Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-11-29
The FINANCIAL BILL
Text of the Currency Measure Pre-.
pared by the Republican House
Committee.
Provides For Payment of Bonds and
Redemption Of Notes in
Gold Coin.
Gold Dollar Made the Monetary
Standard Some Changes in
Bank Regulations.


committee, which met at Atlantic City
last spring, has been made public by
the committee. Its text follows:
BE it enacted, etc. That the standard
unit of value shall, as now, be the dol
lar, and shall consist of twenty five and
eight-tenths grains OF gold, -tenths
fine, or twenty-three and twenty-five
one-hundredths grains of pure gold, be-
ing 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 notes and treasury notes
issued unoer the law of 5uly, 1890, shall
be deemed and held to be payable in the
gold coin of the United States as defined
in section of this act; and all other OBJ
legations, public and private, for the
payment of money shall be performed in
CONFORMITY with the standard establish
ed in that section. Nothing herein con-
tanned shall be construed or held to af-
feet the present legal tender quality of
| the silver dollar. or of the subsidiary or
minor coins, or of the paper currency of
1.-The United States, or the Laws making
] national bank notes receivable AMI pay
| able for certain public debts and dues
and obligations between national banks.
Sec. s. That there be established in
4 the treasury department as part Of
\ flee of the treasurer of the United
States, a division to be designated and
/ known as the division of issue and re-
demption, to which shall be assigned
under such regulations as the secretary
/ of the treasury may approve, all rec
ords and accounts relating to the issue,
redemption and exchange, as hereinaf-
tier provided, of the several kinds of
\ United States money. There shall be
transferred from the general fund in
! the treasury of the United States and
taken up on the books of the said diyis-
ion as d redemption fund the amount of
gold coin and bullion held against out
\ standing currency certificates. the
! amount of silver dollars held against
outstanding silver certificates. the
A amount in silver dollars and silver bul-
lion held against outstanding treasury
notes issued under the act of July IA,
1890, and an amount of gold coin and
II bullion 10 constitute a reserve fund
equal to % per cent Of the amount, both
of the United States notes and treasury
notes issued under the act of July IL
1890 outstanding. The gold and silver
coins and bullion transferred from tbs
general fund in the treasury as he,eif
provided shall be increased or diminish
cd as the case may be in accordance
J with the provisions of this act and in NJ
ether way
THE GOLD RESERVE.
sec f. That it shall be the duty OF
the secretary Of the treasury TO main
tain the gold reserve fund taksp up on
The books Of the division eft issue and re-
aemption as herein provided, aud for
this purpose he may from time to time
transfer to such fund any moneys in this
treasury not otherwise appropriated OF
147aY exchange any Of the funds in tbs
division of issue and redemption FOL
other funds which may be in the gen
eral fund Of the treasury and in addi-
tion thereto he is hereby authorized Il
issue and sell, Whenever in his judg-
nlent it is necessary to the maintenance
Of said reserve fund, bonds of the Unit
ed States bearing interest at rate no
needing per centun per annum
payable in gold coin at the end of twen
ty years, but redeemable in gold coin a
the option of the United States after on
: year But no transfer shall al any tim
be made from the general fund of tn
treasury to the division of issue and re
, damptlon which Will reduce the genera
fund below fifty millions of dollars
That all United states notes and treas
ufy notes issued under the act of Jul
9 Il, 1890 presented for redemption shal
- tie redeemed in gold coin at the will @
), the holder and all silver certificate
presented for redemption shall be re
deemed in accordance with existing Law
The secretary of the treasury is author
lied and required to use said reselv
fund in maintaining at all times tn
parity and equal value of every dolla
issued or coined by the government, an
ii at any time the secretary Of tn
!. treasury deems it necessary in order I
maintain the parity and equal value {
all the money he may at his discretion
exchange gold coin for any other none
issued or coined by the United States
The notes and certificates so redeeme
or exchanged shall not be withdraw
therefrorn nor disbursed except in eS
change for an equivalent amount of tn
coin in which said notes or certificate
we're redeemed or exchanged, except a
herenbefore in this section PROVIDE
Nothing in this act shall be construe
as repeating that provision of the az
ds approved July IA, 1880, which provide
n that no greater or less amount Of sue
gu notes shall be outstanding a any tim
y than the cost of the silver bullion an
the standard silver dollars coined there
h from than had the treasury purchase
by such notes"
ISSUE OF SILVER.
Sec 5. That the secretary of tn
treasury is hereby authorized to use, {
his discretion, any silver bullion in II
treasury of the United States purchase
under the act of July IA. 1890, for coli
age into such denominations of subsic
larry silver coin as may be necessary
meet the public requirements of sue
coin. and any gain or seignorage arisir
from this coinage shall be accounted f,
and paid into the treasury. Whenevt
any silver bullion purchased under tt
act Of July A. 1880, shall be used in IL
coinage of subsidiary silver coins. Q
amount of treasury notes issued und
said act equal to the cost of the bullio
| contained in such coins shall be canoe
| led and not reissued.
| Sec. 6. That the secretary of II
| treasury is hereby authorized and d
/ rected to cause all worn and unc,lrreI