The Holly chieftain., 1900-03-02
THE CURRENCY BILL.
AS REPORTED BY THE COM
MITTEE.
A Measure introduced to Recognise the
Gold standard and Simplify the Issues
of Currency.


Of Currency.
Washington, Feb. 25.-The Republi-
can members of the conference COM
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 ms agreed upon
and as it will be reported by the con-
ferrees and as it probably will become
q 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 3,511 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 a
parity of value with this standard, and
It shall be the duty of the secretary OF
the treasury to maintain such parity.
Sec. 2. That United States notes
and treasury notes issued under the act
Of July IA. 1880, when presented to the
treasury for redemption shall be re-
deemed in gold coin of the standard
fixed in the first section Of this act.
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 n reserve fund OF
$15O.0O00O0 in gold coin and bullion,
which fund shall be used for such re-
demptiOn purposes only, ana when
ever and as Often as any Of said notes
shall be redeemed from said fund 1t
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:
.'First.By 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.
.'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 500, ,OOO,-
600. 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 at the
rate of not exceeding three per cent,lm
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 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, as
well as from taxation In any form by
or under state. municipal pr local au-
thority. and the gold cdM received
from the sale of the said bonds shall,
first be covered into the general fund
of the treasury and then exchanged in
the manner hereinbefore provided, for
an 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-issued, but shall be held
in the reserve fund until exchanged for
gold, as herein provided; and the gold
coin and 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 $15O,OOO,OOO.
"Sec. 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, or of any
other money coined or issued by the
United States. 3 f,
"Sec. 4. That there be established in
the Treasury Department as a part of
the Office of the treasurer of the Unit
ed States divisions to be designated
and known as the division of Issue and
the division of redemption, to which
shall be assigned, respectively, under
such regulations as the secretary of the
treasury may approve. all records and
accounts relating to the issue and re-
demption of United States notes, gold
certificates, silver certificates and cur
rency certificates. There shall be trans
ferred 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-
demption of United States and treas
ury notes, the gold coin held against
ed States notes held against outstand-
inO o,,rroDcv carftfirafoS opd tho .1lro-