The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1900-02-27
THE GOLD STANDARD.
Republican Members Of House and
Senate Reach an Agreement.
The Dollar Shall BE Twenty-Five
and Five-Tenths Grains Of Sold,
Nine-Tenths Fine-Other MOrey
On a Parity.

Washington, Feb. 24-Tne repub-
Gcan members of the conference com
mittee on the financial bill reached an
agreement. The democratic conferees
were called in, and stated their oppo-
sition 10 the bill, and without further
fOrmality the bill was ordered report
ed The text of the bill as agreed
upon and as it viii be reported by the
conferees and as 1t viii probably be-
come a law is as follows:
That the dollar, consisting of 25.s
grains Of gold, nine-tenths fine, as es-
tablshed 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, and it shall be the duty
Of the secretary OF the treasury TO
maintain such parity.
That United States notes and treas
ury notes issued under the act of July
a, 1890, when presented to the treas
ury for redemption, shall be redeemed
in gold coin of the standard fixed in
the first section of this act; and, in
order 70 secure the prompt and GER
tain redemption Of such notes as here
In provided, it shall be the duty Of the
secretary of the treasury 20 set apart
In the treasury a reserve fund of $780,
100000 In gold coin and bullion, which
fund shall be used for such redemp-
ton purposes only, and whenever and
3 Il. h
redeemed from said fund. it shall be
the duty Of the secretary of the treas
ury TO use said notes so redeemed to
restore and maintain such reserve
fund in the manner following to-wit:
First, by exchanging the notes so re-
deemed for any gold coin in the gen
eral fund Of the treasury; second, by
accepting deposits Of gold coin at the
treasury or at any sub-treasury in eX-
change for the United States notes so
redeemed; third, by procuring gold
coin by the use of said notes, in ac-
cordance with the provisions Of sec
ton 300 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 at any time fall below $780,,
100000, then il shall be his duty 10 re-
store the same TO the maximum sum
of S15OOOO,OOO 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 as he
may prescribe, in denominations of
$50 or any multiple thereof, bearing
interest At the rate Of not exceeding
per centum per annum, payable
quarterly, such bonds TO be payable
at the pleasure Of the United States
after one 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 tax
alton in any form by or under state,
municipal or local authority; and the
gold coin received from the sale Of
said bonds shall first be covered into
the general fund Of the treasury and
then exchanged in the manner herein
before provided for an equal amount
of the notes redeemed and held for
exchange, and the secretary Of the
treasury NAV, in his discretion, use
said notes in exchange for gold or 70
purchase or redeem any bonds of the
Cnited States or for any other law
ful purpose the public interests may
require. except that they shall not be
used 10 meet deficiencies in the cur
rent revenues. That United States
notes. when redeemed in accordance
with the provisions Of this act, shall
be reissued, but shall be held in the
rc/erve fund until exchanged for gold
Is herein provided; and the gold coin
and bullion in the reserve fund, to-
gether with the redeemed notes held
OF use as provided in this section
shall at no time exceed the maximum
sum of S15O.OOO,OOO.
That nothing contained in this act
shall be construed 70 affect the lega
tender quality as now provided by law
of the silver dollar, or Of any Other
money coined or issued by the United
States.
That il shall be the duty Of the sec
rotary Of the treasury, as fast as
standard silver dollars are coined un
der the provisions of the acts of July
a. 1890. and June 1S, 1898, from bull
ion purchased under the act Of July
"a 1880, 10 retire and cancel an equa
amount of treasury notes whenever
received into the treasury, either b!
exchange in accordance with the pro
visions of this act, or IN the ordinary
course of business, and upon the can
collation. of treasury notes silver Ger
1ificates shall be issued against tn
silver dollar so coined.
New stntue 81 Gen. Grant.
Washington, Feb. 24.-The hUust
committee on library favorably re