The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-01-04
CHkNGE FINANCE BILL.

CHLNGE FINANCE BILL.
Amendments That Have Been Au-
thorized By the Committee.
Washington, Jan. .3.-The Republican
members Of the senate finance commit
tee authorized General Aldrich to pre-
sent amendments to the financial bill
which he offered in the senate today.
The most important relates TO the
greenbacks. and is as follows;
After the word authority on line >,
page 16, strike out And the gold coin
received from the sale Of said bonds
shall first be covered into the general
fund of the treasury and then ex-
changed in the manner hereinhe1ore
provided for an equal amount Of the
notes redeemed and held for exchange,
and the United States notes exchanged
in accordance with the provisions OF
this section shall, when covered into
the treasury, be reissued as now pro
vided by law and the old coin the
reserve fund together with the re-
deemed notes held for use as provided
in this section, shall at no time exceed
the maximum sum Of $l5O,O00,00J.
New Section Proposed.
s'Au of section is eliminated and the
following new section substituted:
Section 6. That the secretary Of the
treasury is hereby authorized to re-
ceive at the treasury any Of the OBJ
tanning bonds Of the United States
bearing interest at 3 per cenr per an
mum. payable Feb. J. 1904, and any
bonds of the United States bearing in
tefest at the rate Of per cent per
annum, payable July /, 1907, and any
bonds Of the United states bearing IN
terest at per cent per annum, payable
Aug. 1, 1908, and to issue in exchange
therefor an equal amount Of 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
4 . per cent per annum, payable quar-
terly. such bonds to be payable at the
pleasure Of the Omitted States after
thirty years from the date or their
issue and said bonds 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 taxation in any form by or
under state. municipal or local author
itv. provided that such outstanding
bonds may be received in exchange at
a valuation not greater than their pres
ent worth TO yield an income CT "a per
cent per annum; and in consideration
Of the reduction of the interest eff
fccted, the secretary Of the treasury +
authorized to pay to the holders OF out-
standing bonds surrendered Tor eX-
change. out of any money in the treas
ury not otherwise appropriated. sum
not greater than the difference between
their present worth, computed as atore-
said. and their par value, and the pay
ments to be made hereunder sEal De
held to be payments on account or the
sinking fund created by section 1894
Of the revised statutes; and provided,
further. that the 2 per cent bonds to
be issued under the provisions Of this
action shall be issued at not less than
par. and they shall be numbered con-
Secutively in the order of their issue,
and when payment is made the lasC
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
As to Gold Reserve.
Another amendment is to the second
section Of the bill where it provides
for maintaining the gold reserve
The BILL as reported, MADE II the
duty of the secretary Of the treasury
L
600 900 By the sale of bonds The
amendment provides that when the re-
serve falls below that amount it shall
be his duty to restore it to the maxi
mum of S15G,000 600.
II is stated by members of the COM
mittee that the amendments are for the
purpose Of making more clear the in
teStion Of the bill and TO leave no
question as TO the construction Of the
law when enacted.
Senator Chandler Of New Hampshire
offered an amendment to the financial
bill. adding two new sections. as fol-
lows
section .. That in accordance with
the act of Nov. I, 1895. which repeals
a, part Of the act Of July H. 1890, il is
hereby reafdrmed and declared to be
the existing policy Of the United States
to continue the use Of both gold AMI
silver as standard money, and to coin
both gold au5 silver into money of
equal intrinsic and eXchangeabie value.
such equality to be secured through in
transitional agreement or by such safe
guards Of legislation as viii insure the
maintenance Of the rarity IN the value
of the coins of TIE two metals and the
equal power of every dollar at al times
in the markets and in the payments Of
debts. and it is further declared that
the efforts OF the government should he
steadily directed 30 the establishment
of some safe system of bimetallism as
viii maintain at all times the. quail
power of every dollar coined or issued
By the United States in the markets
and the payment Of debts
Section 10. That the provisions of
the act Of March g. 1897, authorizing
the president to appoint commissioners
10 any international conference called
by the United States or any other
country with view to securing by in
ternational agreement a fixity or re-.
alive value between gold and silver as
money by means Of a common ratio be-
tween these metals with free mintage
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