The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-04
CURRENCY BILL CHANGES
The House Measure TO Be Altered
in the Upper Chamber.
Republican Members of the senate
tant Modiacations-Curta the
Power of the Secretary of the
Treasury Committee Amendment.

Debate on the Republican Currency bill,
declaratory OF the single gold standard,
will be begun In the Senate today by Mr..
Aldrich, Chairman OF the Committee on
Finance. The Republican members Of that
! committee met yesterday and agreed upon
number OF notifications. Under the
bill, as originally reported. the Secretary
of the Treasury is given discretion TO is
sue new bonds for the par value OF the
old bonds and to pay in cash the difference
between the par value and the pur-
chase price. or to issue new bonds
for the purchase price As under
the latter plan the public debt
might be increased by the difference be-
tween the par value Of the bonds and the
purchase price the Republican members
Of the committee have agreed upon an
amendment taking away the discretionary
power OF the Secretary Of the Treasury,
and providing that he is to pay cash for
the difference between the face and pur-
chase value Of the bonds Senator aldrich
yesterday, under authority of the Finance
Committee, presented as an amendment to
the Dill the following:
After the word authority, in line 5. page
u, strike out remainder Ot section aud Iu-
scrl: And the gold coin received from the sale
OF s3id bonds shall first be covered into the
general fund OF the Treasury aud then exchanged
in the manner hereinbefore provided for an equal
amount Of the notes Iedeemed and held for eS-
change, and the United States notes exchanged
in accordance with the provisions Of this section,
shall, when covered into the Treasury, be re-
issued a now provided hy law. aud the gold coin
ia the fund, together with the redeemed
notes held ior use, ss provided in this section,
shall at no time exceed the maximum sun OF
$50 600, ,O0O'
All of section is eliminated and the
following new section substituted:
Sec. c. That the Secretary OF the Treasury Is
hereby authorized TO receive al the Treasury any
Of the outstanding bonds Of the United states
bearing interest at per cent per annum. pay
able February ]. 1904. and any bonds Of the
United States bearing interest at tine rate OF
per cent per annuln payable July |, lapI. and
any bonds Of the United States bearing interest
al per cent per snuuU, payable August l. 1898,
and to issue in exchange therefor equal amount
~ coupon registered bonds OF the United states
in such form he may prescribe, in denomiua-
tons Of so. any multiple thereof, bearing in-
terost at the rate ot : per cent per anuurn, pay
able quarterly. such bonds 10 be payable at the
pleasure Of tie United states after thirty yeIrs
from the date Of their issue and said bonds to
be payable. principal and interest. in gold coin
OF the present standard value. and 10 be exempt
United States. well As from taxation in any
form by or under state, municipal, or local au-
th0rity.
Provided tlat such ouisanding bonds nav bc
received in exchange a. valuation not greater
than their present worth, TO yield an income Of
"a per cent per aunm, and in consideration
Of the reduction u interest effected, the Sccrc-
tary Of the Treasury IL authorized TO pay 10 The
holders OF the outstanding bonds surrendered for
exchange, cut ot any money in the Treasury not
utherw,sc appropriated sum not greater tlan
the difference between their present worth. com.
puted as siorrrsid. and their par value and
t'ie payments 10 bc made hereunder shall h, held
20 be payments on account Of the sinking fund
created by section $685. Of The Revised statutes:
and. provided further. that the per cent bond.
to be issued under the provision, II thi, ari shall
be issued At not less than par, and they shall be
Numbered oansccIilEcly IN THE order oi their is,
sue. and when payment l. made the last number,
issued shall be fr>t paid. ard this order shall
be followed until all The bends ATE paid: aud
whenever any Of the outstanding bonds are called
for payment interest thereon shall cease ihfcc
months after such cali.
MIR Aldrich offered another amendment
the restoration OF the gold re.
serve when that shall have fallen below
the minimum amount. The bill as reported
makes it the duty Of the Secretary of the
Treasury 10 maintain the gold reserve at
sos. .OO0.GCG by the sale of bonds. The
provides that when the reserve
= ',all fall below that amount. il shall be
the duty OF the Secretary OF the Treasury Z
to restore it TO the maximum OF Siao I
coo 600
Senator Chandler OF New Hampshire pre- |
sented an amendment adding two new sec |
tons, as follows:
Sec .. That ia accordancc with the act OF No I
yembcr l. 1893. which repeals part oi the act of I
July H. lssO. il is hereby resfrined and declared
to be the cSisiing policy Of the United States to
continue The use Ut both gold and silver - ,tand
ard money and 10 coin both gold and silver into !
money of equal intrinsic aud eNchauccablc vaitic
such equality to be secured through International
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