Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1900-02-16
THE CURRENCY BILL.

By vote of 46 to 20 the Senate yes
terday passed its substitute to the
House currency bill. Senators Caffrey
and Lindsay voted with the republicans
and Senator Chandler with the demo.
Gratis.
| But two amendments to the bill, as
originally introduced in the Senate,
were adopted. One provided for ma
tional banks in towns having not more
than 1000 inhabitants; the other AL
nOunces the willingness OF the United
States to join in international blmetal.
| ism.
Following is brief summary of the
bill as it passed the Senate:
The dollar consisting of % $40 grains
of gold shall be the standard unit of
value.
A reserve fund of $50, 600, 900 in gold
coin for the redemption of United
States and Treasury notes shall be
maintained.
To maintain the reserve the Secre-
tary of the Treasury shall exchange the
notes redeemed for gold in the general
fund by accepting gold coin deposits in
exchange for the redeemed notes, or
procuring gold coin in exchange for the
notes, in accordance with the provisions
Of section 300 of the Revised Statutes.
II the foregoing methods fail to main.
tain the reserve the Secretary, in case
the fund at any time falls below $780,
1000, shall borrow money on 3 per
cant. bonds in denominations of $50 or
any multiple thereof, such bonds to be
payable at discretion of the United
States after one year.
As fast IS silver dollars are coined
under the acts of 1890 and 1898 equal
amounts of Treasury notes shall be re-
tired, and in their place shall issue sil-
yer certificates against the silver dollars
so coined.
For deposits OF gold coin the Secreta-
~ OF the Treasury shall issue gold Ger
tificates 10 denominations of not less
than $40. One-fourth of these certif-
Gates must be of the denominations of
$50 or less. Certificates of the deDom-
ination of SIC, 900 may be issued at the
discretion of the Secretary.
No United States or Treasury notes
for an amount of less than $40 shall be
issued hereafter. Notes of lower de-
nomination shall be Cancelled as fast as
they are redeemed. Silver certificates |
of higher denomination of $40 are pro-
hibited.
The Secretary Is authorized to refund the |
bonded debt of the United States. Five per |
cent bonds, payable IN 1904 A per cent?. OF
1907, and per cents. of 1908, may be ex-
changed for registered bonds bearing interest
at the rate of 2 per cent, and payable after
80 years. These bonds, principal and inter
est, are to be paid In gold coin. Provided
that none of such outstanding bonds shall be
received at a valuation greater than their
present worth, to yield an income Of more
than IT per cent. per year, and said bonds
shall be issued at par,
National banks may issue notes to the face
v slue of bonds deposited with the Treasurer.
but not in excess of paid in capital stock. The
banks shall pay semi-annuslly, TAX OF one
fourth of per cent. for each half year on
the average amount Of their circulating notes
based upon the deposit Of the 2 per cent.
bonds
The willingness Of the United States to join
In international bimeta lism is set forth.
National banks with $25, 900 may be es-
tablished in to Sns of not more than 1000
inhabitants.