The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-14
FINANCIAL BILLS FEATURES.
CURRENCY MEASURE EXPLAINED
BY SECRETARY GAGE.

Power Given the Secretary to Pre-
serve the Gold Redemption Fund.
endless Chain" Is BrOINen-Win
Be More silver Certificates and
More Subsidiary COin-PIan to Re
fund Government Neutrality-suspicious.
as to National Bank Currency and
Charters.
Washington, March 13.-secretary Gage
made the following statement in explana-
ton of the provisions of the financial bill
which passed the House to-day.
TT reaffirms that the unit of value is
the dollar, consisting of % $40 grains of
gold $50 fine, but from that point it goes
on to make it the duty of the Secretary
of the Treasury to maintain all forms of
money issued or coined. at a parity with
this standard. 1t puts into the hands of
the Secretary ample power to do that.
For that purpose the bill provides in the
treasury, bureaus of issue and redemp-
ton, and transfers from the general fund
of the treasurys cash $l50,0000 coo in gold
coin and bullion to the redemption fund
that gold to be used for the redemption
VI Chlteu otdteS hotSS anu u SdSuIy hOJeS.
That fund is henceforth absolutely cut
out of and separated from the cash bal
=, a.. tu.,-,n.- 80, ~ .-,,-,,-
aiiC0 III INC an INC q 'iia"l9
cash balance will hereafter show reduc-
ton of $3.50, 100000 from the figures that
have heretofore prevailed. This $50 100000
redemption fund is to be used for no
other purpose than the redemption Of
United States notes and treasury notes
and those notes so redeemed NAV he OK
.,..., G.. -, !. a.. ..., =, =
0""'iseu III SUI III 'ii0 7eiie' al iuiiu VI
with the public so that the reserve fund
is kept full with sold to the $4,000 600
limit.
Power TO Issue Bonds.
eoTbe SECRETARY is given further mower
IF re1emntion reduce the gold in the re-
serve fund below 800 an 0oo and he l.
unabla 10 hnild If I'M ia the s15o 600 O0o
mari, nv excbano,e far gold in the general
fnnd or otherwise he is given mower 70
coil honds ard IL is made bia1 am 70 re-
nIenisb The ooId "a the $40 o10 o0o ,,,arI Nv
si,ch means
"Tbe sendIeee chain, Is broken b,, q nro-
,,;sio,,- uytJob 1,robibite tb, I,sa 20 -.
60 redeemed to meet deficienciee in Inc
c,,r,e1t ra,lonnes 5rbe act nro,,idas CO... w.,
uItipoate retirer,ant ~ al tbe traas,,,.,,
notes issuad in navn,ent for eilya, bI,uiay,
mndar Tho sherman aet he faet ~ tbat
huIIio,, Il, coined into eil,,or ,4olIors troas
snr,v notes are to he retired and renlaced
with an eotral arnolint of silver certii-
Gates.
THE measure authorized the issue of
gold certificates in exchange for deposits
of gold coin, the same as at present, but
suspends that authority whenever and 50
long as the gold in the redemption fund
is below $l00,000O00, and gives to the Sec
rotary the option TO suspend the issue of
such certificates whenever the silver Ger
tificates and United States notes in the
general fund of the treasury exceed $780,
Co., 0OO.
Provisions as TO silver.
"Tba hin nrovides for n largo ies,,a
Of silver certidcates bv DECLARING tb,t
Iereaftsr silver certificates shah he issne{
onlv in denominations az ten dollars ana
under evcent as To 10 ner cent Of he
tora1 volume Room is made for ms
lsroer ,,ee If silver certificates in tho W.,
~ small hills Furthermore national
hanks are allowed only one-tbird Of thefr
.canftal In denopoina+fon under ION 1ollore
zone clanse of the bin which The nnb1ic
viii Greatly annreciate is he riebt ~
w. - 'ii'-~' ." ''~ on INA