The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-24
FINANCIAL BILL AGREED ON.
CURRENCY MEASURE AS 1T WILL.
PROBABLY PASS.

heAsure Is FractIcalIy the Same
as Passed by the Senate-AGree-
ment Reported to Senate.
Washington, Feb. 2S.-The Republican
members of the Conference Committee on
the financial bill reached an agreement to-
day
The Democratic 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 proba-
bly, will become law, provides:
That the dollar consisting of twenty
five and eight-tenths 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 main
tained by the Secretary of the Treasury
at parity of value with this stanard.
United States notes and treasury notes,
when presented to the treasury for re-
demption, shall be redeemed in gold coin
of the above standard and the Secretary
of the Treasury shall set apart in the
treasury a reserve fund of $150.OOO0 900 in
gold coin and bullion, solely fer the re-
demption of such notes as herein provided
which, upon being redeemed, shall be used
10 restore and maintain such reserve fund.-
first, by exchange for any gold coin in
the general fund of the treasury; second,
by accepting deposits of gold coin at the
treasury or at any sub-treasury in eX-
change for United States notes so redeem
ed: third, by procuring gold 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, 000030, then ii shall be the duty
Of the Secretary Of the Treasury to bring
il up to maximum sum of 900 by
borrowing money on the credit of the
United States, by issue and sale of per
cent. bonds, payable within one year, at
the pleasure of the United States, and pay
able. principal and interest, in gold coin
of the present standard value.
THE god coin so received shall be con-
verted into the general fund of the treas
ury 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 purpose the public interests may re-
quire except TO meet deficiencies in the
current revenues. United States notes
when redeemed shah be reissued, but held
in the reserve fund until exchanged for
gold The gold coin and bullion in the
reserve fund, together with these redeem
ed notes, shall at no time exceed $150000,-
Co.,
what 1t Says of silver.
Nothing contained in this act shall be
construed to affect the legal tender quail
ity 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 de
partment the divisions of issue and of re-
demption 60 approve all records and ac-
TO ahDkiV
ton of United States notes, gold ceruh-
Gates, silver certificates and currency GER
tificates.
AS fast as standard silver dollars are
coined from bullion, silver cert tifcates
shall be issued therefor, but first a equal
amount of treasury notes whenever re-
ceived into the treasury shall be retired
and cancelled. For gold deposits received
through the treasurer or assistant treas
urer in sums of not less than $40 gold GER
tificates of not less than that denomination
are 10 be issued, the deposits to be re-
tained solely for the payment of such cer-
tdlcates on demand Such certificates
snail be receivable for all public dues. and
may be reissued and when he'd by any
national banking association may be
counted as part of its lawful reserve The
issuance of certificates shall be suspended
when the aggregate gold coin in the re-
serve fund falls and remains below $780,
O00,000 or in the Secretary's discretion
whenever the aggregate amount of United
States notes and silver certificates in the
general fund exceeds $60,0000O0. One
fourth of the outstanding certificates shah
be in denomina tions of $50 or less.
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 certif-
Gates, in the discretion of the Secretary of
lhe Treasury may be issued in denomina-
lions of twenty dollars, fifty dollars and
one hundred dollars.
Any silver bullion in the treasury pur-
chased under the act of July il, 1890 may
De coined into subsidiary silver coin, the
total outstanding, however, not to exceed
SlloOOOOO0. Treasury notes. equal to the
cost Of the bullion contained in such coin
snail be cancelled therefor, and not reis-
sued. All worn silver is to be received
ana recoined, National banks may be
~ cially authorized i'm small places with
$4,000 capital
The Refunding Provision.
Following is the refunding provision
which was a main point of difference.
Section II. That the Secretary Of the
treasury is hereby authorized 10 receive
AT the treasury any of tn g outstanding
ponds OF the United States bearing inter-
est at 5 per, centum per annum. payable
en-. !, 1901, and any bonds of the Uni ell
State%bearing interest at per centum per
anhum, payable July /. 1907. and any bonds
or the United States bearing interest at
l,er centum per annum, payable Aug !.
i9VS' and 10 issue in exchange therefor an
equal amount of coupon or registered
bonds of the United States in such form
as he may prescribe. iH denominations of
So9 or any multiple thereof, bearing inter-
est at the rate of per centum per
annum payable quarterly, such bonds to
De payable al the pleasure of the United
states after thirty years from the date
OF their issue. and said bonds to be paya-
be principal and interest, in gold coin of
the present standard value and 10 be ex-
empt from the payment of all taxes or
duties of the United States as wen as
from taxation I'm any form by or under
state, municipal or lodalN authority; pro-
Nlded that such outstanding bonds may be
received in exchange at a valuation not
greater than their present worth TO yield
an income Of Two and one-quarter per