The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-12-19
A pledge Redeemed.

country by the Republican party in
the campaign Of 1896. Two promises
were made to the voters. taking prece-
dence Of all others In their deep signifi-
canoe; to establish adequate protection
for American industries while proyid-
ing sufficient revenue for the needs Of
the government. and to maintain the
gold standard. The first was kept by
the enactment into law OF the Dingley
bill, the precursor of that prosperity
which has gladdened every home and
given to us industrial supremacy o~er
the earth. The second is redeemed by
the passage Of q currency bill, within
two weeks of the meeting Of q congress
Republican in both branches.
The Republican party meant what II
said In 1896 1t was not playing with
the country. or keeping the word OF
promise to the peoples ear that 1t
might break 1t to their hope. There
has been no divided counsel on It's part.
Loyalty the solid strength Of the party
was thrown for the tariff act that re-
moved that question forever from
active political strife. Loyalty it has
cast its whole strength for currency
bill which embodies the sound money
idea with greater completeness than
even the currency reformer had ex-
pected or hoped. 1t pays a party as
well as an individual to keep faith. 1t
wins the unalterable confidence Of the
nation. 1t Inspires the party itself with
that loyalty to its leaders which is the
first indispensable conditioner victory
at the polls and Of the continuance Of
party integrity.
The admirable quality of the currency
bill IL its combination of sound princi-
pies Of finance with practical modera-
ton. It does not pretend to be the
last word upon the subject, or to Gre
ate a scientifically perfect currency sys>
tenn. For that the country is not yet
ready. There is wide difference of
opinion among experts and students Of
finance as to the best means of pro-
viding a safe, elastic currency. fitted to
the varying wants of trade and con-
vertible into gold on demand with un.
failing certainty. The first step toward
that is to accomplish the obvious and
the known; just az we provide drainage
and plumbing for our houses, although
sanitary science is not yet completely
developed. The new currency bill does
what the practical financiers Of the
country know ought to be done at once.
Starting from that as q basis, we may
elaborate a perfect financial system
eventually, as the first rude steam en-
CINE has grown. by the ingenuity Of
thousands, to the complicated machine,
scientifically adapted in all its details
to the needs Of man.
The gold standard Is established and
declared by law. This is no innova-
ton. BY commercial usage, by the alb
solute needs of business. the gold stand
ard has been. in effect in this country
for nearly half a century. The forms
law simply put 1t beyond the power
Of agitators to disturb or a possibly
hostile administration In future to UNI
settle. The endless chain will no more
force the treasury to buy bonds. 1t is
thrown off the pulley, by impounding
greenbacks when presented for redemp-
ton in gold. When SO redeemed they
cannot be paid out again except in ex-
change for gold. At the present time
this will not affect the currency or the
financial operations Of the country in
the slightest degree. Since the rout Of
the free silver forces nobody wants to
exchange legal tenders for gold. With
the establishment of confidence by the
Republican administration. the demand
is for paper instead Of for coin. But,
with this provision in force, the money
changer can never again, in time Of
financial depression or panic, bring the
treasury to the borders of bankruptcy
by perpetually presenting greenbacks
and asking for gold until the whole vol
ume of these obligations has been paid
over and over again.
The extension Of the privilege Of ma
tional banking to smaller institutions.
the authorization of note issues to the
par value of bonds deposited instead Of
only 80 per cent. of the amount, and
the corresponding substitution of a
tax on franchises for the tax Oh
circulation are all intended to add
to the fiexlbility of our bank note cur
rency, to diffuse It more largely among
the people of all sections, and to enable
the volume of it to expand or contract
readily in response to the varying de-
mands of trade in different years and