The Indianapolis journal., 1899-11-29
All Obligations, Public and Private,
to BE Paid in Gold when the Pro-
posed Bill Becomes Law.
CHANGES IN BANKING LAWS
THAT WILL TEND TO INCREASE
CIRCULATION OF NOTES.
Provision Made for a Division Of Is
sue and RedemptiOn-Repres
tive Overstreet's Report.

WASHINGTON, Nov. 2s.-The financial |
bill prepared by the Republican caucus |
committee, which met at Atlantic City last |
spring, was to-day made public by the COM
mttee. Its text follows:
"A BILL. to define and fix the standard of |
value, TO maintain the parity of all forms
of money issued or coiLed 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 snail consist OF
25.S grains of gold nine-tenthS fine, or
1872 grains of pure gold, being the one-
tenth part of the eagle,
cations of the United States for the pay
II ent of money now existing or hereafter
to be entered into, and all United States
notes and treasury notes issued under the
law of July IA, 1880, shall be deemed and
held to be payable in the gold coin OF the
United States. as defined In Section nih,io Go
and private, for the payment of money shall
be performed with the standard established
in said section. Nothing herein contained
shall be construed or held to affect the
present legal tender quality OF the silver
collar, or of the 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 obligations be-
Sec 3. That there be established In the
Treasury Department, as part or the
office of the treasurer of the United states,
a division to be known and designated as
the division of issue and redemption, to
which shall be assigned, under such regula-
tions as the secretary of the treasury may
approve, all records and accounts relating
to the issue, redemption and exchange as
hereinafter 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 up
On the books of said division as a re-
demption fund the amount of gold coin and
bullion held against outstanding gold GER
tificateS. the amount of United States notes
held against outstanding currency certlil,
Gates, the amount OF silver dollars held
against outstanding silver certificates the
amount in silver dollars and silver bullion
held against outstanding treasury notes is
sued under the act of July IA. 1880. and an
amount of gold coin and bullion TO consti-
of the amount, both OF United States notes
and treasury notes issued under the act of
July IA, 1890. outstanding. The gold and
silver coins and bullion transferred from the
general fund in the treasury as herein pro-
vided shall be increased or diminished, as
the case may be- in accordance with the
provisions of this act and in no other way.
TO MAINTAIN GOLD RESERVE.
"Sec. 4. That it shall be the duty of the
secretary of the treasury to maintain the
gold reserve fund taken up on 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
appropriated or may exchange any of the
funds in the division of issue and redemp-
tion for other funds which may be in the
general fund Of the treasury, and in addi-
ton thereto he is hereby authorized to issue
and sell, whenever in his Judgment IL is
necessary to the maintenance of said re-
serve :nld, bonds OF the United STAGES bear
ing interest at rate not exceeding per
centum annum. DdVaDle in gold coin at
| the end of twenty years, but redeemable
| in gold com 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 or issue
eral @ fund below 100000. That % ali W United e
/ States notes and treasury notes issued un-
der the act Of July a. $50 presented re ote for for
| at the will of the holder, and all silver GER
! tificates presented for redemption shall be
redeemed in accordance with existing law.
The secretary of the treasury is authorized
| and required to use said reserve fund in
maintaining main, aiming ct all times the parity and
| by the government, and II at any time the
| secretary of the treasury deems it neces-
@ saryi a IN order r to to maintain ma the parity and
States, he may at his discretion exchange
gold coin for any other money issued or
| coined by the United States. The notes
and certificates so redeemed or exchanged
shall be held in and constitute a part of
said fund and shall not be withdrawn there
from nor diSburSed except in exchange for
an equivalent amount of the coin in which
said notes or certificates We're redeemed or
exchanged, except nereinbefore in this
section provided. Nothing in this act shall
be construed repeating that provision
of the act approved July IA, 1890, which pro-
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.
COINAGE OF SILVER.
Sec. s. That the secretary of the treas
| ury is hereby authorized TO use, at his dis
! cretion. any silver bullion in the treasury
of the United States purchased under the
| act Of July IA. 1890. for coinage into such
denomination of subsidiary silver coin as
may be necessary to meet the public re-
! quirements for such coin. and any gain or
| seigniorage arising from this coinage shall
/ be accounted for and paid into the treas
| ury. Whenever any silver bullion pur-
chased under the act of July II, 1890. shall
| be used in the coinage of subsidiary silver
| coin an amount of treasury notes issued
| under said act equal 10 the cost OF the bull
| lion contained in such coin shall be. can
| celed and not reissued.
| Sec 6. That the secretary of the treas
| ury is hereby authorized and directed 10
| cause all worn and uncurrent subsidiary
| silver coin of the United States now in the
| treasury and hereafter received 10 be re-
| coined. and to reimburse the treasurer of
| the United States for the difference be-
! tween the nominal or face value of such
! coin and the amount the same Will produce
! in new coin from any moneys In the treas
ury not otherwise appropriated So much
| of the joint resolution approved July %
! 1876 relating TO the issue of silver coin as
| limits the aggregate amount of subsidiary
| silver coin and of fractional currency out
| standing at any time to $50. .0o0 900 be, and
the same is hereby. repealed.
Sec 7. That the United States notes or
1 treasury notes. issued under the act of July
1 IL. 1890, hereafter issued reissued, shall
be OF such denominations. not less than one