The Butler weekly times., 1897-02-04
GOLD STANDARD.
This is the Basic Principal of the Financial
Plan of the National Board Of Trade.


today adopted the report OF the
Committee on Banking Laws. 1t
was the opinion Of the commits. e
tba, there should he established a
consistent and deliberately planned
financial system. The plan present
ed vas briefly as follow:
Frst-That gold coiu shall remain
the standard money.
S. cond-That steps should be
taken TO retire all United States
notes in such way as not to dis
turb business relations; that national
banks shall be allowed to issue cur
reucy to the par value OF the bonds
ard The tax Oh circulation be- reduced
and the banks be allowed to issue
currency bas. d on assets, under such
National supervision and re-triction
az will make it safe, elastic aud re
deemable in gold at the bank of
issue and at the city of New York.
Third-That such banks of issue
with capital of $40 600 or more be
authorized TO be established iu towns
aud villages of less than 3 600
The committes on the subject Of q
mou-y commission made report, in
which Congress is asked to create a
commission to consist of eleven per
SOUS, to be appointed by the Pre>i-
dent, two of whom shall be selected
from the Senate Committee on FL
nance and two from the House Bank
ing and Currency Committee OF
the other seven members two shall
be bankers recognized experience
aud ability, two agriculturists of
prominence. two merchants or man
ufacturers of standing, the r. main
ing member to be selected on &C
count of recognized ability and
learning in the science of political
economy. Iu no event shall more
than six members be of the same po
litical party.
1t is to be the duty of the com.
mission to enter upon a thorough
and comprehensive consideration Of
the the currency and banking affairs
Of the United States, and laws relat-
ing thereto On or before Jan /,
1898, they shall make concise and
exact report OF their deliberations to
Congress, together with a proper
bill designed to carry their recon.
mendations into effect.
In case Congress for any reason
fails to authorize the appointment
of this commission, the board de
clared its approval Of the alternative
plan of the Indianapolis Convention
to appoint such commission itself.
The committee to which was re-
ferred the subjects of a common
monetary unit and international coin"
made q report favoring the change
Of the coins of the Uuited States, of
Great Britain and of Germany so as
to correspond to the common unit
of France, Spain and other European
countries, which contains 25 grains
OF gold, nine tenths fine, equal in
value to the French five franc piece.
The passage of the bill now before
Congress for an international coin
was recommended.
The passage of the Torrev bank
ruptcy bill and the establishment of
a department of commerce were also
favored.
The Committee on WATERWAYS and
Harbor improvements made a re.
port in which the present system of
letting contracts for work was con.
demned, 1t was stated :that worth
less bonds of failed contractors to
the amount of several millions were
now lying in the Treasury of the
United States. No prosecutions had
been initiated against these bonds.
men and the result was that respon.
sible contractors as we'll as the peo.
pie were constantly being defrauded.
The improvements in the Philadelphia
harbor were cited as a case in point.
A resolution was adopted calling the
attention of Congress to the general
subject Of the non prosecution of the
bonds of failed contractors.