Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-03
.CURRENCY REFORM
Report of the Indianapolis None
tary Commission.
NEW SYSTEM PROPOSED.
To Substitute Bank Notes For
Treasury Certificates.
To Do Away With the Deposit of Bond!
With the Government-The Scheme
In Detail.

the monetary commission, containing
the plan of currency reform proposed by
it, together with a full discussion of
the subject and mass of valuable
statistics and other information, has
been sent out by the executive commit
tee Of the Indianapolis convention. Fol-
lowing are the main points of the ar
. gument and the plan in detail:
THE STANDARD.
Tine most serious evil Of our present
situation is the threatened degradation
Of our monetary standard.
The concurring habits of individual
mankind fix the standard by which to
measure the value of labor and prop
erty.
Governments cannot try to change
this standard without making mischief.
The standard thus fixed is now gold
This is fact of civilization.
Government, If it serves the people
well, accepts this fact and records it
in law
AS an immediate means toward this
end we recommend that it shall be pro-
vided by law that all obligations of the
United States, existing and future, shall
be payable in gold except when other
wise expressly provided. By the wise
and courageous action of its executive
officers, the government has upheld that
standard by paying its obligations in
gold, but until such payment Is required
by law and the door thus closed to all
1880 a. ~ 20 ~ 49,,
@ ~ ~ ne 2 - % ~
oinslh NJ e,,S o., 20 80
words.
DEMAND orr JGATIONS OF THE
GOVERNMENT
Ar tba nrasan+ time the government
i.
mas no lunq Tor the payment OIL lts ue-
mand obligations except the general
balance in the treasury applicable alike
- ~ 4 ~ 49, on ,o,,a
" lhe payment VI an ousS. Oui A9F0
nues are uncertain in amount and our
expenditures are large and growing
and liable to vary. 1t is therefore I'M
certain whether we snail nave at any
4. particular time an adequate fund for
the redemption OF the demand obnga-
tons without recourse TO borrowing.
Borrowing is an Intellectual resource,
because under the law as 1t stands, the
notes which have been paid must be
returned to circulation, and SO may De
used over and over to oraW out the Dor
rowing Roiu' Z Inc ls9ue u !ollu7, lllol e
over rests with the executive depart
ment, and whether 1t VIII be resorted TO
or not VIII depend upon the personal
views and dlseretlon OF the oInclals at
the head of that department. More Sc
rious stlll is the fact that II is IN the
power OF the executive department as
the law now STANDS, TO declae Wnetner
the government notes slial, ~ p 9i - -
gold or in silver. An END should DE
put TO TINS anomalous ana hazd i , u9
sltuatlon py nlahlls speciilc anu aus ~
quate provision LOT the PaynlellC - ~ tiie
aemanu oDllSallohs allo III eGtllS ~ "a !
law that sueh payment s1al We III soiu
al the demand OIL Inc hoiuel.
paper currency iasueu py az So
eminent ana circulating year o. ~ " 49, 49,
without Teuelhp.loll, euuosl.es ~ 49, 49,
pie IN Ialse hotlolls ne ioi-
1t appears 10 tl1Rse Wiio W NJ .oo - s
u crltlcalty' 70 ue4IVe r. aaa,as 70
the government stamp, ~ 80 .s,o,, ~
be regarded as p[ollilse ~ pay ~
ana seems " pos9.Se - T., -, 80. ~
ey IN ana OF itseit, any :. :" % G@ e., ~
create IL tnat Mhei 'iiisoS t,,roi
the call LOT more 10 49, H. nharra
ihere Gan pe ~ ~ l,n,,e- o,,estion
uoh OIL JuuS lliei.I oli ~ ~ ,.aoay,
by so MANY VI oui 81 AZ ,,ois-
years mas oee $500. 20, ? tha oreenhacI,
eaucdtIns y
currency ,o,- ~ i'm
don n
portdips quaiisS ~ So,.oa.,5s ~ h,,snass
Ivy 70 we Val Slais o,.aatad Nv leeyisIatinn
- paper 0uI 49, - - ~, f ;+ orc.
Is ISeu III Foiei'e ,. ~ - 80 49,. a.,
ation anu can - 49, ,,a,,,-,,e corii.
pallu III poilse ~ - nre,,,. in The
ions Willcll on Jun" ~
AFFAIRS VI mel 49,, NJ. :, +ha "a =,
MoLe tbe GOV
snat su9ii ~ noe
eililell -, ti,e iti+,,
~ tAe 81 VI a.
LOFTS ~ ING y. - INC soV - ~ -,
snoulu Ian " ueue5!il lts noles' ar pea.th
hotss, peLh ueposiLo' tii9t o esll0 io' -.
ana 9epIs anu uugs u eEgry Aing no
a speclnealiy pdyaole IN soIu Woula pt
N payaole III the uepIecldteU Pdper " ~
Y SILVER. Every ps'SelAs llcluelI' tnel e
& Iore, winch rdIses dh apprehension
however sllgAt' OF posslolilty, now
II ever remote, tnat the government may
De unaoBe or unWiillhg TO MAINTAIN golc
81 payment OF It's ophgatlons SENDS nerV'
Gus Wemor through the Whole business
n system or the country sovereign gov
n eminent cannot be compelled TO pay us
debts. 1t pays them only When 1t wits
so to do, ana the existence of doubt II
Va the public mind as to the continuance
S& of the will of our government to pay Its
"a demand obligations in money salts
81 factory to the holders thereof, is a Sc
"a rious drag on business enterprise.
The existence of a large outstanding
y debt payable on demand is also sourc,
81 of weakness to the government in it,
81 International relations Modern warfar,
H.,