New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-06-23
MAINTAINING THE GOLD RESERVE

If the Secretary of the Treasury is unable to
restore and maintain the gold coin in the re-
serve fund by the foregoing methods and the
amount Of such gold coin and bullion in said
fund shall at any time fall below $1OOOD0OOO,
then 1t shall be his duty 20 restore the same to
the maximum sum Of Si50 600 600 Nv bo@roI,,i,1g
money on the credit of the United States 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 denomina-
tIohs OF 300 or any multiple thereof, bearing
interest at the rate Of not exceeding per cent
UNI per annum payable quarterly. such bonds
70 De 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 he exempt from the payment of all taxes
or duties of the United States, as well as from
taxation in any form or under State. municipal,
city or local authority and the gold coin re-
GelFeu from the sale or said bonds shall first
be covered into the general fund of the Treas
ury and then exchanged, in the manner herein
DeIore provided, for an equal amount Of the
notes redeemed and held for exchange. and the
Secretary Of the Treasury may, in his discretion
use said notes in exchange for gold or 20 p11r-
chase or redeem any bonds Of the United States
or for any other lawful purpose the public in
terests may require except that thev shall not
be used to meet deficiencies in the current reve-
nues. That United States notes when redeemed
In accordance with the provisions of this section
shall not he retssued. but shall be held in the
reserve fund until exchanged for gold as herein
provided; and the gold coin and bullion in the
reserve fund, together with the redeemed notes
Ielu TOT use as provided in this section shall at
no Time exceed the maximum sum of $50
CDOJO
Sec J. That nothing contained in this act
shau 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
ISSUE AND REDEMPTION DIVISIONS
Sec t. That there be established in the Treas
ury Department as a part OF the office of the
Treasurer of the United States. divisions to be
known as the Division OF Issue and the Division
Of Redemption. to which shall be assigned re-
spectvely, under such regula tons as the Score
tary OF the Treasury may approve. all records
and accounts relating TO the issue and redenp-
ton Of United States notes. gold certificates
silver certificates and currency certificates
| There shall be transferred from the accounts OF
! the general fund of the Treasury Of the United
! States, and taken up on the books Of said divi-
sions. respectively. accounts relating 10 the re
serve fund for the redemption of United States
notes and Treasury notes. the gold to be held
against outstanding gold certificates the United
! States notes held against outstanding currency
/ certificates, and the silver dollars held against
! outstanding silver certificates, and each of the
| funds represented by these accounts shall be
used for the redemption of the notes and certih-
Gates for which they are respectively pledged
and shall be used for other purpose the
same being held as trust funds
Sec. - That II shall be the duty Of the Secre-
| tdry Of the Treasury. as fast standard silver
! dollars are coined under the provisions of the
acts Of July Ii, 1890 and June 10 1898 from
| bullion purchased under the act Of July II, 1890
| TO retire and cancel an equal amount of Treas
! nrv notes whsnsvsr rsGsivaa into tha Treas