The suburban citizen., 1900-01-06

Washington, Especial. The Republican
members Ot the Senate Finance Committee
authorized Senator Aldrich to present
amendments to the financial bill which he
offered in the Senate. The most important
relates to the greenbacks, and IS US follows;
The New Clause.
After the word authority, In line 3, page
u, strike out remainder of the section, and
insert "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 hereinbefore pro-
vlded, for an equal amount Of the notes re-
deemed and held for exchange, aud the Uni
ted States notes exchanged in accordance
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 re-
deemed notes held for use rs provided in
this section shall at no time exceed the
maximum sum Of $3.50, ,OOOO OOO.'
An Eliminated section.
All of Section is eliminated and the fol-
owing new section substituted:
Sec. 6-That the Secretary of the Treasury
Is hereby authorized to receive at the Treas
ury any Of the outstanding bonds Of the
United States bearing interest at per cent.
per annum, payable February L. 1904, and
any 5onds rf the Unit d States bearing In
lerest at 3 per cent per annum, payable
August /, 1908, and to issue In exchange
therefor an equal amount OF coupon or reg
istered bonds Of the United States, In such
form as he may prescribe, in denominations
Of $50, or any multiple thereof bearing in
terest at the rate Of per cent. per annum,
payable quarterly, such bonds to be payable
ut the pleasure of the United States after 80
years from the date Of their issue and said
bonds 10 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
we'll as from taxation in any form by
Or under State, municipal or local au-
.horlty; provided that such outstanding
bonds may be received in exchange at
valuation not greater than their present
worth to yield an income Of pa per cent.
per annum, and in consideration Of the re-
iuction of interest effected. the Secretary Of
the Treasury ia authorized to pay to the
holders Of the outstanding bonds surren-
dered for exchange, out Of any money in
lue LEtu1uIg not OlutENlNe appropriated.
sum not greater than the difference between
their present worth, computed as aforesaid,
and their par value, and the payments to be
made hereunder Shall be held to be pay
ments on account Of the sinIing fund ere
ated by Section 1894 of the Revised Statutes
and provided further, that the . per cent.
bonds to issued under the provisions of
this act shall be issued at not less than par,
and they shall be numbered consecutiyely
in the order of their issue. and when pay
ment Is made the last numbers issued shall
be first paid, and this order shall be followed
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.
The Gold Reserve.
Another amendment is to the second Sec
tion Of the BILL where it provides for main
tanning the gold reserve The bill rs re-
ported made iJ the duty of the Secretary OF
the Treasury to maintain the gold reserve at
100000 0 by the sale of bonds. The
amendment provides that when the reserve
falls below that amount it shall be his duty
to restore it to the maximum of $50 ,OOO,0 0.
1t is stated by the members Of tho COM
mittee that the amendments are for the rur-
pose of making more clear the intention Of
the bill and to leave no question as to the
construction OF the law when enacted.