The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-12-05
Contains Provision For Rounding Of
Bonds.
Reserve Fund Made
Compulsory.
Treasury Notes To BE Cancelled
When Redeemed.

Wa shington. December 4.--The text OF
the currency bill prepared by the Repub-
Iicau members Of the Senate finance
COMMITTEES has bsen made public.
1t provides that the unit Of value shall
be 80 $40 grains of gold, 9-10 ips.
United STATES notes and treasury notes
issued under the act of July II. 1890. when
presented to the treasury for redemption
shall be redeemed In gold coin OF such
standard.
A rss,rvs fund of $3.50. 0)0, 900 shall be
main tained for such redemption purposes
only, and whenever and rs often 80 any
OF said notes shall be redeemed IL shall
be the duty Of the secretary Of the trsa-
sury to use the notes to restore the re-
serve fund In the manner foliowing'
First, by exchanging the notes so re :
deemed for any gold coin In the general
fund Of she treasury.
Second, by accepting deposits Of gold
col a at the treasury OF at any sub-treasury
In EXCHANGE for the United States notes
SO redeemed.
Third, by procuring gold coin by the
use OF said notes.
| III the reserve cannot be aintained by
thes, ms the DIS when it falls below $780,
COZ, 600 1t shall be restored by issue Of
bonds at per cent
That Il snail bs the duty of the secre-
ta-y CT the treasury rs fast as standard
8 liver dollars ar3 ooinod to retire and
cancel an equal amount OF treasury notes
whenever received into the treasury upon
he cancellation OF treasury notes, silver
certiti oates shall be issued against the sill
yer dollars 50 coined.
| The secretary OF the treasury 10 nutho-
rizsd to issle gold certificates for gold
reoei vsd In sums not less than so. the
gold thus received to be held 70 redeem
them. Whenever the gold coin held In
the reserve fund In the treasury for this
redemption of United States moss and
treasury notes shall fall below 100, COO. COO
dollars the authority to issue certificates
as here In provided shall be suspended.
OF she amount of such certificates, one
| fourth at least shah be in demon nations
of $50 or hss, and ths secretary Of the
sreasu may, In his discretion hs Ne sueh
certificates In denominations Of $40, coo,
payable to order.
| After the passage Of this act, no United
States notes or treasury notes shall he
iIsued or re- 50 ned OF denomi nations LED
than $40, and all suoh outstanding notes
Of lower denomination shall, whenever
received at the treasury or redeemed. be
cancelled and notes of dsnomiuati ,ns Of
$40 OF upwards shall be substituted there
| for. No silver certificates shall be here
after issued Of u higher denomination
than $40, and all such outstanding certih-
Gates Of q higher denomination shall.
whenever received at the treasury or re-
deemed. he retired and cancelled and
| notes Of concentrations Of SO or less shall
be Substituted therefore.
The secretary OF the treasury is autho-
rizsd to receive u ths treasury any OF tbs
outstanding honda Of the United States
beariug interest ut . per cent, psyahls
February /. 1904, and any bearing In
terest at per cant, payable July !. 1907,
and any bearing interest at per cont
payable August /. 1908. and to issue
In e, caange bonds In denominations If
$50 or any multiple thereof, bearing In
terest at 2 per csDt, payable quarterly,
such bonds to be payable at the pleasure
OF the United States after 80 years from
the date of their issue. In gold c'in.
None of such outstanding bonis shall
be received In such exchange at vaiu-
alton greater than their present worth
to yield an irc,me Of two and one-quar-
ter per c,ntvm per annrm and said bonds
shall he Issued at not less than par.
| The SECRETARY of tn, treasury may In
his disc 'etiou. pay out Of any money In
the treasury. not otherwise appropriated.
the differercs between the present worth
computed as aforesaid, Of the outstanding
bonds surrendered in Sccordanes with the
Pre- visions of this Ioi and their par value.