The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1900-03-14

AAN says the MhUtlNI Dill WnIrn now
awaits only the sigature OF the president
to become a law. has for It's first OBJ
Jects what its title indicates the fixing
OF the standard values and the main
tanning with that standard OF all forms
OF money issued or coined BY the United
states. IL reafrms that the United
states standard OF value Is a gold dohar
consisting Of twenty-five and eight-tenths
grains OF gold nine. .tenths
fine, but from that foint it does go on
TO make IL the duty OF the secretary OF
the treasury to maintain all forms OF
money Issued or coined az a parity with
this standard. Il puts into the hands OF
the secretary ample power TO DO that
For that purpose the bill provides In the
the treasury bureaus OF issue and re.
redemption, and transfers from the gem
eral fund Of the treasury si50,00O.00 In gold
coin and bullion to the redemption fund
That gold to be used for the redemption
OF United States notes and treasury
notes. That fund IS absolutely cut out
Of and scratched from the cash Dalane
IN the treasury and and the available
cash balance will hereafter show a reduc-
tion Of $i5OO000O0 from the figures thar
have heretofore prevailed This $50 O)O,-
900 redemption fund is to be used for no
other purpose than the redemption OF the
United States notes and treasury notes
changed for gold In the general funds
or with the pubic, so that the reserve
fund Is kept full with the Si50 GOO 900 limit
The secretary Is given further power. II
the redemptions go on so that the gold in
the reserve fund Is reduced below 500 0o0.
600 and he Is unable TO build up TO the
$3.50 10000 mark by exchange for gold IN
the general fund or otherwise he Is given
power to sell bonds and it is made his
duty to replenlsh the gold reserve to the
s150. .oOOO 900 mark by such means
The "endless chain is broken by q pro-
vision which prohibits the use OF notes
so redeemed to meet deficiencies In the
current revenues. The act provided for
.he ultimate redemption OF
all treasury notes issued in pay
ment for silver bullion under the Shcr-
man act. AS fast as that bullion Is coined
into silver dollars treasury notes are 70
be relieved and replaced with an, equal
amount OF silver certificates
The measure authorizes the issue OF
gold certificates in exchange for deposits
OF gbld coin, the same as at present
but suspends that authority whenever
and so long as the gold in the redemp-
tion fund is below 800 100000 and gives
to the secretary the option TO suspend
the issue of such certificates whenever
the silver certificates and United States
notes in the general fund OF the treasury
exceed $50 100000
The bill provides for a larger issue Of
silver certificates by ec'aring that here.
after silver certificates shall be issued
only in denominations of ten dollars and
under except as 20 ten per cent OF the
total value Room Is made for this large
use OF silver cert 1cates In the way u
small bills by another provision which
makes Il necessary as fast as the
cff 90 Bturb
nations are broken up into small bills
20 cancel a similar volume OF United
States notes OF smaller denominations.
and replace them with notes OF denomi-
nations OF ten dollars and upwards Fur
ther room Is made for the circuallatlon
OF small silver certificates by clause
which permits national banks 10 have
only one-third Of their capital In de lomI-
nations under ten dollars.
One clause will be noted which public
will greatly appreciate is the right that
Ii gives TO the secretary 10 coin any OF
the 1880 bullion into subsidiary sil
yer coin up 70 a limit of 500 600 .000 TheVe
has for years ben a scarcity OF subsid-
iary silver during periods OF active re-
tail trade, but this provision will give the
treasury ample opportunity 10 supply all
the subsidiary silver that is needed. Ar
other provision that the public will great
~ appreciate Is the authority given 70
the secretary 70 recon worn and unc1r-.
rent subsidiary silver now In the treasury
or hereafter received. The bill makes
continuation appropriation for paying
the difference between the face value OF
such coin and the amount the same will
produce in the new coin.
A distinct feature OF the bill is In ref
erence to refundlng the 3 per cent Span
ish war loan, the per cent bonds matur
ina In 1907, and the per cent bonds
mateuring In 1904 total OF $3.50 900 900, i'm
TO per cent bonds These new 2 per
cent bonds will not be offered for sale.
but only be issued In exchange for an
equal amount, face value. OF old bonds.
The holders. OF old bonds will receive a
premium In cash 20 compensate them In
a measure for the sacrifice OF interest
which they make. The cash premium will
be computed on a basis OF the present
worth OF the old bonds al 2h per cent.
and will be, on April l. the date that the
the new per cent bonds win bear tl05.-
6S5l for the gs; Sill 67G5 for the As and
Sll0075l for each 500 Of the vs. This ex-
change will save the government after
deducting the premium paid. neary s23
100000. II all the holders Of the old bonds
exchange them for the new ones. Ma
tional banks that take out circu' alton
based on the new bonds are 10 be taxed
only one-half OF one per cent on the av-
erage amount Of circulation outstand-
ing, while those who have circulation
based on a deposit Of old bonds will be
taxed, az az present one per cent
There are some other changes IN the
national banking act The law permits
national banks with S25 900 capital 10 he
organized IN places OF 5000 inhabitants or
less, whereas heretofore, the minimum
capital has been $4,000 il a'so permits
banks TO Issue circulation Of all classes
OF bonds deposited up 10 the par value
Of the bonds, instead OF 20 per cent Df
their face value as heretofore This