New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-29


g authorized to sell bonds II necessary z
3 to main tain the gold reserve.
o Provision fs mn de for putting nm end
z to the sO-caIIed endless chain.'
o The Secretary of the Treasury In y
Q authorized mt his discretion to coin Z
x the silver bullion in the Treasury into 3
3 subsidiary coin.
g National banks nre authorized to Z
q issue circulation mp to the par value B
@ of the bonds deposited by them.
A tax of Onc-tenth Of 1 per cent ON x
3 the value Of National bank franchises
IL provided.
& National banks with s25.OOO capital <
o may he established in towns of not
Q over 1000 inha abitants.
@4~@@3@@~~@@~@s.9s 90 4.9H9@4%>@
tBT TELEGRAPH TRIBUNE1
Washington. Nov. 2S.-The committee ap-
pointed by the Republican caucus Of the LVth
Congress in February last made the result Of
its deliberations public to-day. The bill adopted
by the committee. together with the report ex-
planning its features in detail, differs only
slightly, II at all, from the forecasts printed
In the newspapers at frequent intervals for
the last six months AS already indicated in
these dispatches it is the intention OF the Re-
publican leaders in Congress to pave the way
at an early day for the prompt passage-pos-
sibly before the Christmas holiday recess-of
meeting of the House Caucus Committee has
been called for next Saturday on the Monday
following there will be a conference between
the members of the House Caucus Committee
and the members OF the Senate Committee
FINANCE. 1t is at this meeting that the final
programme will be determined for the passage
OF the bill through the House. incidentally its
chances in the Senate will receive considera-
tion
The plan of passing the bill through the House
without reference to a committee is likely to be
abandoned as doing too much violence TO the
traditions of body the proud boast OF whose
last presiding officer 1t that, unlike the Sem
ate. 1t was not "deliberative." The more regu-
lar though quite as effective, method of a rule to
be brought In by the Committee Rules will
probably be adopted, under which date is set
for consideration and limit put debate.
This will shut off all needless wind" and accom-
plish the end desired In an orderly manner with
out wounding the parliamentary susceptibilities
Of the minority.
IT'S LEADING FEATURE.
Many Of the provisions of the bill have in ono
shape another been within the last decade
the football OF Congressional legislation. They
have either been passed by one house only to he
failed to secure Executive approval The main
feature Of the bill-an unequivocal declaration in
favor of the gold standard-will no doubt at
tract the greatest attention and be submitted to
the closest scrutiny by financial experts. That 1t
will meet the approval of all friends Of sound
money legislation and OF that element which
sees in the strengthening OF the country's credit
the best means Of maintaining the present un-
precedented era Of prosperity is the confident
hope OF the committee.
Another feature, too, which authorizes Ma
tonal banks to be started with capital Of
$4,000 in communities OF two thousand people.
will commend itself in all probability to the
judgment of financiers who believe In an ample
and even distribution Of the circulating medium.
Less commendable perhaps, may be regarded
the withdrawal OF the limit on the coinage Of
subsidiary coin, and open 10 debate, doubt.
is the change from a tax on bank circulation to
one on the franchises of the banks. Disappoint-
ment. however. will be felt in some quarters
that the committee has failed altogether to deal
with the important question OF the retirement Of
the greenbacks, leaving the entire subject to
Congress, without making a single recommen-
dation either for or against continuing the sys-
tenn under which the Treasury has time and
again been depleted Of its gold reserve.
FULL TEXT OF THE BILL &
The full text Of the bill follows: -
bill TO define and fix the standard Of value.
to maintain the parity OF all forms or money
issued coined by the United States, and for
other purposes.
Be 1t enacted by the Senate and House OF Rep
resentatives of the United States OF America In
Congress Assembled:
That the standard unit Of value shall. as now,
be the dollar, and shall consist OF twenty-five
and eght-tenths grains OF gold, nine-tenths nne,
or twenty-three and twenty-five one-hundredthS
grains OF pure gold. being the one-tenth part OF
the eagle.
Section 2 That all interest bearing obliga-
tions OF the United States for the payment OK
money. now existing or hereafter 10 be entered
into and all United States notes and Treasury
notes issued under the law OF July a. 1890 shall
be redeemed and held TO be payable 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 per-
formed In conformity with the standard estab-
lished In said section. Nothing herein contained
shall be construed or held TO affect the present
legal tender quality OF the silver dollar. or OF the
subsidiary or minor coins, or Of the paper cur
rency OF the United States. or the laws making
National bank notes receivable and payable for
certain public debts and dues in obligations be-
tween National banks.
Sec g. That there be established In the Treas-
ury Department, as a part OF the office OF the
Treasurer of the United States. division TO be
designated ard known as the Division OF Issue
and Redemption. TO which shall be assigned.
under such regulations as the Secretary of the
Treasury may approve, all records and accounts
relating to the issue, redemption and exchange.
as he, einafter provided. OF the several kinds Of
United States money. There shall be trans
ferred from the general fund in the Treasury OF
the United States and taken up on the books
OF said division as redemption fund the
amount OF gold coin and bullion held against
outstanding gold certificates. the amount Of
United States notes held against outstanding
currency certificates. the amount OF silver
dollars held against outstanding silver cer-
tihcates the amount I'm silver dollars and sill
yer bullion held against outstanding Treasury
notes issued under the act OF July H. 1890. ana
an amount OF gold coin and bullion 20 consti-
tute reserve fund equal to 20 per cent OF the
amount both OF United States notes and Treas
ury notes issued under the act OF July IA. 1880.
TWO WAYS FOR, COST OF ONE.
November goth the Lacka wanna Railroad will sell