Gilpin observer., 1900-03-01
THE CURRENCY BILL.
AS REPORTED BY THE CON-
MlTTEE.
Measure introduced to Recognize the
Gold Standard and Simplify the Issues
Of Currency,

mittee on the financial bill reached an
agreement yesterday The Democratic
conferrees were called in and stated
their opposition to the bill and without
further formality the bill was ordered
reported.
The text of the bill as agreed upon
and as it will be reported by the con-
ferrees and as it probably will become
law, is as follows:
Section 1. That the dollar consist
ing of twenty-five and eight-tenths
grains of gold nine-tenths fine, estab-
lished by section Boil of the Revised
Statutes of the United States, shall be
the standard unit of value and all
forms of money issued or coined by the
United States shall be maintained at
parity of value with this standard. and
it shall be the duty of the secretary Of
the treasury to maintain such parity.
Sec. .. That United States notes
and treasury notes issued under the act
of July II, 1890, when presented to the
treasury for redemption shall be Ie-
deemed in gold coin of the standard
fixed in the first section 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 set
apart in the treasury IL reserve fund of
which fund shall be used FOR such re-
demption purposes only, and when
ever and as often rs any of said notes
shall be redeemed from said fund it
shall be the duty of the secretary of
the treasury to use said notes so re-
deemed to restore and maintain such re-
serve fund in the manner following,
tO-wit:
''FirstLBy exchanging the notes so
received for any gold coin in the gen
eral fund of the treasury; second. by
accepting deposits of said coin at the
treasury or any sub-treasury in eX-
change for the United States notes so
redeemed; third, by procuring gold
coin by the use of gold notes, in ac-
cordance with the provisions of section
300 of the Revised Statutes of the
United States.
.lf 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 S1Oo,OOO,-
900, then it shall be his duty to restore
the same to the maximum sum of $780,
100000 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 Unit
ed States in such form as he may pre-
scribe, in denominations of $3.50 or any
multiple thereof. bearing interest mt the
rate of not exceeding three per centlIm
per annum, payable quarterly, such
bonds to be payable mt the pleasure of
the United States after one year from
the date of their issue, and to be pay
able. principal and interest, in gold
coin of the present standard value, and
to be exempt from the payment of all
taxes or dues of the United States, M
we'll as from taxation in any form by
or under state municipal or local az.
thority. and the gold coin received
from the sale of the said bonds shall
first be covered into the general fund
Df the treasury and then exchanged I'm
the manner hereinbefore provided. for
nm equal amount of the notes redeem
able and held for exchange. and the
secretary of the treasury may, in his
discretion. use said notes in exchange
for gold. or to purchase or redeem any
bonds of the United States, or for any
other lawful purpose the public inter
ests may require, except that they
shall 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 re-isSucd. hut shall be held
gold, as herein provided; and the gold
coin and bullion in the reserve fund.
together with the redeemed notes held
for use ns provided in this section,
shall at no time exceed the maximum
sum of Sl5O, O,000000
"Scc. 3. That nothing contained in
this act shall he construed to affect the
legal tender quality as now provided
by law of the silver dollar. or of any
other money coined or issued by the
United States.
'Sec. 4. That there be established in
the Treasury Department rs n part of
the office of the treasurer of the Unit
ed States divisions to he designated
and known as the division of issue and
the division of redemption. to which
shall be assigned, respectively, under
such regulations ms the secretary of the
treasury may approve. all records and
accounts relating to the issue and re-
lemption of United States notes, gold
certificates. silver certificates and cur
rcncy certificates. There shall be trans
ferrcd from the accounts of the general
fund of the treasury of the United
States and taken up on the books Of
said divisions, respectively. accounts
relating to the reserve fund for the re-
1emption of United States and treas
nry notes. the gold coin held against
outstanding gold certificates, he Unit
I'd States notes held against outstand
Ing currency certificates. and tile silver
dollars held against outstanding silver
certificates and each Of the funds rep
resented by these accounts shall be
used for the redemption of the notes
md certificates for which they are re-
Spcctivcly pledged. and shall be used
for no other purpose. the same being
held as trust funds.
Sec. >. That 1t shall be the duty Of
the secretary of the treasury. as fast
ns standard silver dollars are coined