The Arizona sentinel., 1899-01-28
NEW MONETARY MEASURE.

An emphatic declaration for the gold standard and the gradual re- tirement of the greenback are the essential features of a bill reported to the House last Monday by the majority of the com mittce on coinage
 Several sections of the bill are taken without change from the bill of the monetary commission, and go as far in afliming the gold stand ard as could Le desired by the most radical gold men. It is declared that "the standard unit of value shall, as now, be the dollar, and shall consist of 25.8 grains Of gold, 9-10ths fine, or 23.22 grains of pure gold" The second section provides that all obligations for the pay ment of money shall be performed in conformity with the standard provided for in section 1,' and pro vides further "that all obligation s of the United States for the payment of money now existing, or hereafter to be entered into, shall, unless hereafter otherwise expressly stipu lated, bes dee ned and held to b. payable il gold coin of the United Sstes,"
 The coinage of silver dollars is forbidden, except from the silver bullion now in the treasury, which may also be applied to the coinage of subsidiary silver.
 A division is created in the Treasury Department, to be known as the division of issue and redemp- ton, which is to conduct the re- demption and exchange of money, independently Of the fiscal opera tions of the treasury. A gold re- serve IS required to be set aside, equal to 9 per cent of the United States notes and treasury notes out standing, and equal to , per cent of the entire coinage of standard silver dollars. This reserve is to be kept unimpaired in amount upon the books of the treasury, and is 10 be used for the redemption and eX- change of different forms of money.
 Silver dollars may be exchanged for gold, thereby insuring then equality with gold at al times. Ii is proviael that Limited State. notes or treasury notes, once re- deemed in gold, shall not be paid out again, except for gold coin."
 The provisions for the comp'et' retirement of the greenback5 are d. follows:
 That the treasury of the United IState5 shall, on demand, pay il gold coin all Unitel Sta es notes and treasury notes presented fol payment, and as paid cancel the same up to such an amount as shalI equal, but not exceed, [ he increas of national bank notes issued sub sequent 10 the taking effect of thi act"
 That if, after the end of five year next after the taxing effect of thi act, any United States notes O treasury notes shall be outstanding a sum not exceeding one fifth O such outstanding amount shall, a received, be retired and cancelled each year thereafter, and at the enc of ten years after the passage c this act United States and treasur
 notes then outstanding shall ceas
 to be legal tender for all debts public and private, except for due to the United States.
 ! The billis suppiementary to tn
 currency reform bill, which is stiI
 being fought over in the com nitte on b2nklng and currency. It i
 the first general bill which has bee
 gotten oat of the coinage, weight
 and measures committee in severa
 years. it is the result of a grea deal of labor and many hearings.
 -sE-SE-- E.--E7fSs-sHsss.
 k the abDlishment of the boar of immi grafton J. ". Dorrngton i