The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-11-27
CURRENCY LEGISLATION.
Gold Standard to Be LOCALIZED and
Reserve Protected.

Washington, Nov. 27.-Among Repub-
Hcan leaders already assembled in
Washington for the opening Of congress
it is agreed that the most important
duty of the Republicans in absolute
control of both branches is to proceed
with promptness for the enactment of
financial legislation.
The caucus committee of the respec-
tive bodies have had many conferences,
and the house bill framed at Atlantic
City will be the basis of the law which
is to 1egaIize the gold standard and pro-
tect the reserve from the operations of
the endless chain. 1t is already known
that the senate will go further than
the house in these purposes. The house
measure will follow almost literally the
recommendation of the president in his
message of 1897 and 1898, as follows:
THAT when any of the United States
notes are presented for redemption in
gold and are redeemed in gold, such
notes shall be kept and set apart and
only paid out in exchange for gold
After the caucus has agreed, the plan
is to report the bill to the house i'm
mediately after congress assemblies,
and without reference to any Of the cur
rency committees. The committee on
rules can bring in special order limit
ing debate and fixing a date for the
vote. Under the rulings of the speaker
the thing is done and the bill will go to
the senate. The ultimate object of this
programme is to get the subject into
conference The house managers can
handle the simpler proposition of re-
deeming the greenbacks in gold and ex-
changing them for gold and the senate
can elaborate.
It is understood that the president
and Secretary Gage will make no new
accommodations Comptroller Dawes
VIII recommend an increase in the cir
culatiOn of the national banks, with
special tax features to make the cir
culatiOn more elastic. Senator Aldrich
has not revealed the full scope of his
intentions. In advance of the appoint
ment of the mem bers of the finance
committee, who are to assist in the
work of gold legislation, it would not
be proper for him to declare his idea.
It is known, however, that the pro-
lection to the gold reserve which will
be afforded by refusing to pay out
greenbaclks except in exchange for gold
is thought not to be sufficient. The
treasury notes issued on silver bullion
can be presented and gold demanded
for them, and it is deemed wise that
this additional menace to the reserve
should be removed. The way suggest
ed is to coin the bullion represented by
the treasury notes outstanding and put
the silver dollars obtained therefrom
into circulation.
The silver men can not object to an
additional coinage of the silver dollars,
and the silver dollars car. not be made
the basis of a demand for gold. Two
forms of paper money, greenbackS and
treasury notes, are thus practically re-
tired. The senate may conclude to add
another amendment. This may be for
the increase Of the national bank circu-
latiOn to the par value of bonds de-
posted, with a tax on the additional 10
per cent thus allowed and used for
loans.
It is not the idea to attempt every
kind of currency reform in one bill, or
to load the house measure down with
propositions that will provoke the most
earnest discussion. But talks with Re
publican senators bring forth express
sions of confidence in their power to ac-
cOmpliSh results.