The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-11-29
To Maintain Parity of
of All Forms of Money.
An Amendment Proposed to the
Banking Laws.

GUS co0mittee Wnicn het ~ Abautlo Nlty
last spring, was today made public by
the committee. The bill defines and fixss
. standard of value 70 maintain the pari-
~ Of all forms Of money issued or coined
by the United States and for other pur-
oses.
Section Tho standard unit OF valus
shall, as now, be one dollar, and shall
consist OF S. $40 grains Of gold, niue
tsnths fine, or % and 22-i0oths grains ef
pure gold. being one-.snth part Of the
eagle.
Section 2-That all interest," bearing
oil legations of the United States for the
pay msnt Of money, now existing or here
after to DO entered Into and all United
States notes and treasury notes issued
under the law Of July II, 1890, shall Co
deemed and held to be paystls In the gold
ooin Of the United States a. defined 10
section Of this act. and all other obliga-
lions, public and private. for the payment
of money shall be performed In couformi-
ty with the standard established In
said section. Nothing herein contained
shall Ee construed or held to affect the
present legal tender quality CT the silver
dolltr 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 r-ilio debts and dues and obliga-
lions be- !. cen national banks
Section 3-ThAt there tie established In
the treasury department as a part of the
i..aS, q 49,. = ~ haI nd tod fat
. division TO be Designated and known
MS the division Of Issue and redemption,
to which shall be assigned, under such
| regulations rs the secretary OF the trea-
| sury may approv,, all re,ords and nc
counts relating TO the ifsle, resumption
and exohs ngs, as hereinafter provided,
OF the several kinds OF United Ststss
money There shall bs transferred from
the general fund N the treasury Of the
Un'tsd States and known upon the books
If said division as n redemption fdnd, the
amount OF gold coin and bullion held
against outstanding geld certificates, the
amount of United States notes held
! against outstanding currency certificates,
the amount Il silver dollars held against
outstanding silver certificates. the
amount in silver dollars and silver bull
lion held against outstanding treasury
notes isAred under tie act of July IA, 1880,
and an amount of gold coin and bullion
10 cJnstitute a reserve fund equal to 20
per cent of the amount. both OF Uni cd
States notes end Treasury notes Issued I'M
der the act Of July IA, 1890, outstanding.
The gold and silver coins and bullion
tran sferred from tie general fund in the
treasury AS herein provided fhall te In
creased or diminished as the case may tie
in accordance with the provisions Of this
act and in no other way.
Section 4-Ihat it shall be tie duty of
the Sc ciet airy Of the treasury to maintain
the geld reserve fund taken up on the
books Of the division Ct issue and re-
dem ption as herein provided, and for this
purpose he nay from time 10 time trans
fer to such furu any moneys In the
treasury not otherwise appropriated or
may exchange any OF the funds In tbs
divi iion Of issue and re ieInption for 9th
sr funds, which may lie In the general
fund OF the treasury AMI In addition
t1eI eto, he IL hereby authorized TO issue
aud sell, whenever In his Judgment 1t Is
necessary to the maintenance OF said re-
serve fund, bonds of ths United States
cert Rnnum, payable In gold coin at the
end OF 10 years. but red, ENABLE In gold
coin at the option Of the Unitsd States
after one year.
But no transfer shall at any time be
made from ths general fund of the trsa-
sury to the division Of Issue and redemp-
ton which win reduce the general fund
below fifty millions OF dollars. That
all United States not2s aud treasury
notes Issued under the act Of July IA,
1890. presented for redemption shall be
redeemed In gold coin at the Will of tbs
holder and all silver certificates presented
for redemption shall be redeemed in ac-
cordanos with the existing law. This sec
rotary OF the treasury Is authorized and
REQ uired to use sid reserve fund In
maintaining at all times the parity ana
equal value of every dollar Issued or
coined by the government and II st any
time the secretary Of the treasury dsems
It necessary In order to maintain the
parity and equal value Of all the money
Of the United States, he may at his dis
cretion, exchange gold coin for any 9TH
er money Issued or COINED by the United
states. The notes and certificates so re-
deemed or exchanged shall bs hsld In and
constitute a part Of said funds and shall
not be Withdrawn therefrom nor dis
bursed except In exchange for an'equiva-
liant amount of the coin In which said
notes or certificates were Iedsemsd or sx-
changed. except as hereiabefore In this
ssetion provided.
Section 5-That the secretary OF the