The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-29

Safeguarding the Circulation of
Bank NOtes-Intent of the Meas
ure Defined Mt Length.
WASHINGTON, Nov. 2S.-The finan-
cial bill prepared by the Republican eau
Gus committee which met at Atlantic
City last spring was today made public
by the committee. Its text follows:
A bill to define and fix the standard OF
value, 10 maintain the parity OF all
forms of money issued or coined by the
United States and for other purposes:
Be 1t 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 dollars, and shall consist
of twenty-five and eight-tenthS grains
of gold, nine-tenthS fine, or tWenty-three
and twenty-five One-hundredths grains OF
pure gold, being the One-tenth part Of
the eagle.
Sec 2 That all interest-bearing obli-
cations of the United States, for the pay
ment OF money now existing or hereafter
TO be entered into, and all United States
notes and treasury notes issued under the
law of July Il, 1890, shall be deemed and
held to be payable in the gold coin of
the United States. defined in section
of this act, and all other obligations,
public and private, for the payment OF
money, shall be performed in conformity
with the standard established in said sec
ton. Nothing herein contained shall be
construed or held TO affect the present
legal tender quality Of the silver dollars,
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
between national banks.
ISSUE AND REDEMPTION.
Sec 8. That there be established in the
treasury department as a part of the Of
flee of the treasurer of the United States
q division to be designated and known
as the division of issue and redemption
to which shall be assigned, under such
regulations as the secretary of the treas
ury may approve, all records and ac-
counts relating to the issue, redemption
and exchange, as hereinafter provided
Of the several kinds of money. There
shaI be transferred from the general
fund in the treasury of the United States
and taken up on the books of said di-
vision as redemption fund, the amount
OF gold coin and bullion held against
the standing gold certificates, the amount
Or United States notes held against out
standing currency certificates; the amount
OF silver dollars held against outstanding
silver certificates; the amount in silver
dollars and silver bullion held against
outstanding treasury notes issued under
the act of July Il, 1890 and an amount
OF gold coin and bullion to constitute A
reserve fund equal to 25 per cent Of the
amount Doth Of United States notes and
treasury notes issued under the act of
July II, 1880, outstanding The gold and
SILVER coins and bullion transferred from
the general fund in the treasury as here
IN provided shall be increased or dimin-
lShed, as the case may be- in accordance
with the provisions of this act, and in no
other way.
Sec 4. That it shall be the dutv 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 hereln provided, and for this purpose
ne may. from time TO time. transfer to
such 11nd any moneys in the treasury
not orsSSSWlSe appropriated, or may eX-
cHange any OF the funds in the division
OF issue and redemption for other funds
Whlch may be in the general fund of the
treasury, and, In addition thereto he Is
herepy authorized to issue and SELL when
ever IN MS Judgment II is necessary to the
maintenance of said reserve fund bonds
OF the United States bearing interest at
rate not exceeding 5 per centum per
ahhum, payable in gold coin at the end OF
~ years but redemable in gold coin at
the option OF the United States after one
year put no transfer shall at any time
pe naue from the general fund of the
treasury to the division of issue and re-
demption that will reduce the general
fqna below $9o,O9o'COO That all United
states notes and treasury notes issued
under the act of July Il. $780, presented
for redemption, shall be redeemed in p-oId
coin at the will of the holder. and all
silver certlhcates presented for redemD-
t1on shall be redeemed in accordan nee
with existing law. The secretary of the
treasury Is authorized and required to use
times, the parity and equal value of
every dollar issued or coined by the gov
eminent, and if at any time the secreta rv
or the treasury deems it necessary. in
order TO maintain the parity and eGuaI
value of all the money of the United
states, ne, may. at his discretion ex-
issued or coined by the United States
Ihe notes and certificates so redaemad
or exchanged shall be held in and con-
sIItuIe part or said fund, and shall
not be withdrawn therefrom nor dis
Dursed except in exchange for an eouiya-
lent amount of the coin in which eai1
notes or certificates were redeemed or
exchanged, except as hereinbefore in this
section provided. Nothing in this act
shaH be construed as repeating that pro-
VISION OF the act approved July a. 1880.
winch provides that mo greater or IesS
amount of such notes shall be outstand
hi5gi, ing at any time than the cost Of the silver
bullion and the standard silver dollars
coined therefrOm then held In the treas
ury' purchased by such notes. -
SUBSIDIARY SILVER COIN.
Sec: s.. That the secretary Of the treas
ury is hereby authorized to use. AT his
0!screu9n, on any silver bullion in the treas
the act Of July IA, 1890, for COINAGE into
such denominations of subsidiary silver
coin as may be necessary to meet ~
pubic requirements for such coins. and
any gain or seigniorage arising from fbis 1ie
com shail be accounted for and paid
into the treasury. Whenever anIy sjIT3
bullion purchased under the act of III.
il, 1890, shall be used in the coinage ~
subsidiary silver coin, an amount of
treasury notes issued under said act eouaI
to the cost of the bullion contained g.
such coin shall be Cancelled and not raI a.
issued. i1OI re-
Sec. 6. That the secretary of the +raas
ury is hereby authorized and dfracfed
TO cause all worn and uncurrent S,,L
sidiary silver coin of the Tnited c+ato- -
now IN the treasury, and hereafter ~
ceived, to be recoined and to reinb,,reo
the treasurer Of the United States for ~
difference between the nominal or fane
value of such coin and the amount tn
same will produce in new coin from 49,
moneys in the treasury not otherWissa iss
appropriated So much of the Joint reeo-
luton; approved July 22, 1876, relating 70
issue of silver coin, as limits the aggre1
gate amount of subsidiary silver coin
and of fractional currency outstandfnp
at any time to $4,000. 900, be and tbs
same is hereby repealed.
sec l. That the United States notes
July IA, 1890, hereafter issued or reissled
shaII De OF such denomina tions, not less
than 81, as the secretary of the treasury
may prescribe. Silver certificates shall
hereafter be issued or paid out onIv in
denominations of 81, 81 and S. agsinet
silver dollars deposited in the division Of
issue and redemption, or in exchange for
silver certificates Of denominations eX-
ceeding S. ca
BANK CIRCULATION.
Sec. s. That section 5159 of the Re-
vised Statutes of the United States be