Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-02-24
THE new MONEY BILL
Provisions Of the Measure Agreed
Upon in Conference.
REDEMPTION OF NOTES IN GOLD
Refunding United States Bonds
at 2 Per Cent.
MORE ATIONAL BAN s

The republican members of the confer
ence committee on the financial bill reached
an agreement yesterday afternoon as an
nounced in The Star. The democratic con-
ferees were called IN and stated their op-
position to the bill, and without further
formality the bill was ordered reported.
The text of the bill as agreed upon, and as
1t will be reported by the conferees and as
1t probably will become a law is as follow:
Unit of Value.
That the dollar, consisting of twenty-five
and eight-tenths grains of gold nine-tenths
fine, as established by section 3511 of the
Revised Statutes Of the United States, shall
be the standard unit of value, and all
forms of money Issued coined by the
United States shall be maintained at a
parity of value with this standard, and it
shall be the duty Of the Secretary of the
Treasury to maintain such parity.
Redemption In Gold.
Section 2 That United States notes. and
treasury notes. issued under the act of July
H. 1890, when presented to the treasury
for redemption. shall be redeemed in gold
coin of the standard fixed in the first sec
ton of this act and In order to secure the
prompt and certain redemption of such
notes as herein provided it shall be the
duty of the Secretary of the Treasury to
Sf50, 006, 600 in gold coin and bullion, which
fund shall be used for such redemption pur-
poses only, and whenever and as often as
any of said notes shall be redeemed from
said fund it shall be the duty of the Secre-
tary of the Treasury to use said notes so
redeemed to restore and maintain such re-
serve fund in the manner following. to wit:
First. by exchanging the notes so redeemed
for any gold coin in the general fund of the
treasury; second, by accepting deposits of
gold coin at the treasury or at any sub
- frr ~ TT,,;{o
notes so redeemed; third. by procuring gold
coin by the use Of said notes, in accordance
with the provisions of section 300 of the
Revised Statutes of the United States. If
the Secretary of the Treasury is 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 at any time fall below
SlO, 900. then it shall be his duty to re-
store the same to the maximum sum Of
Sl5o.0O0,O00 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 United States in
such form as he may prescribe, in denor1i-
nations of $50 or any multiple thereof, bear
ing interest at the rate of not exceeding
per centum per annum 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 payable prin-
cipal and interest. in gold coin of the pres
ent standard value. and 30 be exempt from
the payment of all taxes or duties of the
I Hiteu otdteS, as we'll as from taxation in
any form by or under state, municipal or
local authority: and the gold coin received
from the sale of said bonds shall first be
covered into the general fund of the treas
ury, and then exchanged, in the manner
heTeinhefore provided, for an equal amount
Of the notes redeemed and held for ex-
change. and the Secretary Of the Treasury
may, in his discretion use said notes in ex-
change for gold. or to purchase or redeem
any bonds of the United States, or for any
other lawful purpose the public interests
may require. except that they shall not be
used to meet deficiencies in the current
revenues. That United States notes when
redeemed in accordance with the provisions
OF this section shall be reissued, but shall be
held in the reserve fund until exchanged for
gold, as herein provided; and the gold coin
ana bullion in the reserve fund together
with the redeemed notes held for use as
provided IN this section. shall at no time
exceed the maximum sum of S150OO0,OOO
The Silver Dollar.
Section 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, of any other money
coined or issued by the United States.
Divisions of Issue and Redemntfon
Section 4. That there be established in
the Treasury Department, as a part of the
office of the treasurer of the United States
divisions to be designated and known as
the division of issue and the division Of
re redemption, to which shall be assigned ra
S Speeosely' uhoer such regulations as the
records and accounts raiatinS to ~ e. i az
and redemption of United States notes. gold
certlncates, SILVER certificates and
ferrea go ,.,io the ihere shai be trans
fund Of the treasury Of III. I-,ito IT, En- Stt d.
and taken up on the books of said divisions
respectively. accounts relating to the re-
serve fund for the redemption of United
States notes and treasury notes. the gold
coin held against outstanding gold certif-
Gates, the United States notes held against
outstanding currency certificates, and the
silver dollars held against outstanding sill
Yer certificates and each of the funds rep
resented by these accounts shall be used
for the redemption of the notes and certif-
Gates for which they are respectively
pledged, and shall be used for no other pur-
pose. the same being held as trust funds
Rademn.io, ~ rr.,. x.
Sectlon d. mat IL Snail De the duty Of
the Secretary of the Treasury, as fast as
standard silver dollars are coined under
the ,roy;sions Of tho .o+s of mi, =, 800
20 100 "' VI '"i' IL i"'o'
anu June 10, 1879 from boiilon purchased
under the act of July II. 1880, to retire and
cancel an equal amount of treasury notes
r.