New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-24
FULL Observation-Disclosures
FORM IN WHICH THE GOLD STANDARD
BILL WILL PROBABLY BECOME LAW.
[BY TELEGRAPH TO THE rR1BuxE.J

IBY TELEGRAPH TO THE TRIBUNEl
Washington, Feb. 23,-The conferrees on the
Currency bill reached a final agreement late this
afternoon, and reported the result OF their la
oors TO both branches OF Congress. The con-
ference report IS practically a new bill. redrawn
on the general lines Of the measure framed by
the Senate Finance Committee and passed by
the Senate on nearly every serious point Of
contention the Senate conferrees maintained
their position successfully, and their measure
forms the basis of the new composite currency
reforming and retunding measure.
Mr. Aldrich will make a statement in the
Senate next Wednesday explaining the changes
authorized in present methods Of administering
the finances and the currency, and on Thursday
the opponents of the bill viii submit their crit
icisms both of its theory and of its details.
The report viii probably be accepted in both
houses by the end of next week.
TEXT OF THE BILL AS ADOPTED.
The text OF the bill as agreed upon, and as it
probably will become a law, is as follows:
That the dollar consisting Of twenty-five and
eight-tenths grains of gold nine-tenths fine.
established by Section 3,511 of the Revised
Statutes of the United States, shall be the
issued coined by the United States shall be
maintained at parity Of value with this stand
ard, and II shall be the duty Of the Secretary
Of the Treasury to maintain such parity.
Sec . That the United States notes and
Treasury notes issued under the act Of July
IA, 1880, when presented to the Treasury for
redemption shall be redeemed in gold coin OF
the standard fixed in the first section of this
act and in order to secure the prompt and GER
tain redemption of such notes as herein pro-
vided il shall be the duty Of the Secretary of
the Treasury TO ser aDart in the Treasury a re-
dempton fund Of S150000000 in gold coin and
bullion which fund shall be used for such re-
demption purposes only. and whenever and as
often as any Of said notes shall be redeemed
from said fund II shall be the duty Of the Sec
rotary Of the Treasury TO said notes so re-
deemed to restore and maintain such reserve
fund in the manner following. 10 wit
Firstly exchanging the notes so redeemed
for any gold coin in the general fund Of the
secondly accepting deposits Of gold coin
at the Treasury or at any Sub-Treasury in ex-
change for the United States notes so re-
deemed
Thirdly procuring gold coin by the use Of
said notes in accordance with the provisions
of Section 3, 700 of the Revised Statutes of the
United States
MAINTAINING THE GOLD RESERVE.
If the Secretary OF the Treasury is unable to
restore and maintain the gold coin in the re-
serve fund by the foregoing methods. and the
amount Of such gold coin and bullion in SAID
fund shall at any time fall below S10O,OOO.OOO,
then il shall be his duty TO restore the same TO
the maximum sum of $150.0O0,OOO by borrowing
money on the credit of the United States for
the debt thus incurred, to issue and sell coupon
or registered bonds Of the United States in
such form he may prescribe, in denOmtna-
tons of 500 any multiple thereof bearing
interest at the rate Of not exceeding per cent
10 be payable at the pleasure OF the United
States after from the date or their
issue and TO be payable, prlnclpaI ahd inter
est, in gold coin OF the present STANDARD FaIue,
and TO be exempt from the payment OF all
taxes or duties of the United States, we'll as
from taxation in any form or under state
municipal city or local authority; and the gold
coin received from the sale OF said bonds snail
first be covered into the general fund OF the
Treasury and then exchanged in the manner
herein before provided, for an equal amount OF
the notes redeemed and held for exchange, and
st.. Tv.ao rr~y-r IN
cretion said notes in exchange for gold or
10 purchase or redeem any bonds Of the United
States for any other lawful purpose the
public interests may require except mat they
shall not be used TO meet deficiencies in the
current revenues. That United states notes
when redeemed in accordance win the pro
visions Of this section shall not be reissued
but shall be held in the reserve fund until eX-
changed for gold as herein provided ana the
gold coin and bullion in the reserve fund, to-
gether with the redeemed notes held for use
as provided in this section, shall at no time eX-
coed the maximum sum Of $50 100000.
Sec & That nothing contained in this act
shall be construed 10 affect the lesaI lenuer
quality as now provided by law of the silver
dollar or Of any other money coined or issued
by the United States.
ISSUE AND REDEMPTION DIVISIONS
Sec 4 That there be established in the
Treasury Department, as a part OF the once OF
the Treasurer Of the United States, divisions 10
be known as the Division OF Issue and the d.
vision of Redemption, TO which shall be assigned
respectively, under such regulations as the sec
retary Of the Treasury may approve, ali recorus
and accounts relating 10 the issue ana redeIlp-
ton of United States notes gold cerllIcates'
silver certificates ana currency ceI In -
There shall be transferred from the accounts OF
the general fund of the Treasury OF the United
states and taken up on the books OF sara ulNI-
siOns respectively, accounts relating 70 Ine re-
serve fund for the redemption or Inlted states
notes and Treasury notes, the gold TO be hed
against outsta nding gold Certincates, the ChlIeu
States notes held against outstanding currency
certificates, and the silver dollars heIo asalnISl
outstanding silver certificates, and each OF the
funds represented by these accounts shaIl De
used for the redemption Of the notes ana Ger w
oatas for which they are respectively pledged
and shall be used for no other purpose 'He
same being held trust funds c.
Sec : That il shall be the duty or the sec
retarv Of the Treasury as fast as standard sill
yer dollars are coined under the PROVISIONS OF Ine
acts of July Il 1890. and June To- Io.S tr p0I
bullion purchased under the act OF july - Io''
- retire nd cancel an equal amount or Treasury
notes whenever received into the treasury
her by exchange in accordance win the pro-
visions Of this act or in the ordinary course OF
business and upon the cancellation OF Ar ea7-L.
notes silver certificates shall be issued against
the silver dollars so coined
Ser That the Secretary Of the treasury IS
hereby authorized and directed 70 receive de-
posts OF gold coin with the Treasurer or any
Assistant Treasurer Of the United STATES III
sums of not less than $40 and 70 issue gOIu Ger
tifcates therefor in denominatons OF n0I iesS
than 500 and the coin 90 deposited shall De re-
tanned in the Treasury and held f2r me pay
r0eut OF such certificates on demand anu uSeu
for no other purpose. Such certificates shall De
receivable for customs, taxes and all Puphe
dues and when received may be relssueQ anu
when held bv any National banking ASSOCIATION
may he counted part of its Lawful reserve
Provided that whenever and so long as the
gold coin held in the reserve tund IN me IIea aS
nv for the redemption Of United states notes
end Treasury notes shall fall and remain oelo"
1O0OO0OOO the authority to issue certhcates
as herein provided shall be suspended
And provided further. that whenever and so
Long as the aggregate amount OF United states
notes and silver certificates IN the genera IuIlo