relating to the issue. redemption and
exchange. hereinafter provided. Of the several
kinds Of United States money. There shall be trans
Hsr~
United States. and taken up the books of said
vision as redemption fund. the of gold coin
snd bullion held against outstanding gold certificates
the amount Of United States notes held against out
standing currency certificates. the Of silver
dollars held against outstanding silver certificates
The amount In eilyer dollars and silver bullion held
against outstanding treasury issued under the
act Of July H. 1880; and amount of gold coin and
bullion to constitute fund equal to 25 per
cent Of the amount both of United States notes and
treasury notes issued under the act of July H. IssO
outstanding. The gold and silver coins and bullion
transferred from the general fund in the treasury as
herein provided. shall be increased diminished as
the case may be- in accordance with the provisions
OF this act and in no other way.
Permanent Gold Reserve.
Sec. 4 That it shall be the duty of the secretary
Of ths treasury to maintain the gold reserve fund
taken Up the books Of the division Of issue and
"ehipuon' as nerei1 PROVIDED ana Tor this purpose
he may, from time TO time. transfer to such fund
any moneys in the treasury not otherwise appro-
priated. or may exchange any of the funds in the
division of issue and redemption for other funds
which may be in the general fund of the treasury,
and in addition thereto he is hereby authorized
issue and sell, whenever in his judgment 1t is
esary 10 the maintenance Of said fund bonds
OF the United States. bearing interest at a rate not
exceeding per centum per annura. payable in golo
gold coin at the option OF the United States after one
year. But no transfer shall at any time be made
on tne general iund OF the treasury to the division
OF issue and redemption which will reduce the gen
eral fund below $50 600 00o That all United States
notes and treasury notes issued under the act Of
July Il, lsyo. presented for redemption shall re-
deemed in gold coin at the will OF the holder and all
silver certificates presented for redemption shall be
redeemed IN accordance with existing law. The
retay Of the treasury is authorized required 10
use said reserve fund in maintenance at All time
the parity and equal value every dollar issued or
secretary OF the treasury deems It necessary in order
to maintain the parity and equal value Of all the
money OF the United States he may, at his discre-
ton. exchange gold coin for any other money issued
or coined by the United States The and Ger
fihcates 30 redeemed exchanged shall be held in
and constitute part Of said fund.- and shall not be
Withdrawn therefrom nor disbursed. except in ex-
said certificates were redeemed or exehanSed
except es hsreiubefore in this section provided Moth
provision of the act approved July IL, Isso. which
provides that mo greater less amount OF such
nc ss. sx.p % ,olian a az, any time than the cost
coined therefrom then held in the treasury purchased
by such notes. ..
Subsidiary Silver Coinage.
Sec. s. That the secretary of the treasury is here.
BY Authorised to use, at his discretion any silver
builsn in the treasury of the United States pur-
chased under the act Of July H. 1880. for coinage
a, may be necessary to mss the public requirements
,or suen ooin and snE gain or seieniorase arising
into the treasury whenerer any silver M S Suloa PI,n
purchased under the act Of July IL. 1890 shall be
used in the coinage Of subsidiary silver coin, an
amount Of treasury notes issued under said act
equal to the cost Of the bullion contained in such
coin shall be cancelled and not reissued.
Sec 6. That the secretary Of the treasury is
hereby authorized and directed 10 cause All worn
and uncurrent subsidiary silver coin OF the United
States In the treasury and hereafter receired
10 be recoined: and to reimburse the treasurer of
the United States for the difference between the nom
ina or face value of such coin and the amount the
in the treasury not otherwise appropriated. So
much OF the Joint resolution approved July % 1876
relatins TO the issue OF silver coln as limits the
fractional currency outstanding at. any time to
$50. oe0. 600. be and the same is hereby repealed
Sec. z. That the United States notes or treasury
notes issued under the act Of July H. $780,
issued reissded, shall be of such denomination.
treasury may prescribe. Silver eertiacatcs shall
hereafter be issued or paid out only in denomiu-
stions of one dollar two dollars and 1--WE doiiars
against silver dollars deposited I'm The dv,snn =;
Issue and redemption. in exchange for silver
certificates Of denominations exceeding 1--WE dollars.
Banking Law Revision.
Sec s. That section 51ss of the Revised Statutes
Of the United States be and the same is amended 80
rs to read as follows; ',Sscion 5Iss. Every asso-
citation, after having complied with the provisions
of this title preliminary the commencement Of
the banking business. and before IL shall be an
thorized TO commence banking business under this
title shall transfer and deliver the treasurer O,
the United States. security for it's circulating
notes. any United States registered bonds, bearing
interest," TO an amount where the capital is sl5s coo
or lesf. not less than onefourth Of the capital and
$50 900 where the capital is in excess of SEQ 900
Such bonds shall be received by the treasurer upon
deposit and shall be by him safely kept in his
Office until they shall be otherwise disposed of in
pursuance OF the provisions Of this title and-surh
OF these banks having deposit bonds in excess
OF that aneunt are authorized reduce their cir
culation by the deposit Of lawful money as provided
BY law. Provided. That the amount Of such cir