The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-02-24

Washington. Feb, 23.-The Republican
members Of the conference committee
on the financial bill reached an agree
ment today. The Democratic eonferees
were called in and stated their op9o-
sition to the bill, and without further
formality the bill was ordered reported.
The text of the bill as agreed upon,
and as it viii be reported by the con-
/ ferees, and as it probably viii become
a law, is as follows:
That the dollar consisting of twenty
five and eight-tenths grains Of gold
nine-tenths fine, established by section
/ BOIL OF the revised statutes of the Unit
! ed States. be the standard unit of value.
and all forms of money issued or coined
by the United States shall be maintain
! ed at a parity of value with this stand
ard, and it shall be the duty Of the
/ secretary of the treasury to maintain
such parity.
Section 2-That United States notes
| and treasury notes issued under the act
of July Il, 1890, when presented to the
treasury for 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
certain redemption of such notes as
herein provided, it shall be the duty Of
the secretary Of the treasury to set
apart in the treasury reserve fund
of $3.50, 000, 900 in gold coin and bullion,
which fund shall be used for such re-
demption purposes only, and 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 treas
uTy to Use said notes so redeemed 10
restore and maintain such reserve fund
in the manner following, tO-wit:
Firstly exchanging the notes so re-
deemed for any gold coin in the gen
eral fund of the treasury; second, by
accepting deposits Of gold coin at the
treasury or at any sub-treasuTy in eX-
change for the United States notes SO
redeemed; third. by procuring gold coin
by the Use of said notes, in accordance
with the provisions Of section 300 of
the revised statutes of the United
States.
If the secretary Of the treasury Is
unable to rtF,ore and maintain the
gold coin in the reserve fund BY the
foregoing methods, and the amount of
such gold coin and bullion in said fund
shall at any time fall below 800 100000,
then it shall be his duty to restore the
same to the maximuW sum Of Sl20p03
600 by borrowing money on the cfeolt
of the United States, and for the debt
thus incurred TO issue and sell coupon
or registered bonds of the MT d states
in such form as he may prescribe, IN
denominations of $50 or any multiple
thereof bearing interest at the rate not
exceeding 5 per centum per annUm pay
able quarterly, such bonds to be pay
able at the pleasure of the United
States after one year from the date
of their issue, and to be payable, prin-
cipal and interest, in gold coin of the
present standard value. and to be eX-
empt from the payment Of all taxes OF
dues of the United States, as we'll az
from taxation in any form or under
state. municipal or local authority. 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 herein
| before provided for an equal amount OF
I the notes redeemed and held for eN-
change and the secretary of the treas
ury may. in his discretion, use SAID
notes in exchange for gold, or TO pur-
chase or redeem any bonds Of the Unit
ed States. or for any other lawful pur-
pose the public interests may require
EXCEPT that they shall not be used to
meet deficiencies in the current reve
NUS.
Held In Reserve Fund.
That United States notes, when re-
deemed in accordance with the pro-
visions of this section shall be reis-
sued. but shall be held in the reserve
fund until exchanged for gold, as here
in provided; and the gold coin and bull
lion in the reserve fund, together with
the redeemed notes held for use as pro-
: vided in this section shall al no time
exceed the maximum sum Of S150,-
: 100000.
Sec. THAT nothing contained il
this act shall Be construed TO affect
, the legal tender quality as now pro-
vided by law of the silver dollar, or of
any other money coined or issued by
the United States.
Sec. 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
Z the treasury may approve, all records
and accounts relating to the issue anC
redemption of United States notes. gold
] / certificates, silver certificates and cur
! rent certificates.
There shall be transferred from the
E treasury of the United States and
e taken up on the books of said divis-
= ions, respectively, accounts relating Il
the reserve fund for the redemption o,
( United States and treasury notes, The
. gold coin held against outstanding gold
l. certificates the United States notes re'C
] against outstanding currency certifi
I Gates and the silver dollars held agains
. outstanding silver certificates and eacI
e counts shall b used for the Tedemp
ton of the Noes and certificates fol
5 which they are especially pledged anC
/ shall be used for no other purpose, tn,
= same being held as trust funds.
! When Silver Dollars Are Coined.
= Sec. 5-That it shall be the dut,
= of the secretary of the treasury as fas
= as standard silver dollars are cOineC
r under the provisions of the acts O
= JuIv a. 1880 and June I3 1898 from
h bullion purchased under the act Of Jul!
n IA. 1890. to retire and cancel an equa
d amount of treasury notes whenever re
d ceived into the treasury. either by eX
: change in accordance with the prOvis
5, ions of this act or in the 0rdinar,
7 course of business. and upon the can
:, collation. of treasury notes silver Ger
: tifcates shall be issued against the sill
Il yer dollars so coined.
Sec. e-That the secretary of tn
e treasury is hereby authorized and di
: rected to receive deposits of gold coil
with the treasurer or any assistan
treasurer of the United States in sum
of not less than $50, and to issue gOl,
a certificates therefor in denomination
IS of not less than $40. and the coin s.
p deposited shall be retained in the treas
2 ury and held for the payment Of sue