The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1898-04-02
AN UBIQUITOUS MEASURE

Emboldened by their success so far
in ''currenry reform" the managers
of the republican party have submitted
proposition for fi>ing the currency
of the United States in such shape
that money can be made scarce or
plentiful at the will of the Wall street
brokers. The Gage bill did not go
quite far enough to suit the brokers,
hence another measure was prepared,
that is entitled "a bill to strengthen
the public credit" and is about as
vicious a measure as could have been
conceived by old ShylOck himself.
The principal features of the oill are
as follows:
"a division of issue and redemption
is established in the treasury for which
the secretary of the treasury is author.
lied to set aside the general cash bal
ance in excess of $50 OOO.0OO This X
cess on March IL, 1898, was l76. l39. .532.
Unites States notes received by this
division fer redemption in gold are to
be cancelled and returned in prop r.
tiOn as certain sub titute currency is
issned. No note redeemed in gold is
to be again raid out except unG,r
exceptional conditions.
National banks are required to as
sumo the current redemption of United
States demard notes in order to oh.
tain circulation based upon their C m
mer"ial assets. A new class of notes.
called national reserve notes. Is to be
issued in lieu Of legal tender notes de-
posted by tn banks with the treasury.
and tn. Sc reserve notes are to be re-
deemed upon demand by the banks
out of the redemp ion fund which they
are required to maintain in gold.
THE basis of national bank clrcu la
tion will eventually be the commercial
assets of the banks. This result will
be reached, however, only after SER
les of years. National banks will con-
tinue to be required during one year
after the passage of this act to main
tain the minimum amount on the
United States bonds as security for cir
culation. which is required by xisting
law, but they will be permitted to issue
notes 20 the face value of these honds.
This bond deposit may be reduced by
one fourth annually. beginning ons
year after the pissase of the act.
"National banks are to be permitted
to issue current notes upon their COM
mercial assets to the amount of the re-
serve notes issued to them in return
for deposits of United States notes.
The purpose of this provision is to
compel the conversion of United States
notes into reserve notes, as we'll as to
limit the issues of currency upon CON-
assets.
''The national currency notes based
upon commercial assets are to be se-
cured by bank note gu tranty fund, /
made up by the contribution in gold |
,oin per cent of the entire circulate |
If the bank.
THE national reserve notes will con- !
;nue to be lega, tender until received /
Ito the treasury from failed and liqui- |
ating banks, when liability from
hem will be assumed by the govern.
nent, and they will be redeemed and
Provision is made that
hey shall cease to be required as
asis OF circulation, when the secre-
ary of the treasury il satisfied that
here is no longer sufficient amount
vailabe to me the demands for new
anks and increased circulation.
STANDARD silver dollars are 10 be re-
eemable in gold, but silver certifi-
ates are redeemable only in standard
liver dollars. The parity of silver
18th gold is secured by gold redemp-
lon fund, deposited in the .ivision of
'sue and redemption, equal to five per
ent of the amount of silver which has
cen coined"
Comment on this bill is hardly nec-
ssary, for it shows upon its face so
ANY obj"ctionable features that it
)ndemns itself. 1t means an issuance
more interest bearing bonds; the
cation of credit currency that
ould be so flexible that it could be
'ltra :ted ist to suit the whms of {
oney lenders. and still of such wild +,
It nature that it's value would always ,
, questioned. $