Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1900-03-03
REPUBLICANS AGREE
ON FINANCIAL BILL
The Conference Committees of the
the House and Senate Get
together.
THE TEXT OF THE NEW MEASURE
Bond Provision of the House Bill
Eliminated--WiII Undoubtedly
Become Law In Its Pre-
sent Form.
THE TEXT OF THE NEW MEASURE

Washington, Feb. 2l.-The republic
an members of the conference COM
mittee on the financial bill reached an
agreement yesterday. The democratic
conferees were called in and stated
their opposition To the bill, and with
out further formality the bill was or
dered reported,
The text Of the bill as agreed upon,
and as il will be reported by the con
f~erees, and as il probably Will become
a law, is as follows:
Section ! prescribes that the dollar, con-
sisting OF 25.S grains of gold, - fine, small
be the standard unit Of value, n all
forms OF money issued or coined by the
United States shall be maintained at a
parity OF value with this standard.
Sec. 2. That United States notes ana
treasury notes issued under the act OF
July IA, 1880, when presented TO the treas
ury for redemption, shall be redeemed III
gold coin OF the standard liked In the nrst
section OF this act. and In order to secure
the prompt and certain redemption. or
such notes as herein provided II shall De
the duty OF the secretary OF the treasury
TO set apart I'm the treasury a reserve
fund OF $3.50, CO., 900 In gold coin ana bul-
lion. which fund shall be used for such
redemption purposes only. III the secre-
tary OF the treasury Is unable TO restore
| ana MAINTAIN the kolu fOlH III ~ ~
serve fund by the prescribed, methods;
and the amount OF such gold coin ana
bullion in said fund shall at any time
fall below 500, 900, 600, then II shall be his
duty TO restore the same TO the maxi
mum sum OF $3.50, 900 by borrowing
money on the credit Of the United states,
and for the debt thus incurred TO ISSUE
for sale coupon or registered bonds OF the
United States In such form as ne may
prescribe, In denominations Of $50 or any
multiple thereof, bearing Interest at the
rata ~ ~ nNHnnIInU z A. rHn1IIl IHH
annum, payable quarterly, such bonds TO
be payable at the pleasure Of the United
States after one year from the late OF
their issue, and to he payable, principal
and interest, In gold coin of the present
standard value.
Sec. 3. That nothing contained in this
act shall be construed TO affect the legal
tender quality as now provided by law
OF the silver dollar, or OF any other
money coined or Issued by the United
States.
Sec. 4. That there be established in the
treasury department, as "a part of the
office of treasurer OF the United States,
divisions to be designated and known as
the division OF issue and the division OF
redemption, TO which shall be assigned,
respectively, under such regulations as
tho secretary of the treasury may APP
prove, all records and accounts relating
TO the issue and redemption Of the United
States notes, gold certificates, silver GER
t~iicates and currency. certificates.
Sec. 5. That II shall be the duty of the
secretary OF the treasury, AS fast as
standard silver dollars are coined under
the provisions OF the acts OF July IL, 1890,
under the act OF July IA, 1880, 10 retire
and cancel an equal amount Of treasury
notes, whenever received into the treas
ury, and upon the cancellation OF treas
ury notes, silver certificates shall be Is
sued against the silver dollars 80 coined.
Sec. 0. Makes provision for the issue
or gold certificates of not less than $O ON
coin deposited I'm the treasury. The sec
rotary OF the treasury IL allowed TO sus-
pend the provisions OF this section when
advisable In his discretion under certain
conditions. Section 5l93 OF the revised
statutes OF the United States is hereby
repealed.
Sec. Z. That hereafter silver certificates
shall be issued only OF denominations OF
$40 and under, except that not exceeding
In the aggregate 10 per centum Of the to-
tai volume OF the said certificates, in
the discretion OF the secretary OF the
treasury, may be issued In denominations
OF $50, $50 and 800: and silver certificates
OF higher denomination h $40, except
as herein provided, shall, whenever re-
ceived at the treasury or redeemed, he
retired and cancelled and certificates of
denominations of so or less be substi-
tuted therefor.
Sec. \. Tha the secretary Of the treas
ury Is hereby authorized to use at his
discretion any silver bullion I'm the treas
ury of the United States purchased under
the act of July II, 1890, for coinage into
such denominations Of subsidiary silver
coin as may be necessary TO meet the
public requirements for such coin; pro-
Vided. that the amount OF subsidiary sill
yer coin outstanding shall not ut any
time exceed I'm the aggregate 800, 600, coo.
Sec. =. That the secretary of the treas
ury Is hereby authorized and directed to
cause all worn and undeIcurrent subsi-
diary silver coin OF the United States now
In the treasury and hereafter received
TO be recoined.
Sec. 10. That section 513S of the revised
statutes Is hereby amended so as to read
as follows: Section 5l3S. No association
shall be organized with a less capital
than 100000, except that banks with Il
capital OF not less than $4,000 may, with
the approval Of the secretary OF the treas
ury, be organized in any place the pop
ulaticn OF which does not exceed GOO in
naDltahts; ana except that t banks win a
the sanction of the secretary of the treas
ury, be organized In any place the popu-
iation OF which does not exceed 1900 in
habitants. No association shall be or
ganized In a city the population OF which
exceeds $1,000 persons with a capital of
less than $500 900"
Sec. IL. That the secretary OF the treas
ury Is hereby authorized to receive at the
any of the outstanding ponds of
the United States bearing interest at 5
per centum per annum, payable February
], 1904, and any bonds OF the United
States bearing interest at 4 per centum
per annum, payable July !, 1907, and any
bonds OF the United States bearing inter
est at 3 per centum per annum, payable
August !, 1905, and TO issue In exchange
therefor an equal amount of coupon or
bonds of the United States I'm
such form as he may prescribe, in de-
nominations of $50 or any multiple there
of, bearing interest at the rate of 2 per
centum per annum, payable, quarterly,
such bonds to be payable at the pleasure
of the United States after thirty years
from the date OF their issue. This sec
ton also specifies as TO how the 2 per
cent. bonds created by this act shall be
Issued.
Sec. II. That upon deposit with the
OF the United States by any
banking association OF any
bonds OF the United States In the manner
by existing law, sue associa-
ton shall be entitled to receive from the
OF the currency circulating
notes In blank, registered and counter
signed as provided by law. equal I'm
amount TO the par value of the bonds so
deposited: and any national banking as
FOR the security OF circulating notes and
upon which an amount of circulating |
notes has been issued less than the par
value of the bonds shall be entitled, upon
1ue application to the controller of the |
to receive additional circulate |
will increase the circulating notes held
by such association to the par value of
he bonds deposited, such additional notes
to be held and treated in the same way
as circulating notes OF national banking |
associations heretofore issued and sub
iect to all the provisions OF law affecting
such notes; provided. that nothing herein
shall be construed to modify or
repeal the provisions of section 5l67 of
he revised statutes of the United States,
authorizing the controller OF the eur
'ency to require additional deposits of
ponds or OF lawful money I'm case the
market value of the bonds held TO secure |
he circulating notes shall fall below the