This plan is based in its main features upon principles, which are conceived to be fundamental and unchangeable, and which never have been, and never can be, departed from without disaster. Its methods and details are of course capable of considerable variation consistently with these principles. The methods suggested have been reached after very careful inquiry and study, and it is thought that they will prove to be practical, and adequate to the realization of a safe and steady system of finance and currency, in which all the people of our country, of whatever calling or political opinion, are equally and most deeply interested. All of which is respectfully submitted. WASHINGTON, December 17, 1897. GEORGE F. EDMUNDS, Chairman. GEORGE E. LEIGHTON, Vice-Chairman. T. G. BUSH. W. B. DEAN. CHARLES S. FAIRCHILD. STUYVESANT FISH. J. W. FRIES. C. STUART PATTERSON. I sign except as to provisions relating to metallic currency and certificates issued thereon. LOUIS A. GARNETT. The undersigned, while heartily agreeing in general to the above plan, dissents from the principle involved in section 14, by which the Secretary of the Treasury is empowered to reissue United States notes in purchase of bonds,-believing that the increase of the circulation should not be left to the decision of government officials; that no official should be exposed to the pressure which would thereby be created; that the issue of gold in redemption of the notes would prevent contraction; and that it is inconsistent with the principles on which an elastic bank currency has been recommended, because notes should not be issued by the government in an emergency, when bank issues have been above provided for exactly such an occasion. J. LAURENCE LAUGHLIN. BILL EMBODYING COMMISSION'S PRO POSALS. FIFTY-FIFTH CONGRESS, H. R. 5855. SECOND SESSION. IN THE HOUSE OF REPRESENTATIVES, JANUARY 6, 1898. Mr. Overstreet introduced the following bill, which was referred to the Committee on Banking and Currency and ordered to be printed: A BILL TO PROVIDE FOR STRENGTHENING THE PUBLIC CREDIT, FOR THE RETIREMENT OF THE DEMAND OBLIGATIONS OF THE UNITED STATES, AND THE AMENDMENT OF THE LAWS RELATING TO NATIONAL BANKING ASSOCIATIONS. Be it enacted, &c., That the standard unit of value shall as now be the dollar, and shall consist of twenty-five and eighth-tenths grains of gold, nine-tenths fine, or twenty-three and twenty-two one hundredths grains of pure gold, as represented by the one-tenth part of the eagle. SEC. 2. That all obligations for the payment of money shall be performed in conformity with the standard provided for in section 1: Provided, That nothing herein contained shall be construed or held to affect the present legal tender quality of the silver dollar or the subsidiary or minor coins or the paper currency of the United States. That all obligations of the United States for the payment of money now existing or hereafter to be entered into, shall, unless hereafter otherwise expressly stipulated, be deemed and held to be payable in gold coin of the United States, as defined in the standard aforesaid. SEC. 3. That there shall continue to be free coinage of gold into coins of the denominations, weight, fineness, and legal tender quality, prescribed by existing laws. No silver dollars shall be hereafter coined. Silver coins of denominations less than one dollar shall be coined upon government account, of the denominations, weight, fineness, and legal tender quality prescribed by existing laws. Minor coins shall continue to be coined upon government account, of the denominations, weight, fineness, and legal tender quality prescribed by existing laws. Subsidiary and minor coins shall be issued and exchanged as prescribed by existing laws, except as hereinafter otherwise provided. SEC. 4. That there is hereby created a division in the Treasury Department, to be known as the Division of Issue and Redemption, under the charge of an Assistant Treasurer of the United States, who shall be appointed by the President, by and with the advice and consent of the Senate. SEC. 5. That to the Division of Issue and Redemption shall be committed all functions of the Treasury Department pertaining to the issue and redemption of notes and certificates, and to the exchange of coins, and the said Division of Issue and Redemption shall have the custody of the Bank Note Guaranty Fund and of the Redemption Funds of the national banking associations, and shall conduct the operations of redeeming the circulating notes of national banking associations, as prescribed by law; and to this division shall be transferred all gold coin held against outstanding gold certificates, all silver dollars held against outstanding silver certificates, all United States notes held against outstanding currency certificates, and all silver dollars and silver bullion held against outstanding Treasury notes issued under the Act of July 14, 1890, and such amount of subsidiary and minor coins as the Secretary of the Treasury shall consider necessary for the issue and exchange of such coins, and the funds deposited with the Treasury for the redemption or retirement of the circulating notes of national banking associations. All accounts relating to the business of this division shall be kept entirely apart and distinct from those of the other departments of the Treasury; and the accounts relating to the national banking associations deposited with the Division of Issue and Redemption shall be kept separate and apart from all other accounts. SEC. 6. That a reserve shall be established in the Division of Issue and Redemption aforesaid, by the transfer to it by the Treasurer of the United States from the general funds of the Treasury of an amount of gold, in coin and bullion, equal to 25 per centum of the amount both of United States notes and Treasury notes issued under the Act of July 14, 1890, outstanding, and a further sum in gold equal to 5 per centum of the aggregate amount of the coinage of silver dollars. This reserve shall be held as a common fund and used solely for the redemption of said notes and in exchange for said notes and for silver dollars and subsidiary and minor coins, as hereinafter provided. SEC. 7. That it shall be the duty of the Secretary of the Treasury to maintain the gold reserve in the Division of Issue and Redemption aforesaid at such sum as shall secure the certain and immediate redemption of all notes and exchange of all silver dollars presented, as hereinafter provided for, and the preservation of public confidence; and for this purpose he shall from time to time transfer to the Division of Issue and Redemption any funds in the Treasury not otherwise appropriated, and in addition thereto he is hereby authorized to issue and sell, whenever it is in his judgment necessary to the ends aforesaid, bonds of the United States, bearing interest at a rate not exceeding 3 per cent. per annum payable in gold coin at the end of twenty years, but redeemable in gold coin at the option of the United States after one year; and the proceeds of all such sales shall be paid into the Division of Issue and Redemption for the purposes aforesaid. SEC. 8. That the Division of Issue and Redemption shall, at Washington, and at such sub-treasuries of the United States as the Secretary of the Treasury may from time to time designate, on demand(1) Pay out gold coin for gold certificates. (2) Pay out United States notes for currency certificates. (3) Pay out gold coin in redemption of United States notes and Treasury notes of 1890. (4) Pay out silver dollars for silver certificates of any denomination. (5) Issue silver certificates of denominations of one dollar, two dollars, and five dollars, in exchange for silver dollars and for silver certificates of denominations above five dollars. (6) Pay out gold coin in exchange for silver dollars. (7) Pay out silver dollars held in the Division of Issue and Redemption aforesaid and not covered by outstanding silver certificates, in exchange for gold coin, United States notes or Treasury notes. (8) Pay out United States notes or Treasury notes, not subject to immediate cancellation, in exchange for gold coin. (9) Pay out gold coin in exchange for subsidiary and minor coins presented in sums of twenty dollars or multiples thereof, and pay out |