The Topeka state journal., 1899-12-06
TOO MUCH MONEY.
Senate Bill to Retire Greenbacks and
Treasury Notes


committee is as follows:
bill to affirm the existing standard
of value, to maintain the parity in val
ue of all forms of money, to refund the
public debt. and for other purposes.
The standard:
Be it Enacted by the Senate and House
of Representative of the United
States Of America in Congress As
sembled:
That the dollar consisting of twenty
five and eight-tenths grains of gold,
nine-tenths fine, shall as established by
section thirty-fVe hundred and eleven
of the revised statutes of the United
States, continue to be the standard un-
it of value and all forms of money is
sued 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 IA, 1882 when presented
to the treasury for redemption shall be
redeemed in gold coin of such stand
ard.
Reserve fund:
That it shall be the duty of the sec
retary of the treasury. in order to Sc
cure the prompt and certain redemp-
tion of United States notes as herein
before provided to set apart in the
treasury reserve fund of one hundred
and fifty million dollars in gold coin
which fund shall be used for such re-
demptiOn purposes only and whenever
and as often as any of said notes shall
be redeemed from said fund it shall
be the duty of the secretary of the
treasury TO use SdlQ notes so redeemed
to restore and maintain such reserve
fund in the manner following, tOwit:
First, by exchanging the notes so re
deemed for any gold coin in the general
fund of the treasury; second, by ac-
cepttng deposits of gold coin at the
treasury or at any subtreasury in ex-
change for the United States notes so
redeemed; third, by procuring gold
coin by the use of said notes, in ac-
cOrdance with the provisions of sec
ton thirty-seven hundred of the revis-
ed statutes of the United States. If the
secretary of the treasury is unable to
restore and maintain 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
one hundred million dollars, then it
shall be his duty to restore and retain
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 Uni
ted States in such form as he may pre-
scribe in denominations of fifty dollars
or any multiple thereof, bearing inter-
est at the rate of not exceeding 3 per
centum per annum, payable quarterly,
such bonds to be payable at the pleas
ure of the United States after one year
from the date of their issue and to be
payable, principal and interest in gold
coin of the present standard 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, municipal or local authOri-
' Inc notes redeemed as neFe1n pro-
vided shall only be used for the pur-
pose of restoring said fund to the max
imum amount of one hundred and fifty
million dollars and the amount Of gold
coin and notes in such reserve fund
shall at no time exceed such maximum
amount
Redemption of treasury notes:
That it shall be the duty of the sec
; retary of the treasury as fast as ster-
Iing silver dollars are coined under the
provisions of the acts of July 14th, 1890,
and June 30. 1898, from bullion pur-
chased under the act of July A. 1890
4 to retire and cancel an equal amount
/ of treasury notes whenever received
/ into the treasury, either by exchange
! in accordance with the provisions of
this act, or in the ordinary course of
business and upon the cancellation of
treasury notes, silver certificates shall
3 be issued against the dollars so coined.
Gold certificates:
| That the secretary of the treasury is
! hereby authorized and directed to re-
ceive deposits of gold coined with the
treasurer or any assistant treasurer of
the United States in sums of not less
than twenty dollars and to issue gold
certificates therefor in denominations of
not less than $40, and the coin so de-
posted shall be retained in the trea SurV
and held for the payment of such GER
tihcates on demand and used for no
other purpose. Such certificates shall
be receivable for customs, taxes and
all public dues, and when so received
may be re-issued, and when held by
any national banking association may
be counted as a part of it's lawful re-
serve.
Provided, that whenever the gold coin
| held in the reserve fund in the treasury
| for the redemption of United States
/ notes and treasury notes shall fall be-
low $10O, 900, 900, the authority to issue
certificates as herein provided shall be
suspended:
And provided further, that of the
amount of such outstanding certificates
One-fOurth at least shall be in denOni-
nations Of fifty dollars or less:
And provided further, that the sec
retary Of the treasury may in. his dis
cretiOn, issue such certificates in de-
! nominations of $4,000 payable to or
der. And section fifty-One hundred and
ninety-three of 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 treasury notes shall be
issued or reissued of denominations less
than SO, and all such outstanding notes
! of a. lower denomination shall, when
ever received at the treasury or re-
deemed, be cancelled and notes Of de-
/ nominations of SO or upwards shall be
hereafter issued of a higher denomi-
| nation than so. and all such Outstand-
! ing certificates Of a higher denomina-
ton shall, whenever received at the
| treasury or redeemed, be cancelled and
notes of denominations of so or less
shall be substituted therefore,
Refunding:
That the secretary of the treasury is
hereby authorized to receive at the
treasury any of the outstanding bonds
of the United States bearing interest al
five per centum per annum, payable
TVa917-71ag 1904 and anE Of bonds