Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1900-02-24
Agreed ON A BILL.
Financial Measure Arranged by
Conferrees.
DEMOCRATS STATED OPPOSITION.
without Further TormaIity the Measure
Was Ordered Reported-PartiaI Text of
the Bill. as 1T Probably VIII Become
Establishes Money Standard.

Law Establishes Money Standard.
WASHINGTON, Feb. 24.-The Republi-
can members of the conference commit
tee on the financial bill reached an
agreement The Democratic conferees
were called in and stated their epposi
ton to the bill, and without further
formality the bill was ordered reported.
The text Of the bill as agreed upon
and as it will be reported by the con-
ferees and as it probably will become Il
law was in part as follows;
That the dollar consisting Of % 5-lJ rains of
gold, nnetenths fine, as established hs section
3,51f of the revised statutes of the United
States shall be the standard unit Of value, and
all forms of money issued or coned by the
United States shall be maintained at a parity
of value with this standard, add it shall be the
duty of the secretary Of the treasury to main
tain such parity
See g That United States and treasury notes
issued under the act Of July A. 1890 when pre-
zented to the treasury fer redemption, shall be
redeemed in gold coin of the standard fixed III
the first section of this act, and in order to Sc
cure 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 Sl90,-
100000 i'm gold coin and bullion, which fund
shall be used for such redemption purposes
only. and whenever and as often as any Of
said notes shall be redeemed from said fund, 1t
shall be the duty of the secretary OF the treas
ury to use SAT- notes redeemed to restore and
maintain such reserve fund.
See. B. That nothing contained in this act
shall 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
Sec. A. That there be established in the
treasury department, part Of the office of
the treasurer of the United States, divisions
to be known and designated the division of
issue and the division Of redemption, TO which
shall be assigned, respectively. under such
regulations as the secretary of the treasury
may approve all records and accounts relating
to the issue and redemption Of United States
notes. gold certificates silver certificates and
currency certificates. There shall be trans
ferred from the accounts of the general fund
of the treasury of the United States and taken
upon the books of said divisions, respectively,
accounts relating to the reserve fund for the
redemption of United States notes and treas
ury notes, the gold coin held against outstand-
ing 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 repre-
sented by these accounts shall be used for the
redemption of the notes and certificates for
which they are respectively pledged and shall
be used for no other purpose, the same being
held az trust funds.
Sec s. That it shall be the duty of the secre
tary of the treasury, as fast as standard silver
dollars are coined under the provisions of the
acts of July Ia, 1890, and June b. 1893 from bull.
lion purchased under the act of July ID $780, to
retire and cancel an equal amount OF treasury
notes whenever received into the treasury,
inn dan
visions OF this act or in the ordinary course of
business. and upon the cancellation Of treasury
notes, silver certificates shall be issued against
the silver dollars SO coined.
Sec g. That the secretary of the treasury is
hereby authorized and directed to receive de-
posits Of gold coin with the treasurer or any
assistant treasurer of the United States in
sums not less than $50, and to issue gold certif
Gates therefor in denomination of not less than
$50 and the coin so deposited shall be retained
in the treasury and held for the payment of
such certificates on demand and used for no
other purpose Such certificates shall be
ceivable for customs, taxes and all public dues,
and, when so received, may be reissued, and,
when held by any national banking associa-
ton, may be counted as a part OF its lawful re-
serve
Sec T. That hereafter silver certificates shall
be issued only Of denominations of $40 and
under, except that not exceeding in the ag-
gregate 10 per centum OF the total volume of
said certificates, in the discretion of the secre-
tary of the treasury, may be issued in denomi-
nations of $40, $50 and 500; and silver certifi-
Gates of higher denominations than $l0 except
as herein provided shall, whenever received at
the treasury or redeemed be retired and can
celed and certificates of denominations of $40
or less..shall be substituted therefor, and after
such substitution, in whole or in part, like
volume of United States notes of less denomi-
nation than $40 shall, from time to time, be re-
tired and cancelled, and notes of denominations
of $40 and upward shall be reissued in substtu-
ton therefor, with like qualities and restrc-
lions as those retired and cancelled.
See g. That the secretary of the treasury is
hereby authorized to use, at his discretion, any
silver bullion in the treasury of the United
States purchased under the act of July Ia 1890,
for coinage into such denominations of sub
sdiary silver coin as may be necessary to meet
the public requirements for such coin.
Sec 8. That the secretary of the treasury is
hereby authorized and directed to cause all
worn and uncurrent subsidiary silver coin Of
the United States now in the treasury and
hereafter received, to be reconed and to re-
imburse the treasurer of the United States
for the difference between the nominal or face
value of such coin and the amount the same
will produce in new coin from any moneys in
the treasury not otherwise appropriated.
See TO- That section f1fty-on hundred and
thirty-eight of the revised statutes is hereby
amended so as to read as follows:
"Sec 5,l3S No association shall be organ
lied with less capital than 100000 except
that banks with capital of not less than $780,
600 may, with the approval of the secretary of
the treasury, be organized in any place the
population OF which does not exceed 5000 in
habitants, except. that banks with capital of
not less than $4,000 may, with the sanction Of
the secretary of the treasury, be organized in
any place the population of which does not
exceed 5000 inhabitants. No association shall
be organized in city the population of which
eqceeds $1,000 persons with capital of less
than 100000.
Sec. II. That the secretary of the treasury
is hereby authorized to receive at the treasury
any of the outstanding bonds of the United
States bearing interest at per centum per an
mum, payable Feb. |. 1904, and any bonds OF the
United States bearing interest at per eentum
per annum, payable July |, 1907, and any bonds
of the United States bearing interest at per
centum per annum, payable Aug. l, 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 de-
nominations of $50 or any multiple thereof,
bearing interest at the rate of per centum per