The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-02-01
THE HILL BILL REPORT
An Affirmative Declaration for
the Gold Standard.
BRANCH NATIONAL BANKS
1t Would Make Radical Changes in the
Whole Currency System and Work
q Contraction - Would De-
stroy Silver Coinage.

dH'AiAA5 loII, ol.-HtpIcSeAlS-
tive Charles S. Stone of Pennsylvania
| submitted to the house to-day his re-
port on the bill recently submitted to
the coinage, weights and measures
committee. The Hill bill, the report
says, contains an affirmative declara-
ton for the gold Standard; proviso
for the interchangeability of all forms
of money; a separation Of the note is
sue from the fiscal branch Of the treas
ury department, the retirement of the
greenbacks and the establishment of
branch national banks. Mr.. Stones re-
port says the Hill bill is conservative
In purpose and provision.
1T seeks" he says, "to strengthen,
solidify and fortify our present system,
rather than build anew. 1t especially
seeks to allay at home and abroad all
doubt as to the present and permanent
quality of our money and to make and
keep the credit Of the nation above the
reach of successful attack of we'll
grounded apprehension"
The manner in which this is accom-
plished is explained in detail in re-
view of the bill by sections.
If this bill becomes law says the
report, ut will be of no possible con-
sequence in what particular kind of
dollar of the United States a debt is
payable, as any one will be as good as
any other and every one exchangeable
for any other and the kind of money
to be paid and received would be mere
ly a matter of convenience and not of
profit or loss"
A considerable part of the report is
devoted to the subject of branch banks,
the establishment of which is permit
ted in the bill. 1t says one of the bene-
fits arising from the branch bank sys-
TEN would be the transfer in an effect
i've manner of loanable capital from
points where it is abundant to points
where it is scarce.
cit is an efficient agent" the report
continues. Sin the important work of
the distribution of capital and cur
rency. We suffer not from the lack
of an adequate aggregate supply of our
circulating medium as much as we do
from tendency to accumulation and
congestion thereof in money centers.
A system of branch banks will mate
rally aid in reaching remote points and
small communities where independent
banks could not be sustained, and thus
carry to them the life blood of business
activity
The minority report, which was also
submitted to-day, says the bill will
make radical changes in our whole
currency system and work a serious
and it is believed, disastrous contrac-
ton of our money volume and destroy
the whole of the silver coinage. The
BILL says the report, fixes absolutely
and unqualifiedly the single gold stand
ard upon the country. All of the stand
ard silver dollars are swept from their
present position as standard money and
into the category of credit money and
made a charge upon the government
for their redemption in gold. The pro-
vision repeating the law which pro-
hibts national banking associations
from withdrawing from circulation
more than $3,000000 in any one month,
gives the banks a power that will In
evitably lead to sudden contraction
of the country and business prostration.
This will give the banks, says the mi
nority report, the power to contract
the currency at their will and to coerce
legislation under the threat of panics
and business depression, to be brought
about by such contraction. The whole
scheme of the bill, continues the mi
nority, contemplates the destruction of
silver as money. the destruction of
greebacks and treasury notes as money
and denies to congress the right to Is
sue paper money except by farming out
to corporations this great sovereign
power Notice is given that a substi-
tute will be offered providing that both
the gold and silver dollars shall be
standards of value and providing for
the free coinage of silver.