Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-03
THE. CURRENCY BILL
Changes Favored by Republicans on the
Finance Committee.
PrOvfsiOns for Redemption of Green.
backs - Authorizing the Ex-
change of Bonds.

The republican members of the Senate
finance committee authorized Senator Aid
rich tic present amendments to the financia
bill which he offered in the Senate today
The most important relate to the green.
backs, and is as follows:
after the word authority on line s. page
u, strike out remainder of section and in
sert: And the gold coin received from the
sale of said bonds shall first be covered in
to the general fund of the treasury and
then exchanged in the manner hereinbefore
provided for an equal amount of the notes
redeemed and held for exchange, and the
United States notes exchanged in accord
ance with the provisions of this section
shall, when covered into the treasury, be
reissued as now provided by law, and the
gold coin in the reserve fund, together with
the redeemed notes held for use, as pro-
vided in this section, shall at no time ex-
coed the maximum sum Of $50. 900 600
All of section is eliminated and the fol-
lowing new section substituted:
Sec. g. That the Secretary of the Treas
ury is hereby authorized to receive at the
treasury any of the outstanding bonds OF
the United States bearing interest at 5 per
cent per annum payable February l, 1904,
and any bonds of the United States bear
ing interest at the rate of per cent per
annum. payable July 1, 1907, and any bonds
of the United States bearing interest at
per cent per annum, payable Au-
gust l. 1905, and to issue in exchange
therefor equal amount of coupon
or registered bonds Of the United
States in such form as he may prescribe.
in denomina tons of so. or any multiple
thereof bearing interest at the rate of
per cent per annum, payable quarterly,
such bonds to be payable at the pleasure
of the United States after thirty years from
the date of their issue. and said bonds to
be payable, principal and interest, in gold
coin of the present standard value, and to
be exempt from the payment of all taxes
duties of the United States, as well as
from taxation in any form by or under
state, municipal or local authority.
Provided that such outstanding bonds may
be received in exchange at a valuation not
greater than their present worth, to yield
ar income of two and one-quarter per
cent per annum: and in consideration of
the reduction of interest effected, the Sec
rotary of the Treasury is authorized to pay
to the holders of the outstanding bonds
surrendered for exchange, out of any
money in the treasury not otherwise ap-
propriated, a sum not greater than the
computed as aforesaid and their par value,
and the payments to be made hereunder
shall be held to be payments on account of
the sinking fund created by section 3u94 of
the Revised Statutes; and, provided fur
Their, that the per cent bonds to be issued
under the provisions of this act shall be
issued issued at, at not less than par, and
III the order of their issue, and when pay
Inent is ma lie the last numbers issued shall
be first paid, and this order shall be fol-
lowed until all the bonds are paid: and
whenever any of the outstanding bonds are
called for payment interest thereon shall
cease three months after such CALL
Another amendment is to the second Sec
ton of the bill where it provides for main
tanning the gold reserve. The bill as re-
ported made it the duty of the Secretary OF
the Treasury to maintain the gold reserve
at S10O.000,WD by the sale of bonds. The
amendment provides that when the reserve
fells below that amount it shall be his duty
to restore it to The maximum of $50, GOO, 900
1t is stated by members of the commit
tee that the amendments are for the pur-
pose of making more clear the intention of
the bill. and to leave no question as to the
construction of the law when enacted