The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-11-29


lean craftsmanship. Channels OF trade yet IN
known TO American enterprise and avenues Of
commerce yet 10 welcome American products
will surely result. Such conditions emphasize
the necessity for standard OF value which
shall remain firm throughout the vicissitudes OF
competitive trade. Its permanency and stability
should be above suspicion Its security should
be absolute.
The fact is pointed out that the treas
ury at the beginning of October had a
net gold reserve of more than $3.50 900 900
and that there is more gold in the United
States than ever before. The advantages
which this situation creates are thus de-
scribed:
The present conditions are most favorable
and the time most opportune. for the clear and
unequivocal adoption OF the gold standard.
II under all these conditions the United
States shall clearly. by law. adopt the gold
standard IL will pass 10 the condition
with even less friction than was experienced
by the resumption of specie payments. The
Government is fortunate in being able to act
In so important matter under such favorable
circumstances. The general policy Of the Gov
eminent and such declarations as have been
made by Congress. are entirely consistent 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 inviolable the obligations OF the
United States, and all our money, whether
coin or paper, at the present standard,
the standard of the most enlightened ma
lions of the earth"
The repeated declarations of President
Mckinley also are quoted, including his
famous speech in New York at the begin
ming of 1898. in which he declared that the
people purpose in favor of sound money
must be given the vitality Of public law
The declaration in the Republican plat
FORM and the subsequent effort of Presi-
dent Mckinley relative to an interna-
tional agreement. 1t is declared were
made I'm good faith. but the attitude OF
the leading nations and the constant fiuc-
tuations in the value of silver bullion rem
der such an agreement permanently i'm
possible. The mechanism of the new d.
vision OF Issue and redemption is ex-
planned and II is declared that the differ
emit FUNDS referred 10 such a division as
they stood In September last are as fol-
lows:
L Gold coin and bullion. represented by out
standing gold certificates s135. 5Ol.l1s.
?. United States notes. represented by out
standing currency certificates. SIG lOo. 600.
3. Silver dollars, represented by outstanding
silver certificates. $405. 1s7. 500.
4. Silver bullion. represented by outstanding
Treasury notes, ssl. i67. 2s0.
s. Gold coin and bullion. equal to one-fourth
notes Gsl,l67. 2S0) outstanding 500. 462. 0Ti
The first four items eINImerate the spe-
cial deposits dedicated TO specific pay
ments. AS these obligations are met the
deposits are correspondingly reduced.
The scope and purpose Of the provisions
FOR maintaining the standard by the sale
OF bonds and the exchange Of money are
In the absence OF law providing protection
to the gold reserve II is always subject TO en-
croachment In expenditures to meet the general
expenses OF the Government Whenever such
encroachment appears probable a fear has
arisen that the Government may not be able
TO meet its demand obligations. and nun upon
the reserve for the redemption Of the demand
notes has followed. This situation is respohsi-
BILE for the so-called endless chain" BY sep
and prohibiting It's except for redemption
OF United States and Treasury notes. the dan
gers 70 which II has been often subjected would
be removed The demand notes redeemed
In gold now. and always have been, and no ad-
ditional burden is imposed upon the Govern
ment. II is sought TO simplify and legaliZe the
practice and create a division in the Treasury
where the whole business OF Issuing and re-
deeming notes may be transacted and estab-
lish complete confidence I'm the redemption OF
our demand obligations.
Section OF the bill seems to provide a com
plete safeguard to guarantee the permanent
maintenance Of the gold standard by author
izing the Secretary OF the Treasury whenever
and sell bonds OF the United States payable IN
gold coin. and for the exchange OF gold coin
for any other money issued coined by the
InitedStates. should the Secretary OF the
Treasury deem such exchange necessary in
order to maintain the parity and equal value
OF all the money OF the United States The Ie-
CALLING OF the gold standard and provision
for the equality OF all forms Of money at a par
lily with the standard will so remove all the
doubt OF the soundness and integrity OF our
money that thert will be little occasion for the
exchange OF one kind Of money FOR another
Ana yet, IN order 10 make complete guaranty
against any contingency which may arise.
thority TO the Secretary Of the Treasury to meet
such emergencies. Should they arise. by the
sale Of bonds or the exchange Of any money
issued or coined by the United States, is deemed
advisable
The provision in this section that no note or
certificate once redeemed exchanged shall be
withdrawn, except in exchange for an equiva-
lent amount Of the coin in which said note or
certificate was redeemed or exchanged win for
ever put an end 10 the so-called endless chain
which has so embarrassed the Government in
the ever-recurring redemption OF the green
back. There can be no contraction of the cur
rency under this system. for the reason that
either the note is IN circulation or II re-
deemed its equivalent IS in circulation