Norwalk Chronicler

Norwalk gazette, Friday, December 17, 1897 · page 8

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GAGES ClllflillNCY BILL

Submitted to the House Commit-
tee on'Bankingi

CHIEF FEATURES OF PLAN

It Proposes to Prohibit the Reissue
of Redeemed Greenbacks Except
for Gold Deposited—The Secretary
for u'Solid Gold Standard.

W'ashington, Dec. 17. —- Secretary
Gage appeared yesterday before the
House Committee on Banking and Cur—
rency to present a bill embodying his
views for a revision of the currency, to
explain and urge its provisions, and to
meet any objection raised by the com-
mittee. He said in opening: “The ob-
ject I have in mind in the series of
provisions offered by me are four in
number:

“First—To commit the country more
thoroughly to the gold standard; re-
move, so far as possible, doubts and
tears on that point and thus strengthen
the credit of the United States both at
home and abroad.

“Second—To strengthen the Treasury
in relation to its demand liabilities, in
which are included greenbacks, Treas—
ury notes, and the incidental obligation
to maintain on a parity, through inter-
changeability with gold, so far as may
be necessary, the present large volume
of silver certificates and silver dollars.

“Third—To do this in such a way as
not to contract the volume of circula-
tion in the hands of the people.

“Fourth—To take an initial step
towards. a system of bank note issues
without the conditional deposit of pub-
lichonds as security therefor. If we
prosper as a people the revenue of the
’Government ought to be somewhat in
advance of its expenditures, and the
public debt of the United States gradu-
ally reduced and. finally extinguished.

“Looking at the question widely,
from my best point of knowledge and
experience, I feel that if these could
be secured the condition of the Govern-
ment, in its relation to the currency,
would be much safer and stronger than
now, and that through the operation
of national bank note currency the
commercial and industrial interests of
the United States would be greatly aci-
yantaged.”

‘After this initial statement it was
deemed advisable to read the Secre—
tary’s bill in details and discuss it sec—
tion by section. The bill has the same
features as outlined by the Secretary
In his report to Congress, and the chief
points are:

The establishment in the Treasury
Department of a Division of Issue and
Redemption.

Transferring to the said division of
$125,000,000 in United States gold coin,
and such further sums of standard sil-
ver dollars and silver bullion, pur-
chased under the act of Congress, July
[4, 1890, as shall equal the silver certifi-
cates outside the Treasury and Treas-
ury notes of 1890 outstanding on the
date when this act shall take effect,
and thereafter the gold and silver coins
and bullion hereby transferred from
the general fund in the Treasury as
herein provided shall be increased or
diminished, as the case may be, in ac-
cordance with the provisions of this
act, and in no other way.

The Secretary is authorized to re-
ceive any of the 5 per cent. bonds of

1904 and the 4 per cent. consols of 1907,‘

and to issue in exchange coupon or
registered bonds of the United States.

The bonds authorized shall be re-
deemable after ten years, payable in
United States gold coin, 'and exempt
from all taxation; they may, be depos—
ited as security for‘nationa bank cir-
culating notes to an amount not ex-
ceeding a bank’s capital. The amount
of bonds so issued shall not - exceed
$200,000.000.

A wide range of discussion occurred
on Section 2 of the Secretary’s bill,
which is as follows:

"Section 2. That all United States
notes, Treasury notes of 1890, and sil-
ver certificates presented for redemp-
tion, shall be redeemed from the re-
demption fund herein provided, in ac-
cordance with the “terms of existing
law; but the notes and certificates so
redeemed shall be held in and consti-
tute a part of said fund, and shall not
be withdrawn from said fund nor dis-
bursed, except in exchange for an
equivalentamount of the coin in which
said notes or certificates were re-
deemed, but to enable the Secretary of
the Treasury more thoroughly to carry
out- the provisions contain-ed in this act
he is hereby authorized to exchange
any of the funds in the Division of Is-
sac and Redemption for any other
funds which may be in the general
fund of the Treasury Department.

“Provided, That nothing in this act
shall be construed as repealing that
provision of the act approved July 14,
1890, which provides that there shall
be outstanding at any time no more
and no less of the Treasury notes au-
thorized by said act than the silver
bullion and standard silver dollars
coined therefrom than held' in the
Treasury, purchased with said notes."

Mr. Gage explained in detail the plan
of issuing national bank notes for
United States notes, Treasury notes
and silver certificates, and the cover-
ing of the latter demand notes for re-
funding bonds. He said the purpose of
this was to accumulate $200,000,000 of

 

 

_ the demand obligations, placing them‘

aside, where they would; relieve to that
extent the demands on the Treasury.
At the same time he did not consider it
safe to contract the currency by $200,-
900,000 at one stroke, and for that rea-
son he had provided for the issue of
national bank notes to fill the vacuum.

As soon as the House Banking Com-
mittee adjourned, Chairman Walker
took 'the typewritten copy of Mr.
Gage’s bill on the floor of the House.
and offered it. This was done to get the
bill printed and to have it referred offi-
cially to the committee.

The Secretary did not finish his argu-
ment, and will appear before the com—
mittee again to-day. He crea ted a
-nost favorable impression, and the
members of the committee declared his
explanations were most clear and his
arguments strong.

Dun-nut Says He \Von't Hang.
San Francisco, Dec. lT.-—Thendore
“,urrant. in an interview, says: "I will;
,lEVGl‘ be hanged. I know that help is
coming once more, as it has always

some to me in my extremity.” -

PIANOS

We are now closing out at a sacrifice several odd
styles of new pianos, and a great variety at slightly
used organs and pianos to make room for new stock.

ORGANS

Catalogues, full particulars and
terms sent upon application.
SOLD 0" INSTALMENTS, IF DESIRED.

Masontchamlin (to.

3 and 5 WEST lfiih STREET. NEW YORK.

 

legrllarlet

A FULL LINE OF FRESH AND CUBED
MEATS.

 

Fore-quarter Lamb.............. ........ ,...7c
Fresh Shoulders ............................ ...80
Leg Lamb ...... .> ............................... 12c

NATIVE POULTRY.

FRESH "Si—Tin. . '
. . VEGETABLES.

PBIGE Mill QUALITY . .
. . SITISFIBTORY.

PROMPT AHU'EFFIGIENT . .
l. . SERVIBT.

___——-.—

Paul Schultze, J 1.-
SO. NORWALK.

Falrliold County National Bank

44 Wall Sh, Norwalk. Conn.

 

 

INCORPORATED. 1824. Capital. 2(0 000
Enwm O. KEITH 1., President.
DAVID R. mILnnn. Vice-President

L. U. GREEN. Cashier

 

Enwm 0. KEELEB. Mossns H. Grown:

DAVID E. lTILLER, A. J. Murmurs.
F. Sr. Joan Lodzwooo. Tanononn E. 814113
In Conn. CHAS. F. 'i‘nlsma‘m

 

Accounts of Manufacturers Marsha and
Individuals solicited.

Safe Deposit Boxes he to Bq'm-ilon.

CENTRAL NATIONAL BANK;

96 WAD]; 81‘.) NOB WADKJ

 

~CORPORAT'ED SEPT. 1. 2876.
CAPITAL. 8 5 3 - . wood
Guano) ht. Harm. President.

ill. 2.. Bom.Vioo-Prenidan~t
' Wmnnibscionns ashiel

 

 

“DIMORS :
Gannon M. Home. E. E. Dame.
P. L. Conundrum. J T.Pnoin'm
E. L. Born. 8. H. HOLMES.
J.Ooua1xe. J8.
discount Day. Saturday.
AT,

P. w.79 BATES’.

- 42 mm mm,

You can find as fine an assortment of

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SILK Allll
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Fairfiel

CHRISTMAS ._WEEK!
STORE -OPEN - EVENINGS - UNTIL - CHRISTMAS.

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Long Live . the King! 4
, This week the whole christian world is agog giving and receiving presents in commemoraliln of the soon.

at Bethlehem when the three wise men presented gills lo the child. The parents give presents to their children,
the children return tokens of their love to their parents, the lover...presenls his love with what he thinks will please
her most. .80 all the world is happy at llerry chrisimos time. This week we shallpharve a ’ .

I GRAND GIFT SALE!

‘We shall give a present every day for the next six days, commencing Saturday Dec. 18. A No matter

time. Here are the presents.

SATURDAY. NIGHT, Dec. 18th
Two nice leather pocketabooks with five dollars .

in each.

A beautiful dressed Doll.

a“ ‘You will get a coupon with every purchase this week. Save it and’you-Tnay be lucky.
Dolls, Toys, Games, Silver Ware, China, Bricsaabrac, Neckties, Umbrellas, Kid Gloves, Perfumery,
Handkerchiefs, Jackets, Wrappers, Knit Jackets for children, Fascinators, Leggings, Blankets, Linens
Towels, Comfortables, Rugs, Lamps, Toilet Sets, Dinner Sets, Tea Sets, Carving Sets, and everything else ‘
suitable for a Christmas present. Our prices will be low this week to clean out all Holiday goods. We
don’t want to take stock of anything in the holiday line: ’

. . MONDAY NIGHT.
A pair of nice California wool blankets.
TUESDAY NIGHT.

 

what you buy, save your coupon and you may receive a present. One given away every day at closing

1 T
r . .

WEDNESDAY NIGHT.

A $10.00 Jacket or it’s equivalent in other Mer-

chandise. ‘.
THURSDAY NIGHT.

A Handsome Silk Umbrella. . .
FRIDAY NIGHT. '
Choice of any 10 piece toilet set in our China Dept

7

 

 

 

 

he! he Igoin g e’oewhere.

 

T THE BOSTON STORE, -‘

3...... L...........dg....:... lCorner .Masin and. wan 'svtljeetsy7N Or W

 

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