The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-11-29
GOLD MEMS
CHALLENGE.
Financial Bill Which Will Be
Submitted Next Week
Provides Firm Establishment
of Yellow Standard.
RETIRES GREENBACKS
Makes Everything Redeemable
In Gold Coin.
Opens Big Gate For Future
Issues of Bonds.


bill prepared by the Republican caucus
committee which met at Atlantic City
last spring has been made public by
the committee. It's text follows:
A bill to define and fix the standard
OF value. to maintain the parity of all
forms of money issued or coined by the
United States and for other purposes.
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,
as now, be the dollar. and shall consist
of twenty-five and eight-tenths grains
of gold, nine-tenthS fine, or twenty
three and twenty-five one-hundredths
grains of pure gold, being 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 under the law of July four
teenth, eighteen hundred and ninety,
shall be deemed and held to be paya.-
bic in the gold coin of the United
States as defined in section one of this
act; and all other obligations, public
and private, for the payment of money
snail be performed in conformity with
the standard established in said Sec
ton. Nothing herein contained snail
be construed or held to affect the pres
ent legal tender quality of the silver
dollar, or of subsidiary or minor coins.
or of the paper currency of the United
States or the laws making national
bank notes receivable and payable for
certain public debts and dues and OBJ
legations between national banks
Section 3-That there be established
in the treasury department as a part of
the office Of treasurer of the United
States, a, division to be designated and
known as the division of issue and re
demptioH to which shall be assigned,
under such regulations as the secretary
of the treasury may approve, all rec
Or0S and ocPOnnfS Tn1a fO 10
redemption and exchange, as herein
after 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 upon the books of said division
as a redemption fund the amount Of
gold coin and bullion held against out
standing gold certificates, the amount
of United States notes held against
outstanding currency certificates, the
amount of silver dollars held against
outstanding silver certificates, the
amount in silver dollars and silver bull
lion held against outstanding treasury
notes issued under the act of July four
teenth, eighteen hundred and ninety;
and amount of gold coin and bullion
to constitute a reserve fund equal to
25 per cent of the amount both of Uni
ted States notes and of treasury notes
issued under the act of July fourteenth,
eighteen hundred and ninety out
standing. The gold and silver coin and
bullion transferred from the general
shall be increased 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
maintain the gold reserve fund taken
upon 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 appro-
priated or may exchange any of the
funds in the division of issue and re-
demptiOn for other funds which may be
in the general fund of the treasury, and
in addition thereto is hereby authorized
10 issue ana sell, when ever in his judg-
ment 1t is necessary to the maintenance
of said reserve fund, bonds of the
United States bearing interest at a rate
not exceeding three per cent per an
mum, payable in gold coin at the end of
twenty years, but redeemable in gold
coin at the option of the United States
after one year. But no transfer shall at
any time be made from the general fund
Of the treasury to the division of issue
and redemption which will reduce the
general fund below fifty millions of dol
lars. That all United States notes and
treasury notes issued under the act of
July IA, $780, presented for redemption
shall be redeemed in gold coin at the
will of the holder and all silver certifi-
Gates presented for redemption shall be
redeemed in accordance with existing
law. The secretary of the treasury is
authorized and required to use said re-
serve fund in maintaining at all times
the party and equal value of every
dollar issued or coined by the govern
ment; and if at any time the 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 discretion, ex-
change gold coin for any other money
issued or coined by the United States.
The notes and certificates SO redeemed
or changed shall be held in and conSti-
tute a part of said fund and shall not
be withdrawn therefrOm nor disbursed
except in exchange for an equivalent
amount of the coin in which said notes
or certificates were redeemed or ex-
changed, or except as hereinbefore in
this section provided. Nothing in this
act shall be construed as repeating that
provision of the act approved July IA,
1890. which provides that, no greater
or less amount of such notes shall be
outstanding at any time than the cost
of the silver bullion and the standard
silver dollars coined therefrom then
held in the treasury purchased by such
notes"
Section 5-That the secretary Of the
treasury is hereby authorized to use
at his discretion, any silver bullion in
the treasury of the United States pur-
chased under the act of July IA, 1890,
for coinage into such denominations Of
subsidiary silver coin as may be neces-
sary to meet the public requirements
for such coin; and any gain or seigniOr-
age arising from this coinage shall be
accounted for and paid into the treas
ury. When ever any silver bullion pur-
chased under the act of July IA, 1890,
shall be used in the coinage of sub
sidiary silver coin, an amount of treas
ury notes issued under said act equal to
the cost of bullion contained in such
coin shall be cancelled and not re-
issued.
Section 6-That the secretary Of the
treasury is hereby authorized and di-
rected to cause all worn and uncurrent
subsidiary silver coin Of the United