The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-11-29
REPORT
CONTINUED from First Page.)

of our credit be as fixed as the honor OF
| the nation, the national debt can be read
| lily refunded at lower interest rates and
future loans negotiated with ease, upon
| better terms than ever before. he rapid
DEVELOPMENT of American trade and its
vast expansion bringing our people into
close relations with the leading nations
Of the world, makes II imperative that
the standard of value in which settle
ments are made shall be the best known
% the highest civilization, and shall
safely appeal to intelligent and success
full experience Recent events, shaped
by causes beyond our control, bearing OBJ
legations which national honor requires
shall be courageously discharged, open
new fields for American craftsmanship.
Channels of trade yet unknown TO Amer
lean enterprise. and avenues Of com
merce yet unwelcoma TO American pro-
duets, will surrey result. Such conditions
emphasize the necessity for standard
Of value which shall remain firm through
out the vicissitudes of competitive trade
Its permanency and stability should be
above suspicion It's security should be
absolute"
The fact is pointed out that the treas
ury at the beginning Of october had
net gold reserve of more than $3.50. 100000
and that there is more gold in the Unit
ed States than ever before. The advant-
ages which this condition creates are
thus described: THE present conditions
ar most favorable and the time most op-
h. M arynpnIri
adoption Of the gold standard If under
all these conditions the United States
shall clearly, by law, adopt the gold
standard, it win pass TO the new condi-
ton with ever, less friction than was ex-
perienced by the resumption of specie
payments. he. government is fortunate
IN being able TO act in 50 important
matter under such favorable circum-
stances. The general policy Of the gov
ernment and such declarations as have
been made by Congress, are entirely con-
sistent with this proposition"
Mr.. Overstreet quotes the pledge OF the
Republican national convention Of 1896
that all our silver and paper currency
must be maintained at parity with gold,
and we favor all measures designed to
maintain tnviolable the Obligations Of the
United States. and all, our money
whether coin or paper, at the present
standard-the standard of the most en-
lightened nations of the earth"
The repeated declarations of President
Mckinley are also quoted, including his
famous speech in New Work at the be-
ginning of 1898, in which he declared that
the peoples purpose in favor of sound
money must be given the vitality of pub
lie law. The declaration In the Republi-
can platform and the subsequent effort OF
President Mckinley relative to an Inter
national agreement, it is declared, were
made in good faith, but the attitude Of
the leading nations and the constant
fluctuations IN the value of silver bullion
render such an agreement permanently
impossible.
The mechanism Of the new division OF
issue and redemption is explained and lit
Is declared that the different funds re-
ferred 20 such division, as they stood
in September last, are as follows
1-Gold coin and bullion, represented by
outstanding gold certificates, $135,5O1 119.
limited States notes, represented by
outstanding currency certificates, $500
600.
3-Silver dollars. represented by out
standing silver certificates. $405, 197. 504.
Silver bullion, represented by out
standing treas ury notes, sol. 1s7. 30.
5-Gold coin and bullion, equal to one
fourth of the United States notes
(sS6.S81O 16) and treasury notes. (s91, 167. 2SOl
outstanding s1O9. 1904
The first four items enumerate the spe-
cial deposits dedicated to specific pay
ments. As these obligations are met,
the deposits are c'rcespOndingly reduced.
The scope and purpose Of the provisions
for maintaining the standard by the sale
of bonds and the exchange Of money are
thus set forth by Mr.. Overstreet: In the
absence Of a law providing protection TO
the gold reserve. II is always subject TO
encroachment in expenditures 10 meet |
the general expenses Of the govern
ment Whenever such encroachmeut ap- |
pears probable fear has arisen that the |
government may not be able to meet Its !
demand obligations and a run upon the |
reserve LbI L4r EEuttilt 'LAbli ~ Nl.J A-lteA4t0
notes has followed. This situation is re-
sponsible for the so-called endless chain
Bv. separating the reserve fund from the |
general fund and prohibiting It's use ex-
cept for redemption Of United states
notes and treasury notes. the dangers 70
which It has so often been subjected
would he removed. he demand notes are
being redeemed in gold now and always
have been. and no additional burden is /
imposed upon the government 1t Is
sought to simplify and ieealize the prac-
tee and create a division in The treas
rrv where the whole business q issuing /
and redeeming notes may be transacted, I
and 10 establish complete confidence in !
the redemption Of our demand obllga- /
tons.
Section 4 Of the bill seems 10 provide
a complete safeguard 70 guarantee the +
permanent maintenance Of the gold /
standard. br authorizing the secretary OF I
the treasury. whenever necessary 20 (
such maintenance. to is-ue aa1 sal bonds (
Of the United STATES payoole in gold (
coin. ard for the exchange % gold ~
any money issued or coined 10y the Unit
e States. should Tire secretary ot TIC (
treasury deem such exchange necessary (
IN order 70 maintain the parity and equal I
value Of, al The money - the Unsed I
States. The Iegsliz,nE e The gid stand
a-i and provision for ths equality Of al /
forms Il money a. a parity With he T
standard vii So remove al Doubt q ne 4
8 -u-s-ess and integrity Of ou- money
thar 7here VII, be ittIe occasion f0r -
exchange o. ore kind Z Money fo- an
other. And VET liz 5rssr - make corE-