The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-11-29
The Bill Prepared by the Atlantic
City Caucus.
TO RETIRE GREENBACKS
a Scheme Whereby Gold Is to Be Made
by Law the Single Monetary
Standard Provisions
of the Bill.

committee, when met at Atlantic 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 pur-
poses.
Be it enacted by the senate and
house of representatives of the United
States in congress assembled
That the standard unit of value shall,
as now, be the dollar, and shall consist
of Is and eight-tenths grains of gold,
nine-tenths fine, or % and twenty-five
one hundredths grains of pure gold, be-
ing the one-tenth part of the eagle.
Section 2. That all interest
obligations of the United States for
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 be deemed 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 pri-
waite, for the payment of money shall
be performed in conformity with the
standard established in said section
Nothing herein contained shall be con-
strued or held to affect the present
legal tender quality of the silver dol
lar, or of subsidiary or minor coins or
of the paper currency of the United
States or the laws making national
bank notes receivable and payable Cor
certain public debts and dues and obli-
cations between national banks
Section s. 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 and
known as the division of issue and re-
demption, to which shall be assigned
under such regulations as the secre-
tary of the treasury may approve, all
records and accounts relating to the IS
sue. redemption and 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,
and taken upon the books of said divis-
ion as redemption fund the amount
of gold coin and bullion held against
outstanding gold certificates, the
amount of United States notes he'd
against outstanding currency certifi-
Gates, the amount of silver dollars
against outstanding silver certificates,
the amount in silver dollars and silver
bullion held against outstanding treas
ury notes issued under the act Of July
H. 1890. and an amount Of gold coin
and bullion to constitute reserve fund
equal to 20 per cent. of the amount OF
both of the United States notes and
treasury notes issued under the act of
July IA. 1890, outstanding. The gold
and silver coin and bullion transferred
from this general fund in the treasury
as herein provided shall be increased
or diminished as the case may be in ac-
cordance with the provision of this act,
and in no other way.
Section 4-That It shall be the dr1ty
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
ito time transfer to such fund any
moneys in the treasury not otherwise
appropriated or may exchange any of
the funds in the division of issue and
redemption for other funds which 1Gay
be in the general fund of the treasury
and in addition thereto is hereby au-
thoriZed to issue and sell whenever
in his judgment it is nece ssary 70 tie
maintenance of said reserve FUND
bonds of the United States bearing m
terest ut a rate not exceeding per
cent per annum, payable in gold coin
at the end of 20 years, hu. redeemable
in gold coin at the option Of the United
States after one year That all United
States notes and treasury notes is
sued under the act of July A. 1890, pre-
scented for redemption shall De redeem
ed in gold coin a the will of the hold
er and all silver certificates presented
for redemption shall be redeemed N
accordance with 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 every dollar issued
or coined by the government; and if
at any time the secretary Of the treas
ury deems it Necessary in order to
maintain the parity and equal value
of all the money Of The uli:ed States
he may at his discretion eSch lngA sold
coin for any other money issued or
coined by the United States Thu
notes and certificates so redeemed or
exchanged shall be neld III and con-
Stitute part of said fund, ami shall
not be withdraw ,herefcon nor dis
bursed except in exchange for an
equivalent 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
Section THAT the secretary of the
treasury is hereby authorized to use at
his discretion any silver bullion in the
treasury Of the United States pur-
chased under the act OF July ID, 1890
Tor coinage INTO Sucn denominations OF
subsidiary silver coin as may be neces
sary to meet the public requirements
for such coin: and any gain or seignor
age arising from this coinage shall bt
accounted for and paid into the treas
ury. Whenever any silver bullion pur
chased under the act of July II, 1890
shall be used in the coinage of sub
sidiary silver coin, an amount of treas
ury notes issued under said act equa
to the cost of the bullion contained il
such coin shall be cancelled and no
feissued.
Section 6-That the secretary of tn
treasury is hereby authorized and di
rected to cause all worn and uncurren
subsidiary silver coin of the United
States now in the treasury and here
after received TO be recoined; and Il
reimburse the treasurer Of the United
States of the difference the nominal an,
L. - Il y