The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1898-12-30
SECURITY OF STANDARD.

Under existing conditions, the only
wise and consistent policy for-the Unit
ed States is the frank recognition of
the fact that the actual monetary
standard is now, and for some time
to come viii be. gold, and the adop-
ton of legislation which shall insure
the entire stability of that standard,
until such time as the nation may have
decided to establish some other
Assent to this statement does not
commit any one to the position that
the gold standard is, abstractly CON
sdered, the most desirable one. AS is
well known, a large number of econ
omists hold to the opposite opinion.
But, as is also well known, the partic
Ular substitute which such economists
favor, j. e., international bimetallism,
| is at present, and for a long time will
be, out of the question. In conse-
Quence, the precise form which the
question of standards now takes in the
| United States, is as to whether the
currency shall rest on a gold basis or
on silver or paper basis. Thus stated,
| it can have, to the majority of econ
omists, but one solution. Under exist
| ing conditions, the gold standard is for
| the United States the best available.
This being the case, it is the duty
Of the nation to render that standard
as stable as possible and to remove all
uncertainty as to its maintenance and
| its easy working: for uncertainty as to
| the basis of the currency must always
be a menace to prosperity.
With respect to the means through
which increased stability for the stand
ard shall be insured, it is hardly to be
| doubted that much would be gained
| by its explicit definition in terms of
gold. Still more important would be
the enacting of such legislation as shall
insure that the task of maintaining the
standard, or in other words, of main
tanning the convertibility into gold of
other forms Of currency, shall be eff
GENTLY performed.
AT this point, your committee find
themselves in accord with the common
| ly-received opinion that, under normal
| conditions the task in question can
most adVantageously be devolved upon
some institution or Institutions of a
! banking nature. We are also agreed
though perhaps less positively, that,
| even under the conditions which must
| prevail in the United States, this same
solution of the problem is, on the whole,
| best. If, however, this plan shall prove
| impraCticable-if the task of main
tanning the standard of value is still
to rest upon the treasury-ev erything
calculated to make that task an easier
one should be done, and the department
/
erence to the duty thus devolving upon
1 it, and provided with such additional
powers as are necessary to insure it's
! fitness for the work in hand.
! Among the various changes which
would tend to the accomplishment of
these objects, your committee believe
the most important to be some mOdifi-
cation of the existing system whereby
the duties of the treasury as respects
the management of the monetary sys-
tenn of the country shall be separated
from those functions which are of a
purely fiscal nature. 1t would doubt
| less be we'll, also, to find a, place fol-
silver where it will cause least trouble
by retiring all notes under $40 and to
authorize the secretary to retire, al
least temporarily, notes which have
been once redeemed If it should be
decided not to establish separate is
sue department. at least the function
of the secretary in maintaining the
parity Of gold and silver should be
made obligatory.