The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-02-27

tioh IL ISSUE ESCaDI1SHeu.
Washington, February 23.-The re-
publican members of the conference
committee on the financial bill reach
ed an agreement today. The demo-
cratic conferees were called in and
stated their opposition to the bill, and,
without further formality, the bill was
ordered reported. The bill as agreed
upon and as it probably will become
a law, provides:
That the dollar consisting of 25.s
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 treasury
notes, when presented to the treasury
for redemption, shall be redeemed in
gold coin in the above standard. and
the secretary of the treasury shall set
apart in the treasury a reserve fund
or $50, 600, 600 in gold coin and bullion, |
solely for the redemption of such notes
90 AASANA ploNI ItlCu upOH DGlnS
redeemed, shall be used to restore and
maintain such reserve fund: irst, by
exchanging for any gold coin in the
general fund of the treasury; second.
by accepting deposits of gold coin at
the treasury or at any su~b-treasury in
exchange for the United States notes
so redeemed; third, by procuring 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 500, 00O, 900, then it shall
be the duty of the secretary of the
treasury to bring it up to a maximum
sum of $3.50, 900, 600 by borrowing mon
ey on the credit of the United States,
by issue and sale of 3 per cent. bonds.
payable within one year at the pleas
ure of the United States and payable,
principal and interest, in gold coin of
the present standard value. The gold
coin so received shall be covered into !
the general fund of the treasury. and
then exchanged for an equal amount
of the notes redeemed and held for
exchange. The secretary of the treas
ury is empowered to use these notes
for any lawful purpose the public in
terests may require, except to meet
Deficiencies in the current n
United States notes when redeemed
shall be r~e-issued, but held in the
reserve fun until exchanged for gold.
The gold coin and bullion in the re-
serve fund, together with these re-
deemed notes, shall at no time exceed
$3.50, 900, 900.
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.
The act establishes in the treasury
department the division of issue and
of redemption, to approve all records
n accounts relating to the issue and
redemption of United States notes, gold
certificates, silver certificates and cur
rency certificates.
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 de-
posits received through the treasurer
or any assistant treasurer in sums Of
not less than $40 gold certificates of not
less thai that denomination are to be
issued, the deposits to be retained
solely for the payment of such certifi-
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 it's lawful
reserve. The issuance of certificates
shall be suspended when the aggregate
gold coin in the reserve fund falls and
remains below 500, 000, 900 or, in the sec
retary's discretion, whenever the ag-
gregate amount of United States notes
and silver certificates in the general
fund exceeds $500 o 900. One-fourth of
the outstanding certificates shall be in
denominations of $50 or less.
Hereafter silver certificates shall be
issued only of denominations of $40 and
under, except that not over 10 per cen
tum of the total volume of said certif1-
Gates, in the discretion of the secretary
of the treasury, may be issued in de-
nominations of $40, $50 and 500.
ANY silver bullion in the treasury
purchased under the act of July IA,
1890, may be coined into subsidiary sill
yer coin, the total outstanding, how
ever, not to exceed $lO0, 1000, 0O0. Treas
ury notes, equal to the cost of the bull
lion contained in such coin shal be
| cancelled therefor and not re-issued.
All worn and uncurrent subsidiary
silver IS to be received and re-coined.
Banks may be specially authorized in
small places with 5000 capital.
Following is the refunding provisions
which was a main point of difference:
Section IL. That the secretary of the
treasury is hereby authorized to re-
ceive at the treasury, any of the out
standing bonds of the United States
bearing interest at 5 per centum per
annum, payable February 1, 1904, and
and bonds of h United States bearing
interest at 4 per centum per annum,
payable July 1, 1907, n any bonds of
the United States bearing interest at
8 per centum per annum, payable Au-
gust 1, 1908, and to issue in exchange
therefor an equal amount of coupon
or registered ponds Of the United
States in such form as he may pre-
scribe, in denominations Of $50 or any
multiple thereof, bearing interest al
the rate of 2 per centum per annum
payable quarterly, such bonds to DC
payable at the pleasure of the United
States after thirty years from the da1e
Of their issue, and said bonds to OF
payable, principal and interest, II
gold coin Of the present standard val.
ue, and to be exempt from the paymen
Of all taxes or duties OF h United
States, as well as from taxation in any
form by or under state. municipal Oh
local authority.
Provided hat such outstandini
bonds may be received in exchange q