The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-11-29
THE NEW FINANCIAL BILL
FULL TEXT OFjREPUBLICAN CAU-
Gus COMMITTEE'S MEASURE.

FULL TEXT OFiREP On u
Gus COMMITTEE'S MEASURE.
The Gold Standard Strongly Adhered
To-The Unit of Value to be, as Now
the Gold DolIar-New Division of tn,
Treasury Department for the Issue
Redemption and Exchange of all
Kinds of United states Money, Is Pro-
vided -Maintenance of Gold Reserve
Made Compulsory.
bill prepared by the republican caucus
committee which met at Atlantic City
last spring was to-day made public by
the committee. The bill defines and
fixes standard of value, to maintain
the party of all forms of money issued
or coined by the United States and for
other purposes.
Section-The standard unit of value
shall, as now, be the dollar, and shall
tenths fine 23 22-1O0ths grains of
pure gold, being the one-tenths 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 under the law of July IA, 1890,
shall be deemed and held to be payable
in the gold coin Of the United States as
defined in Section l of this act, and all
other obligations, public and private for
the payment of money shall be per-
formed in conformity with the stand
ard established in said section. Moth
ing herein contained shall be construed
or held to affect the present legal ten
der quality of the silver dollar or of the
subsidiary or minor coins, or Of the pa
per currency of the United States, or
the laws making national bank notes
receivable and payable for certain pub
lie debts and dues and obligations be-
tween national banks.
Section 3-That there be established
in the treasury department as part of
the office of the treasury of the United
States, 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 records
and accounts relating to the issue, re-
demption and exchange as hereinafter
provided Of the several kinds of United
States money. There shall be trans
ferred from the general fund in the
treasury of the United States, and then
upon the books of said division as a re-
demption fund, the amount of gold coin
and bullion held against outstanding
gold certificates, the amount of United
States notes held against outstanding
currency certificates, the amount of sill
yer dollars held against outstanding
silver certificates, the amount in sill
yer dollars and silver bullion held
against outstanding treasury notes is
sued under the act of July IA, 1890, and
an amount of gold coin and bullion to
constitute a reserve fund equal to 25
per cent of the amount both United
States notes and treasury notes issued
under the act of July A., $780, outstand-
ing. The gold and silver coins and bull
lion transferred to general fund in the
treasury as herein provided shall be in
creased or diminished as the case may
be in accordance with the provisions OF
this act and in no other way.
Section 4-That it shall be the duty
of the secretary of the treasury to main
tain the gold reserve fund taken up on
the books Of the division of issue and
redemption, as herein provided and for
this purpose he may from time to time
transfer to such fund any moneys in
the treasury not otherwise appropr1at-
ed. 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
to issue and sell, whenever in his judg-
ment it is necessary to the maintenance
of said reserve funds, bonds of the Unit
ed States bearing interest at rate not |
exceeding per cent. per annum, paya-
BILE in gold coin at the end of twenty |
years. but redeemable in gold coin, at !
the option of the United States, after |
pne wear. But no transfer shall at any
Time D6 maze ITOIH llFe BtIltldl LuIld VI
the treasury to the division of issue and
which will reduce the gen
aral fund below fifty millions of dollars.
That all United States notes and treas
ury notes issued under the act Of July
Ia, 1890, presented for redemption shall
be redeemed in gold coin at the will of
the holder and all silver certificates
presented for redemption shall be re-
deemed in accordance with the existing
aw. The secretary of the treasury is
authorized and required to use such re-
serve fund in maintaining at all times
he parity and equal value of every
lollar issued or coined by the govern
nent. and if at any time the secretary
If the treasury deems it necessary in
rider to maintain the parity and equal
yalue of all the money of the United
States he may at his discretion ex-
,hange gold coin for any other money
ssued or coined by the United States.
rhe notes and certificates so redeemed
,r exchanged shall be held in and con-
titute part of said fund and shall not
,e Withdrawn tnerefrom nor disbursed
,xcept in exchange for an equivalent
mount of the coin in which said notes
,r certificates We're redeemed or ex-
hanged except as hereinbefore in this
action nroyided Nothing in this act