The age-herald., 1900-02-24
FULL TEXT IF THE NEW BILL Some she Claims of Both fSg5 Were Granted. BILL 0 .S ORDERED REPORTED Democrats Were Called in as a Mere Formality and Told of the
 Decision Reached By
 the Majority

| can members of the conference committee the financial bill reached an agreement today. The democratic conferees were called in and stated their opposition to the bill, and without further formality the bill was ordered reported. The text of the bill as agreed upon as 1t will be reported by the ccnferees and as 1t probably will become a law Is as follows:
 That the dollar consisting of 20 and 8-10tlns grains of gold, nine- tenths fine, as established by section 3511 of the re- vised 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 at a parity of value with this standard aud it shall be tne duty of the secretary of the treasury to maintain such parity.
 'tSection 2-That United States notes and treasury notes issued under the act of July H. 1890, when presented ito the treas- ury for redemption shall be redeemed in gold coin of the standard fixed in the first section of tGhis act, and in order to secure | the prompt and certain redemption of such | notes herein provided, 1t shali be the | duty of the secretary of the Urea sury to | set apart in the treasury reserve fund of
 
 gold coin and bullion, which fund shall be used for such redemption purposes only and whenever and as often IS 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- deemed to restore and maintain such re- serve fund in the manner following, to-wit:
 Exchanging Notes For Gold Coin
 "First-By exchanging the notes so re- deemed for any gold coin in the general fund of the treasury; second by accepting depositssof gold coin at the treasury at any sub-treasury in exchange for the United States notes so redeemed third, by procuring gold coin by the use of said notes in accordance with the provisions of section | 3,7O0 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 al any time | fall below si00,0OO, ,OO0, then it shall be his l duty to restore the same to the maximum sum of $150 OO0 900 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 United States, in such form he may prescribe, in de- nomination of $50 or any multiple thereof,
 
 ing per cent. per annum, payable quarter ly, such bonds to be payable at the pleasure of the United States after year from | the date of their 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 the tax | alton in any form or by or under state, mu- | nicipal or local authority; and the gold coin received from the sale of said bonds shall 6rct ha iy1f f1a f,,., .ft tts< treasury and then exchanged in the manner hereinbefore provided, for an equal amount of the notes. redeemed and held for ex- change, and the secretary of the treasury may, in his discretion, use said notes In exchange for gold, or to purchase or re- deem any bonds of the United States or for any other lawful purpose the public in- terest may require, except that they shall not be used to meet deficiencies in the cur rent revenues That United States notes, when redeemed in accordance with the pro- visions of this section, shall be re-issued but shall be held in the reserve fund until exchanged for gold herein provided: and the gold coin and bullion In the reserve fund, together with the redeemed notes held for as provided in this section shall at no time exceed the maximum sum of one hundred and fifty million dollars Does Nat Affect Legal Tender "Section 3-That nothing contained in this act shall be construed to affect the legal tenuer qualWy as HOW provided by law of the silver dollar, of any other money coined or issued by the United States
 Section 4-That there be established in the treasury department as a part of the office of the treasury of the United States, divisions to be designated and known as tho division of issue and division of redemption to which shall be assigned respectively, un- der such regulations as the secretary of the treasury may approve, all records and accounts relating to the issue and redemp- fJsNfo ted fafA ot< ofA q silver certificates and currency certificates. There shall be transferred from the ac- counts of the general fund of the treasury of the United States and taken up the books of said division, respectively, ac- counts relating to the reserve fund for the outstanding gold certificates, the United States notes held against outstanding cur rency certificates and the silver dollars held against outstanding silver certificates, and each of the funds represented by these ac- counts should be used for the redemption of the notes and certificates for which they are respectively pledged, and shall be used