The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-24
ARGUMENT ON
CURRENCY BILL
ICoptinrc1 from First PaEe.)
Continucd from First Page.)

,arests rmav require except to meet de-
ticiencies in the current revenues. United
States notes, when redeemed. SnaH MOI
be reissued hut held in the reserve until
exchanged for gold; the gold coin ana
bullion in the reserve fund, together W4th
these redeemed notes, shall at no lime
exceed one hundred and fifty million dol
lars. Nothing containing In this act shall
be construed to affect the leSal-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 established in the Treasury De-
partment the divisions of issue and OF
redemption, to approve all records ana
accounts relating to the issue and re-
demplion OF United States notes, soio
certificates, silver certlncateS anu cur
rency certificates.
AS fast as standard silver dollars are
coined from bullion. silver certificates
Shall be issued therefor, but hrst an
equal amount OF Treasury notes. Wheh-
ever received into the Treasury, shali be
retired and cancelled.
For gold deposits received through the
Treasurer or any Assistant Treasurer.
4, sums of not less than twenty dollars.
ro1d certificates of not less than that de-
no1rn.nation arc to be issued, the deposits
10 be retained solely for the payment
of such certificates on demand. Sucl GER
tifrates shall he receivable for all public
dues and may be reiSsued and when
held by any national banking assoola-
ton may be counted as part OF It's lawful
reserve. The issuance of certificates shali
be suspended when the aggregate gold
coin an the reserve fund falls and re-
mains below Sl1a, DoO, 900, or, in the Secre-
tary's discretion. whenever the aGsre-
gate amount OF United States notes and
silver certificates in the general fund
exceeds sixty million dollars One
fourth of the outstanding certificates
shal, be in denominations OF fifty dollars
or less.
SILVER CERTIFICATES.
Hereafter silver certificates shall be is
sued only of denominations of ten dollars
and under, except that not over ten per
centum of the total volume OF said GER
,iticaies. in the discretion of the Secretary
of the Treasury. may be issued IN denom-
nations Of twenty dollars. fifty dollars.
and one hundred dollars. Any silver bull
lion in the treasury purchased under the
act of July 18th, 1899, may be coined into
subsidiary silver coins, the total outstand-
ing, however not to exceed one hundred
millions of dollars. Treasury notes equal
TO the cost of the bullion contained in
such coin shall be cancelled therefor and
not reissued. All worn and uncurrent
subsidiary silver Is 10 De Ceceifeu ana re-
coined.
Banks may DE specially authorized. In
small places, with $4,000 capital.
Following Is the refunding provision
which was u main point of difference:
Section I-That the Secretary of the
Treasury is hereby authorized to receive
at, the Treasury any Of the outstanding
bonds of the United States bearing inter-
est at five per centun per annum. payable
February I. 1901, and any bonds of the
United States bearing interest at four per
cen:um per annuua. payable July /. 1907.
and any bonds Of the United States bear
Ing interest at per centum per annurn.
payable August ], 1905, and 20 issue in cx-
change therefor an equal amount of
coupon or registered bonds Of the United