New Ulm review., 1899-12-06

lII M D {


N4411M4y TOM ~ 0Yas 81 q A4tSE SS MN1M8
DnbIican csilcus tse has riade pub
/ lic he ancial Sbill IS ASK
4 - "a pasS. Under it tf It becones az IaW,.
gold So 10 be the 1t1 nd ard OF alsiea end
the hosas zof the anti Ire money 1ysten1 Of
the 1nited etat nited tates bonds
arS to be ~ Ne in gold obliga-
sof monoy shall Us ~ ia dn gold
N " dig1nion II TO she# Astah hliehed IA he
B Efxaaaury dGDartmant Tor the issue ana re-s
dempfi0n 0f the several kind1 of United
etafes money. Ths gold reserye held by
sthis division Il "a IS mai ined svh nee
United states notss, treasury notes and
4era certif hen deenned ing gold,
"a Is be held IA tie yision of i'm and
Non ma paid ont sagainso only inssx- s
S The silyer bullion purchased under the
/ Sherman acts and stili held sby the treasury
AiS TO b available for the coinage 0f sub:
sidiary silyer coins.
Worn and nncprrent subsidiary silver5
coins .are to ~ recoine from time g time.
~ It becomes necessary and the legal llm.I
itation of S5o. 900 900 laced On such coinage
- to be removed. Isls
The denomina tions 81 future issues of
B United 8tateS notes or treasury notes are
8 to be determined by the secretary Of the
ytreasury, but silver ertidcates shall be
issued only Ia denominations Of 81, g and
y
ss National bank IS are 70 be permitted to
aissHe their notes mp 10 the par value Of
the bonds deposited by them to secure
circulation.
The tar on national bank notes il 70 be
repealed and the banks are to pay q tax
8sof one-nft Of one per cent. on the aggre-
gate OF their capital, surplus and nndi-
8yided profits.
@ Authority il to be granted to organize
national banks with $25,0O0 capital Id towns
with popula lion Of not more than $1,000
Main Purpose of Commit
The members Of the committee consider
the definite enactment Of the gold standard
and the provision for the redemption OF
all other forms OF metallic and paper money
III gold on demand the most important fea-
lures of their measure. IT he main purpose
which they had in view was to take from
aa secretary OF the treasury the power to-
change the hanancial basis by q depart
nent ruling and TO make such q change
possible only by the concurrence Of ma
jorities Of both houses Of congress and the
president.
Subject OF BankinE Omitted.
@ IN Its report the committee says:
he committee did not consider the gem
eral subject OF banking, nor did it seek
to arrange a. complete scheme OF finance,
but confined Its Recommendation to those
subjects of most pressing demand. as evil
denced by the pledges sof the republican
party and the general policy Of the repub-
zlican administ istration.
Authors OF the Measure.
Il The authors Of the bill are the follow
ing congressman: .. B. Henderson, of
4 Iowa s. ID. Payne, of New York John
SDaIzeu, Of Pennsyl ylvania; Jesse Overstreet,
OF Indiana w. S. Kerr, OF Ohio; j. w.
Babcock, Of wisconsin; Page Morris, Of
Minnesota; William g. Lowering, Of Mas
ssachusetts; Eugene r. Loud, OF Califor-
MIA: Charles Curtis, Of Kansas, and r. b.
HaWIey, of Texas.
The men who drafted the currency bill
compose caucus committee appointed un-
der authority Of the last session Of con-
gress for the purpose Of considering mon
@etary legislation and making recommend
ations. The bill enlb dies the unanimous
views Of the committee. It will be re-
ported to a republican caucus next Satur-
3 day night, when plans will be laid for
pushing It through con gress. Col. Hender-
\ son was chairman a and Jesse OYerstreet
secretary Of the scomnni ttee.