The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-05
SENATE 5 MONEY BILL
Full Text of that Measure
Given TO the Public
GOLD STANDARD, STRONG
Redemption, Sinking Fund
and Bond Issue Features.


can members of the senate finance COM
mittee is as follows:
A bill to affirm the existing standard OF
value to maintain the parity in value
of all forms of money, to refund the
public debt, 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 dollar consisting of twenty-five and
eight-tenths grains of gold nine-tenths
fine shall, as established by Section 35ll
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 a parity of value with this
standard; and United States notes. and
treasury notes issued under the act OF
July a, 1890, when presented to the treas
ury for redemption, shall be redeemed in
gold coin of such standard.
Reserve fund-That it shall be the duty
of the secretary of the treasury, in order
to secure the prompt and certain redemp-
ton of United States notes and treasury
notes as hereinbefore provided, to set
apart in the treasury a reserve fund or
$50, 900. 900 in gold coin, which fund shall
be used for such redemption purposes only
whenever and as often as any Of sand
notes shall be redeemed from said fund 1t
shall be the duty of the secretary of the
treasury to use said notes so redeemed to
restore and maintain such reserve fund
in the manner following, to-wit: First
| by exchanging the notes so redeemed for
any gold coin in the general fund of the
| treasury; second, by accepting deposits
of gold coin at the treasury or at any
sub-treasury in exchange for the United
States notes so redeemed; third, by pro-
curing gold coin by the use of said notes
| in accordance with the provisions of said
Section 300 Of the revised statutes of the
| United States. If the secretary of the
| treasury is unable to restore and main
| tain the gold in the reserve fund by the
foregoing methods and the amount of
| such gold coin in said fund shall at any
time fall below $100,OOOO0O, then it shall
be his duty to restore and maintain the
same by borrowing money on the credit
| of the United States and for the debt
| thus incurred to issue and sell coupon or
| registered bonds of the United States In
such form as he may prescribe, in de-
nominations of fifty dollars or any multi
pie thereof, bearing interest at the rate
of not exceeding 3 per centum per an
mum, payable quarterly, such bonds to be
payable at the pleasure of the United
States after one year from the date of
| 10 II
| and interest in gold coin of the present
| standard of value, and to be 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, munich
pal or local authority. The notes re-
deemed as herein provided shall only be
used for the purpose of restoring said
fund to the maximum amount Of S150,O0O,-
900 and the amount of gold coin and notes
in such reserve fund shall at no time ex-
coed such maximum amount
Redemption of treasury notes-That It
shall be the duty Of the secretary Of the
treasury as fast as sterling silver dol
lars are coined under the provisions Of
the acts of July IA, 1890, and June 80
1898, from bullion purchased under the
act of July "A, 1890, to retire and cancel
an equal amount of treasury notes when
ever received into the treasury, either
by exchange in accordance with the pro-
visions of this act, or in the ordinary
course of business, and upon the cancel
lation of treasury notes silver certificates
shall be issued against the silver dollars
so coined.
Gold Certificates-That the secretary Of
the treasury is hereby authorized and d.
rected to receive deposits of gold coin
with the treasurer or any assistant treas
Urer of the United States in sums of not
less than SO and to issue gold certificates
therefore in denominations of not less
than $50, and the coin so deposited shall
be retained in the treasury and held for
the payment of such certificates on de-
mand and used for no other purpose.
Such certificates shall be receivable for
customs, taxes and all public duties and
when so received may he re-issued. and
when held by any national banking asso-
ciat.on may be counted as part Of its
lawful reserve: Provided. that whenever
the sold coin held in the reserve fund Of
the treasury for the redemption of United
| States notes and treasury notes shall fail
below 100000 coo the authority to issue
certificates as herein provided shall be
sueel ended: and Provided further. that
OF the amount of such outstanding GER
t'hcates one-fourth at least shall be in
denominations Of $50 or less: and provid-
Cd further that the secretary Of the
treasury may. in his discretion. issue
such certificates in denominations Of
Sle.oo0. payable TO order. And section 5les
Of the revised statutes OF the United
States Is. hereby repealed.
Denomination Of NoteS-That from and
after thu passage Of this act no Uns5,,i
States notes or treasury notes shall be
issued or r issued Of denominations IS
than SO, an al. such outstanding notes
OF l7w=r denomination shall whera~e,
receive AT tho treasury or redeemed. Re
cancelled ana notes q denominations Of
$40 or upward shall De substituted there
for No silver certificates shall be issued
= hereafter Of q higher denomination than
e. SO and all such outstanding certificates
Of a higher denomination shall wheneve-
received at the treasury OF redeemed. te
cancelled and notes ~ denominations OF
SO or less shall be substituted therefor
Refnnding-That The secretary OF the
- treasury IS hereby authorized 70 receive
- az the treasury any OF the outstanding
+ bonds % Ehe United States bearing inter
est Al > per centum ger aunum. payable
=. February J. 1884, and any OF The bonds Of
" the United States bearing interest at l
" Per centum per annuu. payable July 1
= lsi'. and any bonds Of the United states
bearing interest n 8 per cer,un per an
!. ! nun. naNapIe Anr,.st faIS a,,f - iS-s.,n