Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-11-29
FINANCIAL BILL.
Full Text Of the Measure
Made Public, Tuesday. II
Defines and Fixes Standard Of Value
to Maintain Parity
OF All Forms OF MoEey Issued or Coined ty
Cni.ei Stlies.


bill prepared by the Republican eau
Gus committee, which met at Atlantic
City, last spring, was, today, made pub
lie by the committee. The bill defines
and fixes standard of value. to main
tain the parity of all forms of money
issued or coined by the United States
and for other purposes.
| Section 1.-The standard unit of value
shall, as now. be the dollar and shall
consist of twenty-five and eight-tenths
grains Of gold, ninetenths fine, or
twentythree and twenty-five one
hundredths grains of pure gold, being
the one-tenth part of the eagle.
Section 2-That all interest bearing
obligations Of the United States for the
payment of money, now existing or
hereafter to be entered into and all
United States notes and treasury notes
issued under the law of July IA, 1890,
shall he deemed and held to be paya-
bic in the gold coin of the United
States as defined in section l 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
ent legal tender quality Of the silver
dollar or of the subsidiary or minor ,
coins or of the paper currency of the
United States, or the laws making ma
tional bank notes receivable and paya-
bic for certain public debts and dues
and obligations by national banks. .
Section 3-That there be established
in the treasury department as a part
i.,f, 90 % H. tod
States a division to be designated and
known as the division of issue and re-
demption. to which shall be assigned.
under such regulations as the secretary
of the treasury may approve, all rec
ords and accounts relating to the issue.
redemption and expecting, as herein
after provided, of the several kinds Of
United States money There shall be
transferred from the general fund in
the treasury of the United States and
known upon the books of said division
as a redemption fund the amount of
gold coin and bullion held against out
standing gold certificates, the amount
of silver dollars held against outstand-
ing silver certificates. the amount in
silver dollars and silver bullion held
against outstanding treasury notes is
sued under the act Of July IA, 1890. and
an amount of gold coin and bullion to
constitute n reserve fund equal to %
per cent Of the amount both Of United
States notes and treasury notes issued
under the act of July IA 1890. outstand-
ing. The gold and silver coins and bull
lion transferred from the general fund
in the treasury as herein provided shall
be increased or diminished as the case
in with
ions of this act and in no other way.
Section 4-That it shall be the duty !
Of the secretary of the treasury to
maintain the gold reserve fund taken
up on the books of the division of is
sue and redemption as herein provided
and for this purpose he may from time
to time transfer such fund any moneys
in the treasury not otherwise apprc-
priated. or may exchange any of the
funds in the division of issue and re-
demption 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 his Judgment it is necessary to the
maintenance of said reserve fund.
bonds of the United States bearing in
terest at a rate not exceeding 8 per
vent pei dllnull. pay III SOIU COLI
at the end of 90 years. but redeemable
in gold coin at the option of the Unit
ed States after one year. But no trans
fer shall at any time be made from
the general fund Of the treasury to the
division of issue and redemption which
Will reduce the general fund below
fifty millions of dollars. That all
United States notes and treasury notes
issued under the act of July IA. 1890.
presented for redemption shall be re-
deemed in gold coin at the will of the
holder and all silver certificates pre-
scented for redemption shall be redeem
ed in accordance with the existing
law. The secretary Of the treasury is
authorized and required to use said
reserve fund in maintaining at all
times the parity and equal value of ev-
cry dollar issued or coined by the gov
eminent and if at any time the secre-
tary of the treasury deems it necessary
in order to maintain the parity and
equal value of all the money Of the
United States, he may. at his discre-
Continued on page %