The Van Buren press., 1900-03-17
SECRETARY CAGES STATEMENT.
Tho Secretary OF the Treasury Erpln'nes
the Bill's Provisions.

the B,ls Provisions.
Washington, March 15.-Secretary
Gage made the following statement III
explanation Of the provision of the
financial bill which passed the house
Tuesday:
FiXes the standard of value.
The financial bill, which now awaits
only the signature of the president to
become n law, has for its first object
what its title indicates, 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, 1t reat'
firms that the unit of value is the dol
lar, consisting of 25 $40 grains of gold,
0-10 fine; but from that point it goes
on TO make it the duty of the secre-
tary OF the treasury to maintain all
forms of money issued or coined at
n parity with the standard. 1t puts
into the hands of the secretary ample
power to do that.
bureaus of Issue ana Redemption.
For that purpose the bill provides in
the treasury bureaus of issue and re-
demptlon, and transfers from the gen
eral fund of the trensury's cash $780,
100000 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
is henceforth absolutely cut out Of and
separated from the cash balance in the
treasury, and the available cash bal
Gnce will hereafter show u reduction
of Sl50000,000 from the figures that
have heretofore prevailed.
This $l5O000O00 redemption fund is
to be used for no other purpose than
the redemption Of the United States
notes and treasury notes, and those
notes so redeemed may be exchanged
for gold in the general fund or with
the public, so that the reserve fund is
kept full with gold to the Sl50,0o0,00)
limit
Secretary Mny Sell Bonds.
The secretary is given further power.
II redemptions go on so that the gold
In this reserve fund is reduced below
500, ,00C, 900, and he Is unable to build
u up TO the $l50,O00,000 mark by eX.
change for gold in the general fund
or otherwise, he is given power to sell
bonds, and IL is made his duty to re-
plcnish the gold TO the $l5O,OOo,OOO
mark by such means
"Thc Endless Chain" Iirokcn.
"The endless chain" Is broken by u
provision which prohibits the use OF
notes so redeemed to meet deficiencies
IN the current revenues. The act pro-
vides for the ultimate retirement Of
nl the treasury notes issued In pay
ment for silver bullion under the Sher-
mnn net, AS fast ns that bullion Is
coined into silver dollars treasury
notes nrc to be retired, and replaced
with an equal amount Of silver certin.
Gates,
May Issue Gold Certificates.
The measure authorizes the issue Of
gold certificates In exchange for de-
posts of gold coin, the same ns nt
present, but suspends that authority
whenever and 80 long as the gold In
the redemption fund Is below $780,
100000, and gives TO the secretary the
option TO suspend the issue of such
certificates whenever the silver ccrtll-
Gates nnd United States notes In the
general fund OF the treasury exceed
$50 0000,000
Larger Issue of silver Certificates.
The bill provides for II larger issue
OF silver certificates, by declaring that
hereafter silver certificates shall be Is
sued only In denominations Of ten dol
lars and under, except M TO ten per
cent, of the total volume Room IL
made for this larger use of silver ccra
tllcatcs in the way of small bills by
another provision which makes II nec-
essary, us fast as the present silver
certificates of high denominations are
broken up into small bills TO cancel
n similar volume of United States
notes Of small denominations and re-
place them with notes OF denomin0-
tions Of ten dollars and upward. Fur
ther room In made for the circulation
Of small silver certificates by II clause