The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-24


sue and RedemptiOn-stipul
as to the Issue of Gold and Silver
Certificates and the Exchange Of
Bonds-Minimum Capital for New
Ranks Is Fixed In Bill.
WASHINGTON, Feb 2S-The Repub-
lican members of the conference commit
tee on the financial bill reported an agree
ment today. The Democratic conferees
were called In and stated their opposl-
ton to the bill and, without further for
mality, the bill was ordered reported.
The text of the bill as agreed upon and
as it will be reported by the conferees,
and as it probably will become law. is
as follows:
That the dollar consisting of twenty
five and eight-tenths grains OF golo' o
ton 3511 of the Revised Statutes OF the
United States, shall be the standaro
unit of value, and all forms OF money money
issued or coined by the United states
shall be maintained at parity OF
value at this standard, and 1t shall be
the duty of the secretary OF the treasury
to maintain such parity
Section 2. That United states notes
and treasury notes issued under the act OF
July IA, 1890, when presented to the
treasury for redemption shaIl pe deoeeiLn- III
ed in gold coin of the standard fixed by
the provisions of this act, and in order
to secure the prompt and certain re-
demption of such notes, as herem pro
vided, it shall be the duty OF the secre-
tary of the treasury to set apart In the
treasury a reserve fund of $l5O, ,U00,0 0OQ IN
gold coin and bullion, which fund snail
be used for such redemption purposes
only, and whenever 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 redeemed TO restore and MAIN
tain such reserve fund in the manner
following to wit:
First-By exchanging the notes so re-
deemed for any gold coin IN the seheral
Secondly accepting deposits of gold
coin at the treasury or at any SUD-
treasury in exchange for the Ohlteo
States notes so redeemed.
Thirdly procuring gold coin by the
use of said notes in accordance with
the provisions of section 300 of the Re.
the secretary of the treasury is unable to
restore and maintain the gold coin IN
the reserve fund by the foregoing meth
DDS, and the amount of such gold coin
and bullion in said fund shall at any
time fall below s100000,000 then 1t shall
be his duty to restore the same TO the
maximum sum of 50,000,000 by borrow
ing money on the credit of the United
States, and for the debt thus incurred
to Issue and sell coupon or registered
bonds of the United States in such form
as he may prescribe In denominations OF
$50, or any multiple thereof, bearing in
terest at the rate of not exceeding
per centum per annum, payable quarter
", such bonds to be payable at the
pleasure of the United States after one
year from the date of issue, and to be
payable, principal and interest, in gold
coin of the present standard value, and
to be exempt from the payment of all
taxes or duties of the United States as
well as from taxation in any form by
government state. municipal or local
sale of such bonds shall first be covered
into the general fund Of the treasury
and then exchanged in the manner here
inbefore provided for an equal amount Of
the notes redeemed and held for ex-
change, and the secretary of the treas
ury 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 pub
lie interests may require, except that
they shall not be used to meet defcien-
cies In the current revenue. That United
States notes, when redeemed in accord
ance with the provisions Of this>section
shall not be reissued, but shall be held
in the reserve fund until exchanged for
gold as herein provided; and the gold
coin and bullion in the reserve fund, to-
gether with the redeemed notes held
for use as provided in this section, shall
at no time exceed the maximum sum of
$50, 600, 600
Sec. 5. That nothing contained in
this act shall be construed to affect the
law of the silver dollar or of any other
money coined or Issued by the United
States.
ISSUE AND REDEMPTION.
Sec A. That there be established in the
treasury department, as part of the Of
fee of the treasurer, divisions to be desig-
mated and known as the division of Issue
division tn ioI1
shall be assigned, respectively, under
such regulations as the secretary of the
treasury may approve, all records and ae-
counts relating to the issue or redemption
OF United States notes, gold certificates,
silver certificates and currency certi6-
Gates. There shall be transferred from the
accounts OF the general fund of the treas
ury of the United States and taken up
on the books of said divisions, respect
lively. accounts relating to the reserve
fund for the redemption of United States
notes and treasury notes, the gold coin
held against outstanding gold certificates.
the United States notes held against out
standing currency certificates and the
silver dollars held against outstanding
silver certificates, and exchange funds
represented by these accounts shall be
used for the redemption of the notes and
certificates for which they are respective
ly pledged, and shall be used for no other
purpose, the same being held as trust
funds.
Sec. s. That it shall be the dutv OF the
secretary of the treasury, as fast as the
standard silver dollars are coined under
the provisions of the acts of July H. 1880
and June -, 1895, from bullion purchased
under the act of July Il, 1890, to retire
and cancel an equal amount of treasury
notes whenever received into the treas
ury either by exchange, in accordance
with the provisions Of this act, or in the
ordinary course of business, and upon the
cancellation Of treasury notes silver GER
tiflcates shall be issued against the silver
dollars so coined.
GOLD CERTIFICATES.
Sec. g. That the secretary of the treas
ury is hereby authorized and directed to
receive deposits of gold coin with the
treasurer or any assistant treasurer OF
the United States in sums Of not less
than $40, and to issue gold certificates
therefor in denominations of not less thar
$40, and the coin so deposited shall be re-
tanned in the treasury and held for fbe
payment of such certificates on demand
and used for no other purpose Such Ger
tiflcates shall be receivable for customs
taxes and all public dues, and when 81
received may be reissued, and when held
by any national banking association NAV
be counted as part of It's lawful reserve
provided. that whenever and SO long as
the gold coin held in the reserve fund al
the treasury for the redemption of United
States notes and treasury notes shall fail
and remain below s100 10000 the author.
fly to issue certificates as herein nro-
Vided shall be suspended; and, provided
further that whenever and so long as
the aggregate amount of United States
eral fund of the treasury shall exceed
$50, 000,0 900. the secretary of the treasury
may, In his discretion. suspend the is.
sue of the certificates herein Drovidad