Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-01-05
TWELVE PAGES
FRIDAY. JANUARY 6. 1909.
THE GOLD BRICK BILL.

III tIl6 OeHjLe OH Tie 1JCn OIL DcCcn-
Der. 1899, Mr. Aldrich reported back
from the Committee on Finance (to
which 1t had been referred the same
day. House Bill No. 1, commonly
known as the currency bill, with
Senate substitute The substitute pro-
poses to strike out all of the House bill
after the enacting clause, and insert
the amendments proposed in the SEN
ate. as follows:
That the gold dollar Shall continue
to be the standard unit of value: and
iii forms of money issued or coined by
1.-THE United States shall be maintained
at parity with this standard;" and
that all Treasury and U. S. notes shall
be redeemed. when presented ut the
Treasury, in standard gold coin.
That for the prompt redemption Of
such notes." the Secretary Of the
Treasury shall set apart reserve
fund" of sl5OOOO.OOo in gold, to be used
for the said purposes only: but the
; redeemed notes are to be used to re-
store said fund, LIST, by exchange of the
. notes for any gold coin in the general
fund of the Treasury; I'd. by accepting
deposits of gold in exchange for the
notes; Sd, by procuring gold coin with
the notes in accordance with section
300 of the Revised Statutes of the u.
s. If the Secretary fail to thus restore
the fund and 1t fall below 500 600. 600.
he shall borrow money by issuing U. S.
bonds. in denominations of $50, or any
multiple thereof, at not exceeding 3 per
-cent--tnterest,- to he-pavable- at-tAe
/ pleasure of the U. S. one year after their
date OF issue. in gold. and to be en-
empt from all taxes and duties of the
u. S., as well as from taxation in any
form under State, municipal. or local
authority; and the gold and notes in the
reserve fund shall at no time exceed
the maximum sum of $3.50, 100000.
That as fast rs standard silver dol
lars are coined from bullion heretofore
purchased. the Secretary of the Treas
ury shall retire and cancel an equal
amount OF Treasury notes as received
IN the Treasury, and upon such can
collation. silver certificates shall issue
against the silver dollars so coined
lH III
That the Secretary shall receive on
deposit gold coin in sums OF not less
than $40 and issue gold certificates
therefor in denominations of not loss
than $40; such certificates to be re-
ceivable for customs, taxes and all nuh-
Ito dues and when SO received NAV bc
re-1ssued, and when held by any ma
tional banking association may be
counted as part OF It's lawful reserve.
Provided, that these certificates shall
not Issue when the reserve fund Is
below s1o0.ooo,0Oo: that one-f fourth of
such outstanding certificates shall be IN
denominations of $50 or less; and that
the Secretary. at his discretion. NAV
Issue such certificates in denominations
OF $4,000. payable to order. Section
6f93 Of the Revised Statutes hereby re-
peaIed.
That after the passage of this act, no
U. s. note or Treasury note shall issue
or be reissued Of denominations less
than $40. and oil such notes of n lower
denomination whenever received at the
Treasury, shall be Cancelled and larger
} notes substituted therefor. No silver
: certificate for more than $40 shall here
4 after issue, and all outstanding certif
Gates for larger sums. rs fast as posi-
BILE. shall befcanceled and notes of SIC
Z or less substituted therefor.
The sixth section provides for recev-
Ing and refunding the u s. bonds paya-
& bic In 1ooi,iS1so and 1908 In exchange