Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-07-31
REPUBLICAN FINANCIAL MEASURE
WILL BE ADOPTED.
CONGRESS WILL ACT EARLY
GOLD STANDARD TO BE MAINTAINED
AT ALL HAZARDS.
Comptroller Dawes Plan to Make All
Money of the United States In
Interchangeable Will Lift Sill
Yer to Unquestfoned
Parity With Gold.

CHICAGO. July 30.-A Washington spe-
cial to the Chronicle says.
1t is said by those in the confidence of
the administration that the president has
not been moved by the protests of certain
western Republican senators against the
formal adoption of the gold standard of the
republican party, and that an unmistaka-
bic declaration for it certainly will be put
through after congress meets.
'Those closest to President Mckinley both
as political and financial advisers, declare
that he believes that the time Is ripe for the
definite declaration for the gold standard
1t is just possible that some language NAV
be embodied in the currency bill passed
next winter which will afford a handle to
the silver Republicans to claim that BIZ
metallism has not been kicked out of court
by their party, but anything enacted in
this direction will be ideclaratory and will
not AFFECT affirmative legislation.
The affirmative legislation, it is said, will
not merely declare that the country is on
the gold standard and that public obliga-
lions are redeemable in gold, but will place
powers in the hands of the secretary of the
treasury to maintain the gold standard at
all hazards.
THE fact has already been made public
met at Atlantic City, authorized the issue
of bonds to maintain the gold reserve, and
that 1t provided for a separation of the
issue from the fiscal business of the treas
ury. The senate committee is likely to 60
further than the house committee rather
than to halt half way.
Comptroller Dawes. whose political
Judgment is highly trusted by President
Mckinley, favors making all money of the
United States interchangeable, 30 that the
holder of silver dollar may exchange it
for gold, or the holder of a gold dollar
may exchange it for silver, at his option
Such provision of law at once lifts silver
to unquestioned parity with gold and
wipes out all discrimination in the status
between gold and silver. Such a provision
makes 1t indifferent whether the holder of
a public obligation is paid in gold or silver
since he can exchange the one metal for
the other if he does not obtain at first
the one which he prefers.
This declaration for the gold standard
with the necessary measures to buttress it
against all assaults, is likely to be put
through both houses of congress within a
few weeks after they assemble. Speaker
Henderson, who was himself the chairman
OF the mouse caucus committee. will prob
ably arrange a programme for putting a
bill through the house in advance of all
otner legislation
The matter of further changes in the
currency laws seems likely to await the
presidential election. 1t Is possible that
the senate committee will take some steps
to give elasticity to the currency in the
crop moving season. The fact that this
will have to be done in the near future
is generally admitted by Republicans who
have studied the monetary problem. The
friends of an elastic currency system look
to the pressure for currency this autumn
to strengthen their position and convince
the country that new legislation must soon
be had.
IF the leaders fear to project such an
issue into the campaign of next year. how
ever, the advocates of currency revision be-
lieve that the logic of events will force
them to take up the problem at the short
session of the present congress, after the
election, or in the next congress.
The organization headed by Hugh II.
Hanna, which has done so much to infiu-
ence public opinion for the gold standard
and sound currency system, will be MAIN
tanned after the passage of the gold stand
ard bill, through the elections of next year
and until the whole currency system is
unified and adapted to the needs of the
country.
When these provisions are adopted, as
they will be by the Republican congress-
elect, the currency question will be taken
out of politics"