The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-05
SENATE CURRENCY BILL.
FULL TEXT OF THE MEASURE TO
BE REPORTED TO TIE SENATE

Maintain tho Parity in Value of All
Forms Of Money and Refund the Public
Debt-Goid Reserve Fixed mt s15o, o0O.0
WASHINGTON, Dec. 4.-The Currency bill
prepared BY the Senate Finance Committee
during the recess OF Congress and adopted at
the last Saturdays meeting OF the Republican
members Of the committee was made public
this evening. The essential features OF the
measure were published In THE Sun OF Sunday
last. The text OF the bill. which will be intro
duced in the Senate on Wednesday by Senator
Aldrich OF Rhode Island. Chairman OF the
Finance Com mittee. and referred to that COM
mittee. is as follows:
A bill 10 affirm the eristino standard Of value.
10 maintain lie parity in value oJ all forms OF
money. 10 refund the public debt. and for other
purposes.
Be It enacted. &c. That the dollar consisting
OF twenty-five and eight-tenths grains OF gold
nine-tenths fine shall. as established by Sec
ton 3.511 Of the Revised Statutes Of the United
States. continue to be the standard unit Of
value. and all forms OF money issued or coined
by the United States shall be maintained at u
parity OF value with this standard; and United
States notes and Treasury notes issued under
the act o. July II. 1890 and when presented to
the Treasury for REDEEM ptlon. shall be redeemed
in gold coin Of such standard.
RESERVE FUND
That II shall be the duty OF the Secretary OF
the Treasury. in order to secure the prompt
and certain redemption OF the Unite States
notes and Treasury notes hereinbefore pro-
vided. set apart in the Treasury a reserve fund
OF $150.00O 900 In gold coin. which fund shall
be used for such redemption purposes only.
and whenever and as often as any OF said notes
shall be redeemed from said fund. II
shall be the duty Of the Secretary OF
the Treasury to use said notes so
redeemed to restore and maintain such re-
serve fund in the manner following, to wit:
First. by exchanging the notes 40 redeemed
for any gold coin in the general fund Of the
Treasury; second. by accepting deposits OF
gold coin at the Treasury or any Sub-Treasury
In exchanging for the United States notes 40
redeemed: third. by procuring gold coin by
the use OF said notes. In accordance with the
provisions OF section 300 OF the Revised
Statutes OF the United States. II the Secretary
OF the Treasury is unable to restore and main
tain the gold coin In the reserve fund by
the foregoing methods. and the amount OF such
gold coin IN said fund shall at any time
fall below 800 0UO,00O then IL shall b. his duty
TO restore and maintain the same by borrowing
Tor the debt thus incurred to issue and sell
COUPON or registered bonds OF the United
States in H., such form as he may prescribe.
the rate Of not .xceedins three per.
bonds, to be payable at tho pleasure Of the
United states after one year from the date
aRa in so arc eon th stahS
ard value. and TO be exempt from the payment
OF al taxes or duties, of the, United States, as
we'll as from taxation In any form by or under
redecmed as herein provided Shall only p'' be
the maximum T amount Of SI56 66Soo sl" and
the amount OF gold coin and notes IN such
maximum amount
REDEMPTION OF TREASURY NOTES
That II shall be the duty OF the Secretary OF
the Treasury as fast as standard silver dollars
are coined under the provisions OF the acts OF
purchased under the act Of July IL. isso G to
retire and cancel an elua! amount OF Treasury
either by exchange in accordance with the BRO.
visions OF this act or In the ordinary course OF
business and upon the cancella,iSn Of Treas;
against the silver dollars 80 coined.
GOLD cEnTIrIcATEs
That the Secretary OF the Treasury Ia hereby
authorized and dlrected TO receive deposits Of
gold coin with the Treasurer or any Assistant
Treasurer OF the United States in sums OF not
less than twenty dollars. and to Issue gold GER
tcates therefor In organizations Of not less
shall be retained In the Treasury ANA held for
thu, payment OF such certificates on demand
Gates shall be receivable Tor customs. taxes and
all puhlir dues. and when so received may be
Ing 80 0cta,ion may be counted a. part 81 its
lay rrsrrycc;
n. gold coin hed in se a reserve ss G pna q
ssStss Po;ss and Treasury notss Shall Ip'i isii
tihcates as herein provided shall be suspended:
and provided further. that OF the amount or
least shall be in denomina,ions OF nfty dollars
or loss and provided further. that the Secre-
ssSS OF sa SsS n as
$4,000 PAYABLE to order. And Section g. 1913
q the Revised statutes OF the United States is
hereby repealed.
DENOMINATIONS OF NOTES.
That from and after the passage OF this act
no United States notes or Treasury notes shall
be issued or, ,reissued OF tenominatous less
notes Of a lower denomination shall, whenever
received at the Treasury or redeemed. be can
lars or upward shall be substituted therefor.
No silver certificates shall be hereafter issued
all such outstanding certificates OF a higher
denomination shall, whenever received at the
or he retired and
less shall DO substituted therefor.
REFUSpISo.
!, The Secretary OF the Treasury Ia hereby au-
thorized to receive at the Treasury any OF the
he Feb l. 1904. and any Of the bonds Of the
United States bearing interest at 4 per cent
per annum., ,payp6ls, July. !. 1907. and any
terest at 8 per cont per annum. payable
Aug. l. 1908. and to issue in exchange
therefor coupon or registered bonds OF the
United States In such form as he may pre-
scribe. In denominations OF fifty dollars or
any multiple thereof. bearing Interest at the
ate OF per cent. per annum. payable quar-
terly. SUCH bonds to be payable at the pleasure
Of the United States after thirty years from
the date OF their issue. and said bonds to be
payable. principal and interest. In gold coin OF
the present standard value. and to he exempt
from the payment OF all taxes or duties OF the
United States. as well as from taxation in any
form by or under State. municipal or local
au horty.
Provided, That none Of such outs,and-
change at valuation greater than their
present worth to weld an income OF %
per centum per annum. and said bonds
shall be issued at not less than par;
and provided further: That such bonds
secutively in the order Of their ISSUE,
and when payment IL made the last num-
bers issued shall be first paid. and this order
shall be followed until all the bonds are paid,
and whenever any OF tho outstanding bonds
are called for payment. Interest thereon shall
cease three months after such call; and pro-
yideQ further. that the Secratar NJ tha Traa.