, 1899-12-01
PROMISE REDEEMED
REPUBLICAN CAUCUS AGREES UP
ON FINANCIAL BILL-SAME
MADE PUBLIC.
Gold Dollars the misunderstanding
of Twenty-Five and Eight-tenths
Grains Of Gold, Nine-tenths Fine
All Interest Bearing Obligations
of United States t. Be Paid.

lican caucus committee, hich met at
Atlantic City last spring, has been
made public by committee and is as
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 and house
of representatives 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 eight-tenths
grains of gold. nine-tenths fine or
tw%enty-three and twenty-five one-hun-
dredths grains of pure gold, being one
tenth part of an eagle.
Section 2. That all interest bearing
obligations of the United States for
payment money. now existing or here
after 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 gold
coin of the United States, as defined In
section l of this act: and all other OBJ
legations, public and private, for the
payment of money shall be performed
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 subsid-
larry or minor coins or Of the paper
currency Of the United States, or the
laws making national bank notes re-
~ceivable and payable for certain public
debts and dues and obligations between
national banks.
Section 3. That there shall be es-
tablished in the treasury department as
a part Of the office of treasurer of the
United States, a division to be desig-
mated and known as the division of is,
sue 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
hereinafter. provided, Of the several
kinds of United States money.
"Section 4. That 1t shall be the duty
of the secretary of the treasury tc
maintain the gold reserve fund taken
up on the books Of the division Of is,
sue and redemption as herein provided
he Is hereby authorized to issue and
sell, whenever in his Judgment 1t is
necessary to a maintenance OF said ne,
serve fund. bonds Of the United States
bearing interest at a rate not exceed
ing 3 per cent per annum, payable in
gold coin at the end of twenty years
but redeemable in gold coin at the op-
ton OF the United States after one
year. But no transfer shall at any
time be made which will reduce the
general fund below $50, 900, 900. The
secretary of the treasury is authorized
and required to use said reserve fund
in maintaining at all times the parity
or coined by the government. He may
at his discretion, exchange gold coin
for any other money issued or coined
by the United States. Notes and Ger.
tificates so redeemed or exchanged
shall not be disbursed except in ex,
change for an equivalent amount OF
coin.
Section 5. That the secretary Of
the treasury Is hereby authorized tc
use, at his discretion, any silver bullion
in the treasury of the United States
purchased under the act of July IA
1890, for coinage into such denomina'
Itions Of subsidiary silver coin as may
be necessary to meet public require
ments for such coin, and the gain Oh
shall be accounted for and paid into
the treasury.
Section Z. That United States note:
or treasury notes of issues under thu
act OF July IA, 1890, hereafter issued OIL
%reissued. shall be of such denomina'
ltions, not less than one dollar, a. thu
secretary Of the treasury may prescribe
Silver certificates shall hereafter b.
issued or paid out only in denomina
ltions Of 81, 50 and IS against silver dol
lars deposited for silver certificates o
denominations exceeding S."
Section s provides for an amend
ment to the banking laws requiring
deposit with the treasurer Of the Unit
ed States preliminary to the com
mencement OF the national banking
business Of bonds Of the united States
to an amount to secure the circulating
notes. where the capital is $3.50 900 OF
less, not less than one-fourth: of $50.
900 where the capital is in excess OIL
$4,000, the circulating notes not tc
exceed the par value Of bonds deposit,
ed.
Section 9 requires payment to the
United States by national banks, in ad-
dition to the wal tax in the months OF
January and July, Of one-tenth Of l per
centum of the aggregate capital, sur
plus and undivided profits. Each asso-
citation to make sworn return ten days
before Jan. 1 and July l to the treas
urer under penalty of $500 for failure.
Section 10 provides for the establish
ment of national banks with a capital
not less than 10000 except in cities
of 5000, where they may have a capt.
tai of $50 900, and in places Of 1000,