The Colfax gazette. [volume] (Colfax, Wash.) 1893-1932, 1900-03-02
GOLD LAW AGREED ON.
House and Senate COnferees Had
No Trouble.
PROVISION Included for Coinage of
Silver, Principally of Sub
sidiary Nature.

Washington, Feb 23.-The republican
members OF the conference committee on
the financial bill reached an agreement
today. The democratic conferees we're
called IN and stated their opposition to
the bill, and without further fOrmalitv
the bill was ordered reported. The text
OF the bill as agreed upon and as it will
be reported by the cOnferees and as il
| probably will become law is as follows:
That the dollar consisting of 25 $40
grains, go fine, established bv section
3oII OF the revised 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.
Section 2-That United States and
treasury notes issued under the act of
July II, 1890, when presented to the
treasury Tor redemption, shall be re-
deemed IN gold coin of the standard
fixed IN the first section of this act. and
IN order to secure the prompt and GER
tam redemption of such notes as herein
provided it shall be the duty of the sec
retary OF the treasury to set apart in
the treasury a reserve fund of $3.50. .OOO.-
OOO IN gold coin and bullion, which fund
| shall be used for such redemption pur-
poses only, aud whenever and as often
as 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 redeemed to restore and main
tain such reserve fund in the manner fol
lowing, tOwit:
Flrst-By exchanging the notes so re-
deemed for any gold coin in the general
fund OF the treasury.
Secondly accepting deposits of gold
coin at the treasury or at any sub-treas-
ury IN exchange for the United States
notes so redeemed.
Thirdly procuring gold coin by the
use OF said notes in accordance with the
provisions Of section 3700 of the re-
vlsed statutes of the United States.
Secretary May Borrow Money.
IL the secretary of the treasury is un-
able to restore and maintain the gold re-
serve fund by the foregoing methods, and
the amount of such gold coin and bull
lion IN said fund shall at any time fall
below 500. 1000, 900, then it shall be his
duty to restore the same to the maxi
mum sum of $3.50, 100000 bv borrow
ing money by 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 es. be
may prescribe, in denominations OF $50
or any multiple thereof, bearing interest
at the rate of not exceeding three per
centum per annum, PAYABLE quarterly
such bonds to be payable at the pleasure
of the United States after one wear from
the date of their issue and to be payable
principal and interest, in gold coin of the
present standard value and to be ex
empt from the payment of all taxes or
dues OF the United States, as we'll as
from taxation in any form by or under
state, municipal or local authority. and
the gold coin received from the sale of
said bonds shall be first covered into 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 secretary of the treasury NAV
in his discretion use said notes in ex
change Tor gold or to purchase or re-
deem any bonds of the United States or
Tor any other lawful purpose the public
interests may require, except that they
shall not be used to meet deficiencies in
the current revenues.
That United States notes. when re-
deemed IN accordance with the prOvis-
ions OF this section shall be reissued in
the reserve fund until exchanged for
gold, as herein provided, and the gold
coin and bullion in the reserve fund, to-
gether with the redeemed notes held for
use, as provided in this section, shall at
no time exceed the maximum sum OF
$150,O00, 200.
Sec. 3. That nothing contained in
this act shall be construed to affect the
legal tender quality as now provided by
law OF the silver dollar or of any other
money coined or issued by the United
States.
Issues and Redemption.
Sec. 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 the division OF issue and the
division OF redemption, to which shall
be assigned, respectively, under such
regulations as the secretary of the
treasury may approve, all records and
accounts relating to the issue and re-
demption of United States notes, gold
certificates, silver certificates and cur
rency certificates. There shall be trans
ferred from the accounts of the general
fund OF the treasury of the United States
and entered upon the books Of said d.
visions, respectively, accounts relating
to the reserve fund for the REDEMPTION
of United States and treasury notes, the
gold coin held against outstanding gold
certificates, the United States notes held
against outstanding currency certif-
Gates and the silver dollars held against
outstanding silver certificates, and each
OF the funds represented by these ac-
counts shall be used for the REDEMPTION
OF the notes and certificates for which
they are especially pledged, and shall be
used for no other purpose, the same be-
ing held as trust funds
Silver Certificates.
Sec. ). That it shall be the dutv of
the secretary OF the treasury as fast as
standard silver dollars are coined under
the provisions of the acts of July IA,
1890, and June 49, 1898, from bullion
purchased under the act of July IA, 1890,
to retire and cancel an equal amount OF
treasury notes whenever received into
the treasury either by exchange. in ac-