The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-02-24
THE GOLD BILL As
NOW AGREED upon
The Gold Dollar the Standard
Unit of Value.
~-----------------------
THE REDEMPTION FUND
$150,O00.000 TO BE SET APART
FOR THIS.
THE REFUNDlNG PROVISION OF THE BILL
The Circulation Of ationai Banks is to Equal
The Par Value of the Bon1s They De-
post With the United States
Treasurer

Washington, Feb. 23.-The Republican
members Of the conference committee on
the Financial Bill reached an agree
ment today The Democratic conferees
were called in and stated their opposition
to the bill. and without further for
maEty the bill was ordered reported.
The bin as agreed upon and as it proba-
bly, VIII become a law provides:
THAT the dollar consisting of twenty
FIVE and eight; tepths grains of gold,
nine-tenths fine shall be the standard
unit Of value, and all forms of money
issued or coined by the United States
shall be maintained by the Secretary of
the Treasury at a parity of value with
this standard.
United States notes and Trea
sury notes, when presented to
the Treasury for redemption shall
be redeemed in geld coin of
the above standard and the Secretary
of the Treasury shall set apart in the
Treasury reserve fund of one hundred
ond fifty million dollars in gold coin
and bullion, solely for the redemption of
such notes as herein provided, which.
upon being redeemed shall he used to
restore ard maintain such reserve fund,
first. by exchanging for any gold coin
in the general fund of the Treasury;
second by acceptng deposits of gold coin
at the Treasury or at amy Sub-Treasury
in exchange for the United States notes
so redeemed; third, by procuring gold
coin by the use of said notes. If this
method of maintaining the gold reserve
fund fails and the amount of such gold
coin and bullion in said fund shall at any
time fall below one hundred million dol
lars. then it shall be the duty of the
Secretary Of the Treasury to bring it up
TO a maximum sum Of one hundred and
fifty million dollars by borrowing money
on the credit of the United States. by
issue and sale of three per cent bonds,
payable within one year at the pleasure
of the United States and payable. prin-
cipal and interest, in gold coin of the
present standard value.
REDEMPTION AND REISSUE.
The gold CON so received shall be COW
cred into the general fund of the Urea
si1ry and then exchanged for an equal
amount of she notes redeemed and held
for exchange. The Secretary of the
Treasury is empowered to use these
notes for any lawful purpose the public
interests may require, except to meet
deficiencies in the current revenues
United SsateS notes when redeem d shall
be reissued, but held in the reserve fund
until exchanged for gold. The gold coin
bullion in their reserve fund, together
with these deredeemed notes shall at
once exceed one hundred and fifty mil
lion dollars
Nothing contained in this shall be con
strued to affect legal tender quality as
now provided by lazy Of the silver dol
lar or of any other money coined or is
sued by the United States.
The act establishes in the Treasury
Department the divisions of is sue and of
redemption, to approve all records and
accounts relating to the issue and re-
dempti0n of United States notes gold
certificates silver certificates and cur
rency certificates.
RETIREMENT OF NOTES.
As fast as standard silver dollars are
coined from bullion, silver certificates
shall be issued therefor. but first an
equal amount of treasury notes when
ever received into the Treasury shall be
retired and cancelled. For gold dCIositS
received through the Treasurer or any
assistant treasurer N sums Of not less
than twenty dollars, gold certificates of
not less than that denomination are To
be issued. the deposits to be retained
solely for the payment of such certiti~
Gates on demand. Such certificates
shall be receivable for all public dues.
and may be re-issued and when held by
any national banking association may be
counted as part of its lawful reserve.
The issuance Of certificates shall be sus-
pended when the aggregate gold coin