The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1899-12-01
Private and Public Obligations Payable
In the Yellow Coin.
SILVER ONLY AS SUBSIDIARY MONEY.
The Measure Provides for the Crea.
tioh of Division of Issue and
Rsds1sption, and Extends
Facilities of Ma
tional Banks.

City last spring, was made public. 1t is
in part as follows:
Section THAT the standard unit
of value shall, as now, be the dollar,
and shall consist of 25 $40 grains of
gold, $40 fine, or % 22-100 grains of
pure gold, being the lilo part of the
eagle.
"Sec. 2-That all interest-bearing
obligations OF the United States for
the payment of money, now existing
or hereafter to be entered into, shall
be deemed and held to be payable in
the gold coin, and all other obliga
tions, public and private, for the pay
ment Of money, shall be performed in
conformity with the standard estab-
lished in said section. Nothing herein
contained shall be construed or held
to affect the legal tender Quallly of the
silver dollar, or of the subsidiary of
minor coins, or of the paper currency
of the United States.
"Sec. 3-That there be established
in the treasury department as part
of the office of the treasurer division
to be known and designated as the
division of issue and redemption, to
which shall be assigned, under such
regulations as the secretary of the
| treasury may approve, all records and
accounts relating to the issue, redemp-
ton and exchange, as hereinafter pro-
vided, of the several kinds of money.
Gold Reserve Fund.
'Sec. 4-That is shall be the duty
/ Of the secretary of the treasury to
| maintain the gold reserve fund taken
upon the books Of the division of is
sue and redemption, and for this pur-
pose he may transfer to such fund
any moneys in the treasury not oLner-
wise appropriated or may exchange
any of the funds in the division of is
sue and redemption for other funds
which may be in the general fund OF
| the treasury, and in addition thereto
he is hereby authorized to issue and
sell, whenever in 4--- judgment it is
necessary to the maintenance of said
reserve fund, bonds bearing interest
at a rate not exceeding per cent per
annum, payable in gold coin. But no
transfer shall at any time be made
from the general fund of the treasury
to the division of issue and redemp-
ton which shall reduce the general
fund below $50,000,000. nat all United
States notes and treasury notes issued
under the act of July IA, 1890, present
ed for redemtpoin, shall be redeemed
in gold coin at the will of the holder
aad all silver certificates presented fol-
ee&sMpSioN shan Js redesEed in ac'
eppaHAss With existing law. The sec'
retary of the treasury is authorized
and required to use said reserve fund
in maintaining at all times the parity
and equal value of every dollar issued
or coined by the government; and II
at any time the secretary of the treas
ury deems it necessary, in order to
maintain the parity and equal value oi
all the money, he may exchange gold
coin for any other money issued OF
coined by the United States. The notes
and certificates so redeemed or eX'
changed shall be held in and consti
tute part of said fund, and shall moi
be withdrawn therefrom nor disburset
except in exchange for an equivalen
amount of the coin in which sale
notes or certificates were redeemed OF
exchanged, except as hereinbefore il
this section provided. Nothing in thi:
act shall be construed as repeating
that provision of the act approved
July IA, 1890, which provides that 'pt
greater or less amount of such note'
shall be outstanding at any time thai
the cost of the silver bullion and tn,
standard silver dollars coined there
from then held in the treasury pur
chased by such notes
Subsidiary silver Coin.
"Sec. 5-That the secretary of tb
treasury is hereby authorized to use
at his discretion, any silver bullion il
the treasury of the United States, pur
chased under the act of July IA, 1896
, for coinage into such denomination
|, of subsidiary silver coin as may b
necessary to meet the public require
ments for such coin, and any gain o
seigniorage arising from this coinag
shall be accounted for and paid int
the treasury. Whenever any silve
bullion, purchased under the act @
July IA, 1890, shall be used in the coin
age of subsidiary silver coin, a
amount of treasury notes issued unde
said act, equal to the cost of the bul
lion contained in such coin, shall b
cancelled and not re-issued.
"Sec. 6-That the secretary is au
thorized to RECON- all worn subsidiar
coin.
"Sec THAT the United State
notes, or treasury notes, issued unde
the act of July II, 1890, hereafter is
sued, shall bs of such denominations
not less than 81, as the secretary maj
prescribe. Silver certificates SHAH here
after be issued or paid out only in de
nominations of 81, So and S. agains
E silver dollars deposited.
Sec S.-That section 5,519 b.
amended to read as follows: Ever.
association, before it shall be author
lied to commence banking busines
: under this title, shall deliver to tn
treasurer, as security for its circulat
ing notes, any United States regis
tered bonds, bearing interest, to al
amount, where the capital is $4,000
or less, not less than one-fourth Q
the capital, and s5O,000 where the cap
ttal is in excess Of $3.50, 900. Such bond