The Elbert County tribune., 1900-03-01
THE CURRENCY BILL.
As HEPoRTEp BY THE COM
Measure Introdussd 70 Hccoxntre the
Gold ss..dard snd slnp,ify the Issuss

49, -
Measure Introduosd 70 Hocogntre the
Geld Standard end sinp,ify the Issuss
Of currsncy.
Washington, Feb, 25.-The Republi-
can members OF the conference COM
mittee on the financial bill reached an
agreement yesterday. The Democratic
conferrees were called in and stated
their opposition to the bill and without
further formnlity tie bill was ordered
reported.
The text of the bill ns agreed upon
and ms II Will be reported by the con-
ferrees and as II probably will become
law. is rs follows:
Section /. That the dollar consist
ing OF twenty-five and eight-tenths
grains OF gold nIne-fenths fine, estab-
IIshed by section 3,511 Of the Revised
Stntutes OF the United States, shall be
the standard unit Of vnlue and all
forms OF money issued or coined by the
United States shall be maintained at a
purity OF value with this standard, and
II shall be the duty OF the secretary Of
the treasury to maintain such parity.
Sec. 2. That United States notes
and treasury notes issued under the act
Of July IA, 1850, when presented to the
treasury for redemption shall be re-
deemed In gold coin OF the standard
fixed Ia the first scctioE of this act.
and In order to secure the prompt and
certain redemption Of such notes as
herein provided, II shall be the duty Of
the secretary OF the trensury to set
apart In the treasury n reserve fund of
S150.OO0.OO0 In gold coin aud bullion,
which fund shall be used for such re-
demption purposes only, and when
a atau
shall be redeemed from said fund 1t
shall be the duty OF the secretary Of
the treasury to use said notes so re-
ieemcd to restore and maintain such re-
serve fund in the manner following.
to-wit:
"FIrst-By exchanging the notes so
received for any gold coin In the gen
ernI fund of the treasury; second, by
nccepting deposits of said coin mt the
trensury or any sub-treasury In ex-
change for the United States notes so
redeemed; third. by procuring gold
coin by the use OF gold notes, In ac-
cordance with the provisions OF section
3.TOO of the Revised Statutes OF the
United States.
"If the secretary OF the treasury N
unable to restore and maintain the
gold coin In the reserve fund by the
foregoing methods and the amount OF
such gold coin and bullion In said fund
shall nt any time fall below x100,000,-
900. theft II shall be his duty to restore
the same to the maximum sum OF $15O,-
OOO.OOO by borrowing money on the
credit of the United States and for the
debt thus incurred TO issue and sell
coupon or registered bonds OF the Unit
ed States In such form ms he may pre-
scribe, In denominations of $50 or any
multiple thereof. bearing interest at the
rate of not exceeding three per centilm
per nnnum. payable quarterly. such
bonds to be payable at the pleasure OF
the United States after one year from
the date of their issue. and to be pay
able, principal and interest. In gold
coin of the present standard value, and
to be exempt from the payment of all
taxes or dues OF the United States as
well ms from taxation In any form by
or under state, municipal or local ail-
thority, and the gold coin received
from the sale of the snid bonds shall
first be covered Into the general fund
of the treasury and then exchanged In
the manner hcreinbefore provided. for
an equal amount of the notes redeem
able and held for exchange, md the
secretary of the treasury. mny, In his
discretion, use said notes in exchange
for gold, or to purchase or redeem any
bonds OF the United States. or for any
other lawful purpose the public inter
ests may require, except that they
shall he used TO meet deficiencies in the
current revenues. That United States
notes. when redeemed In accordance
with the provisions of this section.
shall be re-issued, but shall be held
In the reserve fund until exchanged for
gold, as herein provided; and the gold
coin and bullion In the reserve fund,
together with the redeemed notes held
for use ns provided In this section,
shall at no time exceed the maximum
sum of $150, 100000.
"Sec. 3. That nothing contained in
this act shall be construed TO affect the
legal tender quality ms now provided
Iby law of the silver dollar. or OF any
other money coined or issued by the
United States.
"Sec. 4. Thnt there be established In
the Treasury Department as part Of
the office of the treasurer OF the Unit
ed States divisions TO be designated
and known ms the division of issue and
the division of redemption, to which
shall be assigned. respectively. under
such regulations as the secretary of the
treasury mny approve NIL records and
accounts relating to the issue and re-
demption of United States notes, gold
certificates. silver certificates and cur
rency certificates. There shall be trans
ferred from the accounts of the general
fund of the treasury of the United
States and taken up on the books of
said divisions, respectively, accounts
relating to the reserve fund for the re-
demption of United States and treas
ury notes. the gold coin held against
outstanding gold certificates, the Unit
cd States notes held against outstand-
ing currency certificates. and the silver
dollars held against outstanding silver
certificates and each OF the funds rep
resented by these accounts shall he
used for the redemption of the notes
and certificates for which they are re-
spectively pledged, and shall be used
for no other purpose. the same being
held us trust funds.
"Sec. .. That 1t 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
IA, 1890. and June 10. 1895 from bullion
purchased under the act of July IA.
1890. to retire and cancel an equal
amount of treasury notes whenever re-
ceived into the treasury. either by ex-
change in accordance with the provis-
Ions of this act, or In the ordinary
course Of business, and upon the can
cellatlon OF treasury notes silver GER
titicates shall be issued against the sill
yer dollars so coined.
"Sec. o. That the secretary of the
treasury is hereby authorized and d.
rected to receive deposits of gold coin
with the treasurer or any assistant
treasurer of the United States In sums
of not less than $50, and issue gold GER
tificates therefor In denominations of
not less than $50, and the coin so de
posted shall be retained In the treas
ury and held for the payment OF such