The Providence news. (Providence [R.I.]) 1891-1906, 1899-11-29

or the Republican caucus or the nlty
fifth congress appointed to consider th'
currency question, has made public lis
report, the full text of which is as fol-
lows:
Section 1.-The standard unit OF Value
shall. as now. be the dollar. and sha!i
consist of twenty-five and eight-tenths
grains of gold, nine-tenths fine, or
fwenty-three and twenty-five one-hun-
dredths grains of pure gold. being the
one-tenGh part OF the eagle.
Sec. 2-That all interest bearing OBJ
legations of the United States for the
payment OF money now existing or
here aftsr 10 be entered into and all
United states notes and Treasury notes
issued under the law of July a. lSSV'
shall be deemed and held 10 be pay,
able in the gold coin OF the CnAted
states as denned In section 1 OF this
act ana all other obligations. puDlc
and private, for the payment of money
shall be performed in conformity win
the standard established in SAID sec
ton. Nothing herein contained shall
be construed or held to affect the pres
ent legal tender quality OF the sllVer
dcNar, or the subsidiary OF minor
NOlHNs Ol Alt G1pel WI AANAANs "a 49,
rnMed States, or the laws making ma
tional bank notes receivable and paya-
BILE for certain public debts and dues
and obligations between national
banks
Sec. THAT there b. established in
the Treasury Department as a part of
the Office of the Treasurer Of the United
States division 10 be designated and
known as the division OF issue and re-
dcmption, TO which shall be assigned.
under such regulations as the Secre-
tary OF the Treasury may approve, al
records and accounts relating to the is
sue redemption az. exchange, as here
matter provided, of the several kinds
OF United States money. There shall
be transferred from the general fund
in the Treasury of the United States,
ana known upon the books Of said div
ision as a redemption fund. the amount
OF gold coin an bullion held against
outstanding currency certificates, the
outstanding silver certificates. the
amount i'm silver dollars and silver bull
lion held against outstanding Treasury
notes issued under the aS of July IL,
1890 and an amount of gold coin and
bullion to constitute a reserve fund
equal 10 % per of the amount
both OF United States notes and Treas
ury notes issued under the act of July
IA, 1890, outstaI.-ing. The gold and sill
Yer coins and bullion transferred from
the general fund in the Treasury as
herein provided shall be increased or
diminished as the case may be, in ac-
cordance with the provisions OF this
act and In no other way.
Sec 4-That 1t shall be the duty NJ
the secretary of the treasury TO main
tain the gold reserve fund taken up on
the books OF the division of issue and
redemption as herein provided. and FOR
this purpose he may from time TO time
transfer to such fund any moneys in
the treasury not otherwise appropriate
ed, or may exchange any OF the funds
in the division OF issue and redemption
for other funds which may be i'm the
general fund of the treasury, and in
addition thereto he is authorized to is
sue and sell whenever in his judgment
IL Us necessary 10 the maintenance Of
said reserve fund bonds OF the United
States bearing interest at rate not
exceeding per cent per annum, pay
able In gold coin at the end OF 20 years,
but redeemabe i'm gold coin AT the op-
tion Of the United States after one year.
But no transfer shall at any time be
made from the general fund OF the
treasury 10 the division Of issue and
redemption which will reduce the gen
eral fund below fifty mill ms OF dollars.
That all United States notes and treas
ii. 1890, presented for redemption shall
be redeemed i'm gold coin at lhe will Of
the holder and all silver certificates
presented for redemption. shall be re-
deemed 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 edual value OF every
dollar issued or coined by The govern
ment, an IL at any time the secretary
OF the treasury deems il necessary i'm
order TO maintain the parity and equal
value of all the money Of the United
states he may az his discretion ex-
change gold coin FOR any ether money
issued or coined by the United States
The notes and certificates 50 redeemed
or exchanged shall be held IN and con-
stitute part OF said fsnd and shall
not be Withdrawn theIefrOm nor dis
bursed except i'm exchange for an equiv
alent amount of the coin In which said
notes or certificates were redeemed or
exchanged except as hercinbefore IN
this section provided. Nothing i'm this
act shall Be construed as repeating that
provision Of the act approved July a.
1890, which provides that mo greater or
less amount or such notes shall be ONT
standing All any time than the cost Of
the silver bullion and the standard Sill
Yer dollars coined thert ON then held
I'll AhN hAN0ahlS VuifnaFtu pN EuC1
notes"
Sec 5--That the Secretary Of the
Treasury Is hereby authorized "a usa
at his discretion any silver bullion in
the Treasury OF tho United States pur-
chased under the act OF July "a 1890
FOR coinage into such denomination of
subs diary silver coin as NAV b. nee
cssary 10 meet the public requirements
for such coin. and any gain or seignlor-
age arising from this coinage shall be
accounted for and paid into the Tr-as-
ury. Whenever any silver bullion pur-
chased under the act OF July Ia 1SQO
shall be used in the coinage OF subsldl,
AIRY silver coin an amount of Treasury
notes issued under said act equal 10 the
cost OF thu bullion contained An surh
coin shall be cancelled ana not reissuad
Sec. 6-That the Secretary OF the
Treasury is hereby authorized and di-
rected TO cause all worn and uncurrent
subsidiary silver coin OF the United
States now In the Treasury and here
after received TO be recolned and 10 re-
imburse the Treasurer of the United
States for the difference between the
1ominal or face value OF such coin and
the amount the same Will produce In
new coin from any moneys in the
Treasury not otherwise appropr lted
SEC. THAT the United states notes
or Treasury notes ISSUED under the act