The record-union., 1899-11-29
Proposed Law TO Define and Fix the
Standard Of Value,
And TO Maintain the Purity Of All Money
Issued by the United States.
Full Text of the Measure Prepared
by the Republican Caucus Conn
mittee, and Which Will be Pre-
sented in the Senate and House
at the Coming Session of Con-
gress.

gress.
WASHINGTON, Nov. 2S.-The finan-
cial bill, prepared by the Republican
Caucus Committee, which met at At
lantic City last spring, was to-day
made public by the committee. Its text
follows:
"A bill to define and fix the standard
of value. to maintain the parity OF all
forms of money issued or coined by the
United States, and for other purposes
BE it enacted by the Senate ana
House of Representatives of the United
States of America in Congress as
Sembled.
Section l. That the standard unit OF
value shall, as now, be the doilfr, Snu
shall consist of twenty-five and eighth
tenths grain of gold, nine-tenths hne' VI
twenty-three and twenty-five one-hun-
dredths grains of pure gold, beng 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 VI
hereafter to be entered into, ana All
United States notes and treasury hote'
issued under the law of July IL, lo9o'
shall be deemed and held to be payaple
in the gold coin of the United states
as defined in Section 1 of this Act; ana
all other obligations, public and prl-
vate. for the payment of money, shah
be performed in conformity with tne
standard established in said section
Nothing herein contained shall be con-
strued or held to affect the present legal
tender quality of the silver doiiar vi
subsidiary or minor coins, or OF the
paper currency of the United states,
or the laws making national bank
notes receivable and payable for Ger
tain public debts and dues and obnga-
tions but national banks.
Section 8 That there be established
in the Treasury Department as a part
of the office of Treasurer of the United
States a division to be designated ana
known as the Division of Issue ana
Redemption, to which shall be assigned,
under such regulations as the Seere-
tary of the Treasury may approve, az
records and accounts relating to the
issue. redemption and exchange, as
hereinafter 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 taken up on the BOOKS OIL
said division as a redemption fund.- the
amount of gold coin and bullion helu
against the outstanding gold certlli-
Gates. the amount of United states
notes held against outstanding cur
rency certificates, the amount OF silver
dollars against outstanding silver Ger
tpf1cates. the amount in silver dollars
and silver bullion held against out
standing treasury notes issued under
the Act of July IA, 1890, and an amount
of gold coin and bullion to constitute
reserve fund equal to % per cent OF
the amount, both of United states
notes and treasury notes issued uhuer
the Act of July IA, 1890, outstanding
The gold and silver coin and puiiloh
transferred from the general fund III
the treasury as herein provided shah
he increased or diminished as the case
may he only in accordance with the
provisions of this Act, and in no oliei
way
"Section 4. That it shall be the duty
of the Secretary of the Treasury 10
maintain the gold reserve fund taken
mn on the books of the Division OF IS
s,,e and Redemption as herein provided
and for this purpose he may from tiIie
To time transfer to such fund any mon
eys in the treasury not otherwise ap-
nropriated. or may exchange any Oh the
funds in the Division of Issue ana Re-
dannntion for other funds which may De
in the general fund of the treasury ana
in addition thereto Is hereby authorized
10 issue and sell, whenever in ms Jucs-
rnent it is necessary to the maintenance
of said reserve fund, bonds or the
Tinted states bearing interest at rate
not exceeding 3 per cent per dhtiuiii,
navable in gold coin at the emu ol
twenty years but redeemable III soiu
coin at the option of the united Fta'e
after one year. But no transfer siiai +,
at any time be made from the general
fund of the treasury to the DIVISION
Of Issue and Redemption when VIII r.
duee the general fund below $oVu,ooo'- :
no0. that all United States notes anu
treasury notes issued under the ACT oi
July IA, 1890, presented for redemption
cball he redeemed in gold coin at the
viii of the holder and all silver GER
tiicates presented for redemption shaii
he redeemed in accordance with exist
ing law. The Secretary of the Treasury y
is authorized and required to use SAID
reserve fund in maintaining at all times
the parity and equal value OF every
dollar issued or coined by the Govern
mont. and if at any time the Secretary
of the Treasury deems it necessary in
order TO maintain the parity and eduai
value of all the money of the United
states he may at his discretion, ex-
change gold coin for any other money
issued or coined by the United States.
THE notes and certificates 50 redeemed
or exchanged shall be held in and con-
stitute a part of said fund and shall
not be withdrawn therefrom nor dis
bursed except in exchange for an equiv
alent amount of the coin in which said
notes or certificates were redeemed or
exchanged, or except as hereinbefore IN
this section provided Nothing in this
- Act shall be construed as repeating that
provision of the Act approved July IA,
1890. which provides that, no greater
or less amount of such notes shall be
outstanding at any time than the cost
of the silver bullion and the standard
silver dollars coined therefrom, then
held in the treasury, purchased by such
notes.