The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-04
HOUSE BILL ON FINANCE
Amendments Presented by Senator AldrlchI
from the Committee. u
ALL OF SECTION SIX 10 Be ELIMINATED
And New Paragraph Is 10 he In
scrted-GoId Reserve Feature
Also to Bc Changed.

Washington, January s.-The republican
members OF the senate fiuance committee
authorized Senator Aldrlcr to present
amendments to the finance bill which no
offered in the senate today. The mosl inn
pcrtant relates to the greenbacks and Is as
follows;
After the word authority" on line 5,
page ~. strike out remainder of section
and insert "and the gold coir received
from the sale of bonds shall frst be COW
cred into tie general iand OF the treasury
and then exchanged in the manner herein
provided. for an equal amount OF the notes
redeemed and held for. exchange and the
Unlted states notes exchanged In accord
ance with the provisions OF this section
shall when covered into the treasury be
eissued a. now provided by law aud the
gold toin in the reserve fund together with
inc redeemed notes held tor use as pro-
vided in this section shall IT no time ex-
veed the maximum sum OF $3.50 DO0, V0U"
All OF Section IL eliminated aud the
following new section substituted
All OF section is eliminated and the
treasury is hereby authorized to receive
at the treasury eng OF che outstanding
bonds of the United states. bearing In
teresi at per cent per anuum. payable
February ]. 1904. and any bonds Of the
United States bearing Interest at the rate
Of per cent per annum payable July 1.
1874 and any bonds OF the United States
bearing intereGt at ! pee cent per al mum
payable August l. 1908, and TO issue in
exchange therefor sn equal amount OF oou-
pom or registered bonds of the UnltSi
States in such forms as he may prescribe
IN denominations OF $50 or any inuItplc
thereof bearing interest al the rate OF >
FER cent per annum aud payable quarter
ly, such bonds to be payable at The pleas
ure of the United states after illirty years
after date of thir issue aud said bonds to
be payable. principal and Interest in gold
OF the standard value and TO ne exempted
IRON the payment Of all duties or t5NeS
Of the United States. as well as from tax
alton IN any form by or Under State
municipal or local authority, provided
such outstanding bonds may he received IN
exchange at valuation not sreater than
their present worth to yield an nrn;Hc
OF IA per cent per annum and IN CON
sidcrati6n OF the reducd5l OF nttrest e.
fected, the secretary OF the 'retsurv IS in.
thoriged TO pay TO the holders OF the nut
standing bonds surrendered FOR exchange
out OF any money In the treasury not Ola
erwise appropriated a sum not greater
than the difference between their presYdt
worth computed as aforesaid and thely
par value, and. the payments to be made
hereunder shall be held 10 ba pavms1ts ~
account Of the sinking fund e, eataa by
section 3fe4 OF the Revised Statutes, and
provided further that the per cen, hoads
10 be issued under the proviJ'ons OF this
act shall he issued at not less than par,
and they shall be numbered consecutive
in the .order-of their issue anil when pay,
ment is made the last numbers issued
shall be hrst paid and, thfs. order shall be
followed until all the bonds afl paid. and
whenever any Of the outs 'indins horGs
are called for payment. intsreSf thereon
shall cease three months after such call. :"
Another amendment is TO to second
section OF the bill. where 1t provides for
the maintaining OF the gold rvscrrs re-
bill as reported made II the duty OF the
secretary Of the treasury to maintain the
gold reserve at 500 100000 nv The sale n
bonds The amendment provides that
when the reserve falls below that amount
II shall be his duty to restore il to tho
maximum OF $3.50 100000
II is stated by members of the committee
that the amendments are for the purpose
OF making more clear the intention Of the
hill and to leave no question as 10 the
construction OF the law when enacted