The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-15
THE GOLD STANDARD BILL
The President Aiiixes His Signature
and II Becomes a Law.
Signed With Fen Made of the Yet
low Metal and FuruiShed by Nr.
o. q 81
to Mind by Mr.. HcKinIcy-A 4
Circular From the Treasury.

ia Mind by Mr.. Mckinley =
The Financial bill passed by the Hous,
Tuesday afternoon was taken to the White
House shortly before ! o'clock yesterday
by Representative Overstreet Of Indiana
who presented it to the President in per
son, and gave Mr.. Mckinley the gold per
with which it was signed. The signature
making the bill a law was attached al
l2;i6 O'Clock, in the presence only Of Rep
resentative Overstreet, Secretary Cortel-
you, and three representatives Of the
| press.
When the President dipped the new pen
in the ink he paused for a moment and
then shoughtfully remarked that 1t was
a singular coincidence that all the great
financial measures had been signed on the
18th of the month, the Refunding act, the
| Sherman act. and the Resumption act. all
having been signed on that day, though
not in the same months. And to make
the coincidence more striking, it was just
fourteen minutes of / o'clock when he fin
. ished the final letter in his name and laid
! the bill aside
/ Before attaching his official signature
! the President asked Mr.. Overstreet If be
! had read the bill and was certain that
/ there were no errors. The latter replied
I that there were none of any nature and
/ that the bill as before him was correct
! in every particular. After the act of
( signing had been accomplished the Presi-
/ dent handed the pen to Mr.. Overstreet,
/ who said that he intended it for Mr.. II. II.
/ Hanna of indianapolis. Immediately
( after the bill had been signed it vas sent
( by special messenger to the State De-
part ment.
! law the following circular was issued from
( the Treasury Department;
To holders OF United States per cent
! bonds OF the act of January "a. 1879. per
! cent consols OF 1907 acts of July IA, 1870,
and January 20. 1871, and 3 per cent bonds
I of 1908, act OF June 13. 1898:
The attention Of the owners of the
l United States registered and coupon bonds
of the per cent loan Of 190i act of
I January IA. 1873, and the per cent
consuls of 1907, acts of July Il, 1870. and
January. 1871. and the per cent loan OF
1908, act Of June 13, 1898 is invited to the
provisions Of section II Of an act. entitled
An act to define and, fix the standard of
value, to maintain the parity OF all forms
Of money issued or coined by the United
States, to refund the public debt. and for
other purposes, approved March IA, 1890.
Under the provisions of this law the
Department will be prepared TO receive on
and after this date until further notice
any Of the bonds Issued under the acts
above mentioned, and as early as practics-
bic thereafter will issue in exchange there
for a like amount Of United States register
ed or coupon bonds, bearing interest at
the rate Of per cent Ser annum, as pro-
vded by the act approved March II 1900.
To effect the eEchs ugei the outstanding
bonds should be surrendered to the Sec
retary of the Treasury il accordance with
the terms of the circular. They will be
accepted for that purpose In the order of
the surrender Of them to him and new
bonds bearing interest at the rate of per
cent per annum will be issued in me same
order in lieu thereof
a letter OF tran5mittal should accom-
pany each package 1f bonds for exchange,
setting forth the purpose for which they
are forwarded anu giving the address to
which the new bonds and checks for the
interest thereon shall be sent
Bonds held by the Treasurer Of the
United States in trust Tor q national hank
may be surrendered BY letter addressed
TO the Secretary OF the Treasury. accom-
panied with the Treasurers receipt repre-
senting the bonds. together with q resO-
luton Of the board OF directors Of the
bank authorizing the Treasurer to assign
the bonds.
The priority OF issue OF the new bonds
VIII be determined by the date of the re-
ceipt by the Secretary OF the Treasury of
the outstanding bonds or the papers repre-
senting the same. provided that the bonds
or papers are in proper condition for such
surrender as set forth hereafter in this
circular. II any correction is required the
priority OF the bonds to be issued will take
date from the receipt and acceptance of
corrected bonds or papers at this Office
Amy registered bonds forwarded should
be assigned to the Secretary OF the Treas
uTy for exchange into per cent bonds.
The assignment should be dated and Wit
messed by one of the officers named In the
note which Is printed on the back OF each
bond. Where a new bond 10 desired In the
name OF anyone but the payee Of the old
bond the old bond should be assigned to
the Secretary OF the Treasury for exchange
into per cent bonds for account OF -
Here insert the name Of the
person ia whose favor the bond is to be
issuedl
Registered bonds inscribed in the nams
Of an institution forwarded for exchange
must be accompanied by a resolution OF
the board OF directors OF the institution
authorizing their assignment to the Sec
retary of the Treasury for such exchange
The resolution must bear the seal OF the
institution. or if the institution have no
seal there must be furnished with the
resolution au affidavit setting forth that
fact.
Upon the acceptance Of any bonds for
exchange under the conditions Of this cir
cular the present worth Of the surrendered
bonds TO yield an income OF = II per cent
per annum vii. be calculated as of the date
Of their acceptance. except as provided in
the next paragraph. and the sum repre-
senting the difference between the present
worth OF said bonds and their par value
will be paid to the owner thereof in due
course by a check drawn in his favor by
the Treasurer OF the United States The
settlement will include payment by the
Department OF accrued interest on the old
bonds TO the date OF their acceptance for
exchange and q charge against the owner
for accrued interest Hn the new bonds from
the date of their issue1go said date Of ac-
Ceptance. -s
Bonds surrendered upOR which Interest
has been prepaid neeE3 HGt be accompanied
by deposit to cover sucb prepayment. as
the department Will Iiet.att at the time of |
the settlement any fgnouut which NAV be |
due Oh account of the matured interest which |
had been prepaid TIE aitSw bonds will be |
dated April ] 1909. therefore all outstand-
ing bonds surrendered for exchange and ac- |