The herald., 1898-01-03
CURRENCY REFORM
Report Made and Bill Ready FOR
Introduction

CURRENCY REFORM
Report Made and Bill Ready Tor
Introduction
WASHINGTON, Jan. S.-The report of
the monetary commission, containing
the plan Of currency reform proposed by
1t. together with full discussion Of the
subject and a mass Of valuable statistics
and other information, has been sent out
by the executive committee Of the In
dianapols convention. Following are
the main points of the argument and
the plan:
THE STANDARD
The most serious evil of our present
situation is the threatened degradation
Of our monetary standard. The concur
ring habits of individual mankind fix
the standard by which to measure the
value of labor and property. The STAN
dard thus fixed is now gold. This is a
fact of civilization. We recommend that
1t shall be provided by law that all OBJ
legations of the United States, existing
and future. shall be payable in gold ex-
cept when otherwise expressly pro-
vided.
OEMANO Of1LlGAIlONS
At the present time the government
has no fund for the payment Of its de-
mand obligations except the general ball
ance in the treasury applicable alike to
the payment of all dues.
A paper currency issued by the gov
eminent and circulating year after year
without redemption, educates the people
in falsd notions concerning money. It
appears to those who do not look at 1t
critically to derive its value from the
government stamp It ceases to be
regarded as a promise to pay money and
seems to possess the virtue of money in
and of itself.
We have a total volume of paper and
silver in circulation amounting to $685.
72S,0S7, all resting for its value on the
credit of the government, less only the
bullion value Of the silver. That credit
Is maintainable only as a whole. 1t is
necessary, therefore. that the govern
ment should keep a large reserve fund
in gold. AS the entire monetary system
of the country hangs upon that one re-
serve, the situation is one Of uncertainty
and hazard against which no insurance
is possible.
SILVER CURRENCY
We have 1854, $500 of notes of IS
and under, and $50, 196,7SS Of silver dol
lars in actual circulation, making total
Of $414,551, 819 Of current money in use.
exclusive of gold, in denominations of 81,
50 and SIS. Our total stock Of silver dol
lars is $452.713,792. This Is an excessive
quantity to have at the existing dis
crepancy between their legal and actual
value. But with further coinage of them
discontinued, and their parity assured
by the exchange Of gold for them on de-
mand it is better to retain them as they
are than to attempt final solution at
this time of the problem which they pre-
sent. BY withdrawing all silver certifi-
Gates over IS, and all other notes under
SO, a place will be made for nearly all
the silver dollars in way which will give
the country the full benefit of them for
current use without imposing upon the
treasury any serious Burden i'm their
maintenance.
CURRENCY REFORM
The existing gold standard shall be
maintained and to this end the standard
unit of value shall continue, as now, to
consist Of 1858 grains of gold nine-tenths
fine, or 1922 grains of pure gold as now
represented by the one-tenth part Of the
eagle. All obligations for the payment
of money shall be performed in con-
formity to the standard aforesaid; but
this provision shall not be deemed to at
feet the present Legal tender quality of
the silver coinage of the United States,
or Of their paper currency having the
quality Of legal tender. All obligations
of the United States for the payment of
money now existing, or hereafter entered
into, SHALL unless otherwise expressly
provided, be deemed, and held, to be
payable in gold coin of the United States
as defined in the standard aforesaid.
Gold coinage as now.
No silver dollars shall be hereafter
coined.
Coinage and redemption of subsidiary
and minor coins as now.
There shall be created separate d.
vision in the treasury department, to
be known as the division of issue and re-
demption, under the charge of an as
sistant treasurer of the United States,
who shall be appointed by the president
by and with the advice and consent of
the senate.
The division of issue and redemption
shall, on demand at Washington, and at
such sub-treasuries of the United States
as the secretary of the treasury may
from time to time Designate:
Pay out gold coin for gold certificates;
Pay out gold coin in redemption Of
United States note or treasury notes of
1890;
Pay out silver dollars for silver GER
tiflcates of any denomination;
Issue silver certificates of denomina-
lions of 81, 50 and IS, in exchange for
silver dollars and for silver certificates
in denominations above IS;
Pay out gold coin in exchange for sill
yer dollars;
Pay out silver dollars in exchange for
gold coin, United States notes or treas
ury notes.
Pay out United States notes or treas
ury notes. not subject to immediate can
collation., in exchange for gold coin;
Pay out and redeem subsidiary and
minor coins as provided by existing laws;
Pay out United States notes In ex-
change for currency certificates.
THE BANKING SYSTEM
The total issues Of any national bank
shall not exceed the amount of its paid,
UP and unimpaired capital. exclusive Of
50 much thereof as is invested In real