The state herald., 1900-03-02
THE CURRENCY BILL.
AS REPORTED BY THE COM.
MITTEE.
A Measure introduced to Recognize -
Gold Standard and Simplify tho Issues
of Currency.

Washington, Feb. 25.-The. Republic
,an members of the conference com
nittee on the financial bill reached an
agreement yesterday. The Democratic
,onferrees were called In and stated
their opposition to the bill and without
'urthcr formality the bill was ordered
reported.
The text of the bill as agreed upon
md MS 1t will be reported by the con-
ierrees and as 1t probably will become
/ law, is as follows:
Section /. That the dollar consist
ing of twenty-five ana elsht-tenths
grains OF gold nlne-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 Mt a
parity Of value with this standard, and
1t shall be the duty of the secretary Of
the treasury to maintain such parity.
"Sec. .. That United States notes
md treasury notes issued under the act
of July IA, $500, when presented to the
treasury for redemption shall be 1e-
deemed in gold coin of the standard
fixed in the first section of this act,
and in order to secure the prompt and
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 Il reserve fund of
El5O,OO0,OOO in gold coin and bullion,
which fund shall be used for such re-
dcmption purposes only, and when
ever and as often as any of said notes
shall be redeemed from said fund it
shall be the duty of the secretary of
the treasury to use said notes so re-
ieemed 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 mt 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 mt any time fall below S1OO,000,-
900, then 1t shall be his duty to restore
the same to the maximum sum of S15O,-
OO0.OO0 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 rs he may pre-
scribe. in denominations Of $50 or any
multiple thereof, bearing interest at the
rate of not exceeding three per cent,im
per annum, payable quarterly, such
bonds to be payable mt 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 he 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 or local au-
! thority. and the gold coin 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, MS herein provided; and the gold
coin and bullion In the reserve fund.
! together with the redeemed notes held
for use Ms provided In this section.
shall mt no time exceed the maximum
sum OF S150,OOO.0O0.
"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.
"Sec. 4. That there he established In
the Treasury Department MS part of
| the office of the treasurer OF the Unit
ed States divisions To be designated
! and known ns 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 10 the issue and re.
! dcmptlon of United States notes. gold
| certificates. silver certificates and cur.
/ rcncy 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 Ia the reserve fund for the re.
/ dcmptlon OF United States and treas.
ury notes. the gold coin held against
outstanding gold certificates. the Unit
ed States notes held against outstnnd
( Ing currency certificates. and the silver
dollars held against outstanding silver
! certificates and each " the funds rep
resented by theso accounts shall he
used for the redemption Of the notes
and certificates for which they are re-
spectlvcly pledged, and shall be used
for no other purpose, the same being
held ns trust funds.
"Scc. .. That Il shall be the duty OF
the secretary OF the treasury. ns fast
MS standard silver dollars nre coinct
under the provisions of the nets of July
II. 1870. nnd June i3. 1888, from buillor
purchased under the net OF July II
1890, 10 retire and cancel mn cIua
amount Of treasury notes whenever W
cclved Into the treasury, either by cx
change IN accordance with the provls
Ions Of this act. or In the ordInnr,
course Of business. aud upon the can
collation. OF trcnsury notes silver Ger
tliicntcs shnll lie issued against the sil
yer dollars 80 coined.
"scc. q. Tint the secretary OF III,
treasury is hereby authorized and di