The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-11-30

The Currency bill prepared by caucus
committee OF the new House OF Representa-
tives for submission to tho House at its
forthcoming session and published ycster-
day will have to undergo a great deal OF
alteration and amendment to make It har.
monte with existing law, as we'll rs effect
the purpose Of its authors. That alteration
and amendment it will doubtless receive in
the course OF it's progress through Congress
It has first to be approved by n now eau
Gus committee, and then accepted by tho
House Committee on Currency and Banking
and by it reported to the House. II will noxt
b" considered in Committee Of the Whole
House then passcd-if 1t passes at all by
the House, and then transmitted to tho
Senate. In the Senate, again. it will have
10 he considered by the Committee on
Finance and reported for action by the full
body. A disagreement between the Senate
and the House is probable and n Con.
ference Committee will need to be appointed
to devise terms OF adjustment between the
two. It is therefore, unlikely that the hill
will become law in its present shape.
The first section ~ the proy osed bill Ia
evidently drawn for the purpose Of quiet
ing the doubts which have been raised by
ill-informcd newspapers md politicians
In regard to the gold standard. IL
declares that the standard unit OF value
shall " consist OF twenty-five and eight
tenths grains OF gold nine-tenths fine, as il
It did not now consist Of just that quantity
OF gold. and the committee in their
report accompanying the bill recommend
that the nation SHALL adopt tho gold
standard, az II 1t had not yet done so. This
is historically false and politically blundcr.
Tho net OF Congress Of Feb IL, 1873,
known az the Mint net, expressly made
900 parts Of pure gold and 100
parts alloy the standard for gold coins,
and the gold dollar OF twenty-five and eight
tenths grains weight the unit OF value. To
say, In effect, that this act Ia not now in
force is pure folly.
The second section Of the bill provided
that all interest-bearing obligations OF the
United States for the payment OF money
now existing shall BE- payable in gold.
This Is change In the agreement by
holders OF existing obligations payable in
"coin to accept silver dollars In payment,
which will not be binding on the nation. II
hereafter 1t chooses to dispute IL. Tho
section further declares that all" obi
cations, public and private, shall be per-
formed in conformity with tho gold stand
ard and then Immediately declares that
nothing herein contained shall affect the
present legnl-tender quality OF the silver
dollar. Here is contradiction which
needs to be removed.
In the third section and In several other
places the bill speaks OF Omitted States
notes and Treasury notes issued under tho
act OF July Ia, 1890" Treasury notes are
United States notes II they are anything
and the $346 900, 600 OF old legal tender
notes were not issued under the act OF
July IA, 1890, but under acts passed long
before that date. The language OF the bill
IN this respect needs to be made clearer
The provisions OF the fourth section for
tho maintenance OF the gold reserve fund
seem to make it tho duty OF the Secretary
OF the Treasury to keep the fund up to the
limit OF % per cent. OF tho volume
OF notes now outstanding, without regard
To the amount retired. The whole of the
notes might be paid in and redeemed, and,
yet, apparently, bonds would have to be
sold to make up the original rs per