The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-09
TELEPHONE NUMBERS.
tato,IsI Roon....-. s1s coantlao BOOB a17
THE INTELLIGENcER.
wHEE1INe. SlARon 0, 1ooo.
The Financial BIN.

H6e E10AuC1e4 Dill
The passage of the gold standard law
as amended in conference promises to
bring further tranquility to the country
and inspire greater confidence In fnan-
cial and Industrial ventures. Already
the treasury department has received
many inquiries regarding the effect Of
the refunding plan, which is one Of the
prominent features of the measure. and
Secretary Sage and his assistants are
busy consulting with heads Of bureaus
ana divisions perfecting plans for putt
ting the law into execution.
The bill definitely establishes the gold
dollar Of 25.S grains Of gold, nine-tenths
fnc, as the standard unit Of value, and
declares that all forms Of money issued
or coined by the United States shall be
maintained ut a parity Of value with
the standard. United States notes, COM
monty called "greenbacEs, and the
treasury notes issued under the sher-
man act OF 1890 are to be redeemed in
such gold coin. The bill also empha-
sizes its establishment of the gold STAN
dard by making the new per cent
bonds. to ne issued in refundlng, a part
Of the interest bearing debt, expressly
payable In gold.
A washington correspondent Of a
New York financial publication, states
that 1t is proposed to date the refunding
? per cent bonds on the first day Of
April. This is the date on which quar-
terly interest is due on the old fours,
which make UP S545S45,20a Of the $780,
100000 in bends covered by the refund
ing plan. Bonds received for exchange
before April will be allowed to draw
the old rate Of interest until that time,
when the new twos will be substituted
ana interest allowed at the reduced
rate. The new bonds themselves will
not be ready. however for several
months, as Secretary Gage has not felt
justified In expanding public money for
the preparation of plates in advance Of
the actual passage Of the law. A print
ed bond VIII be substituted in the case
Of the bonds pledged by national banks
to secure circulation, but none Of these
dummy bonds will be issued unless
special reasons are shown for deliver
ing them to their owners. Assistant
Secretary VANDERBILT practically has de-
clded that coupon bonds would be Is
sued to those who desired them in place
Of registered bonds Of the old classes
offered for refundIng. The law govern
ing the exchange Of bonds which have
once been registered forblds their con-
version into coupon bonds, but It is
thought that the issue Of a new bond
running for thirty years entities the
holder to have 1t in coupon form, IL he
thinks proper.
There IS come opposition at the treas
ury to permitting the issue Of coupon
bonds except in exchange for the old
coupons, but Mr.. A. II. Huntington,
chief Of the division Of loans and cur
rency, upon whose judgment Secretary
Gage and Mr.. VANDERBILT greatly rely
mas expressed the opinion tnat the pan
Is practicable and Just to the bond
holders
Calculations are being made at the
treasury regarding the prices to be paid
for the old bonds in refunding. These
calculations are based upon the assump-
ton that Secretary Gage will charge
no higher price than par for the new 2
per cent bonds and win exchange them
SO as to pay 2A per cent on the old
bonds, according to the limit suggested
by the pending bill. Acting under the
limits named by the bill, the value Of
the old tours on April will be 11l.G7s5,
Of the fves 1lO,O75l. and of the threes
10s.6s61. These values will fall from
day TO day. making the values on April
Is for the fours 111,6i9i, for the flves
los.s761 ana for the thrces 1O5GsO7