Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1898-11-24
PENDING CURRENCY BILLS
PROPOSED REFORMS IN BILLS
PENDING IN CoNonESS.
The Bills Propose to Commit the Coun-
try TO tho Gold Standard, TO Redeem
and Cancel United states Notes and
slbStitutR Bnnh Currency Therefor

Now that the election Is over and II
Ia known that both houses Of the next
congress- will be republican, 1t is Of in.
terest to note the republican financial
bills now pending and which they will
have the power to pass at tho next
session.
The following Is letter from Gcner.
eral A, j. Warner which appeared n
few weeks ago in the Siver.Knight-
Waterman:
While tho several currency bills now
pending in congress differ in matters
Of detail, they agree substantially on
the following propositions;
First. In the language Of Secretary
Gage, "to commit the country more
thoroughly to the gsld standard.
Second. To turn over to the banks
the exclusive power hencetorth TO is
sue paper currency,
Third. The ultimate redemption and
cancellation of all United States notes
and the substitution therefor Of bank
currency.
Fourth To increase the gold reserve
SO as to provide for the redemption in
gold not only of greenbacks and the
notes issued under the act Of 1880 but
OF silver dollars also.
All the bills, also, authorize the sale
sale of bonds whenever necessary to
replenish the gold reserve. To carry
out this plan the several bills provide
for division Of issue and redemption
in the treasury department Most OF
the bills, too, IL not all, provide for ac-
cumulating in the treasury United
States notes, which shall not be given
out except in exchange for gold coin.
This is the scheme in outline. 1t in
wolves, as will be seen, the redemption
OF all United States notes and silver
dollars also in gold, and TO provide and
keep up gold reserve for this purpose
bonds are to be sold whenever neces-
sary, and finally the non.legal tender
notes Of the banks are to be substitu-
ted for the present government legal
tender currency.
Viewed from the standpoint OF the
banks, this is all right, but will some
GOOD republican tell us what the peo-
pie IRE to gain by the substitution oil
non-legal tender notes of banks for our
present greenbaclS currency Will
some one also tell us why paper cur
rency that is not legal tender is better
than currency that is? Would 1T
make greenbacks better money to take
from them legal tenderP Would tho
paper money of France or of Germany,
or-Bank of England notes be made bet
ter IL the power of legal tender were
taken from them2 This is too absurd
even to pretend. No currency is or
ever can be made better by having the
function of legal tender taken from it,
and the tendency for the last hundred
years in all enlightened countries has
been TO subject sill currency more and
more TO government control and to
make it legal tender.
The proposition, however, in this
country now in the interest of banks,
ia to reverse all this and allow banks
to issue all paper currency, which can
not, of course, be made legal tender
Further more, this banking scheme
proposes to allow banks to issue Ger
tain amount of currency upon theil
assets, without the security OF bonds
and ultimately do away altogether