Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-03-14
ALL MONEY AT PARITY
WITH GOLD STANDARD.
plains the Provisions of the New
Currency Law.

WASHINGTON, March f4.-Secretary
Gage made a statement in explanation
of the provisions of the financial bill, i'll
which he sad in part:
The financial bill has for its first object the
fixing of the standard of value and the main
tanning at parity with that standard of all
forms of money issued or coined by the United
States. It reaGirms that the unit of value of
the dollar, consisting of p $40 grains of gold
nine-tenths 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
redemption and transfers from the general
fund of the treasury's cash 1000 in gold
coin and bullion to the redemption fund, that
gold to be used for the redemption of United
States notes and treasury notes. That fund il
henceforth absolutely cut out OF and separated
from the cash balance in the treasury and the
available cash balance will hereafter show a
reduction Of $l500O0,000 from the figures that
have heretofore prevailed This $50 coo 900 re-
demption fund is to be used for other pur
pose than the redemption of United States
notes and treasury notes, and those notes
redeemed may be exchanged for gold in the
general fund or with the public, so that the
serve fund is kept full with gold to the sl50,o00,
900 limit
The secretary is given further power. If re-
demptions go ON SO that the gold in this re-
serve fund is reduced below $100,00 900 and he
is unable to build it up to the $4,000 900 mark
by exchange for gold in the general fund or
otherwise he is given power to sell bonds and
it is his duty 60 replenish the gold to the $780,
0000o0 mark by such means.
The "endless chain is broken by provision
which prohibits the use of notes so redeemed
to meet deficiencies in the current revenues
The act provides for the ultimate retirement
Of all the treasury notes issued in payment for
silver bullion under the sherman act. As fast
as that bullion is coined into silver dollars
treasury notes are to be retired and replaced
with an equal amount Of silver certificates.
The measure authorizes the issue of gold
certificates IN exchange for deposits of gold
coin, the same at present, but suspends that
authority whenever and so long as the gold in
the redemption fund is below 100000, 600 and
gives the secretary the option to suspend the
issue of such certificates whenever the silver
certificates and United States notes in the gem
eral fund in the treasury exceed $60,000,O00
The bill provides for larger issue of silver
certificates by declaring that hereafter silver
certificates shall be issued only III denomina
tons Of $40 and under, except as to 10 per cent
Of the total volume Room is made for this
larger use of silver certificates in the way OF
small bills by another provision which. makes
it necessary fast the present silver certifi
Gates of high denominations are broken up into
small bills to cancel a similar volume OF United
States notes OF small denominations and re
place them with notes of $40 and upward
Further room ia made for the circulation Of
pnall silver certificates by clause which per
inits national banks to have only onc-thrd Of
their capital denomination under $40.
One clause oe the bill which the public WI.
greatly appreciate is the right that it gives t.
the secretary to coin any Of the 1850 bullion
into subsidiary silver coins up TO a limit Of
$l00.Oo0000. There has fer years been a scar
city OF subsidiary y;,ver during periods of a..
five retail trace but this provision viii give TIE
treasury ample opportunity TO sueFy all tn
subsidiary silver now in the treasury CT hero
after received, The bill Niares eautinnir
appropriation for payiag the diTerasra See
tween 5tsa face v.li1ee Of such coin and the
amount tia same VIII produce in the new coin
a distinct feature OF the bill is ia reference
to reflsndlne tie per cent Spanish war lce1
the Per cent bonds maturing in 1901 and SIC
per cent BONDS maturing in 1905, Il totai 3t
S3e0a9,90a into new Ier cent bonds. Thaeo
new nercaat ores viii nor be offered for
sale but Wi Oily issaed in exchange for an
equal anoHat. face vtiUc OF Old bonds. The
holders of old bonas via receive Q premium in
cash tocoHpcn9;.te them "a q ineasure for the
sacrih % interest Whie3 ticy make. That
cash premium win be computed on basis Of
the present worta of tho Old bonds at "a per
cent and Will he on april i, the date that the
new per cent bonds wilt boaf sl0jG85l FOR the
Is, Sill.Gff5 fei SIC s end Sl069al for eaeh $3.50
OF the - Jais exc Range },ill save the govern
ment, sat 5e0nctug tie yaela.it.4s paid, near
II sz35ssl-o II al ,i.' i.9ia4ri ~ the old bonds