Evening star., 1899-07-29
Declaration to Be Made by the Next
- Congress.
POWERS FQH FINANCIAL SECRETARY
Coatfe!Ies,pawes Favofs Exchange
,''of Metals.
cURREH&sGa,oY EHsG, CHANGES


"A clean cut and unmistakable declara-
ton for the gold standard is expected from
Congress next winter by those who are
really in the confidence of the President
and the republican leaders in both houses.
Some NEUTRALITY-SUSPICIOUS. have arisen re-
garding the purpose of the administration
in this regard as the result of the protests
of certain western republicans and one
eastern senator, whose terms of service
soon expire, but those closest to President
Mckinley, both as political and financial
advisers, declare that he appreciates fully
that the country Is ripe for the dennite
declaration for the gold standard 1t Is just
possible that some language may be en-
bodied in the currency bill passed next WIN
ter which Will afford handle to the Sill
yer men to claim that bimetailism has not
been kicked out Of court by the republican
party, but anything enacted in this direc-
ton will be declaratory and will not affect
Affirmative legislation
To Maintain Gold Standard.
The affirmative legislation will not merely
declare that the country Is on the gold
standard and that public obligations are re-
deemable 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
that the House caucus committee which
met at Atlantic City authorized the issue
of bonds to maintain the gold reserve, and
that they provided for separation of the
issue from the fiscal business of the treas
ury. The Senate committee is likely to go
farther than the House committee, rather
than to halt half way.
Would Give Gold for Silver.
Controller Dawes, whose political judg-
ment is highly trusted by President Nc
Kinley favors making all money of the
United States interchangeable, SO 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
a provision OF law at once lifts silver to
unQuestioned parity with gold. as the silver
men themselves profess to desire, and wipes
out all discrimination in the statutes be-
tween gold and silver. Such provision
makes it Indifferent whether the holder OF
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
EARLY in the Session.
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 weekSu aftsr they assemble. Speaker
Henderson, rwho was himself the chairman
of the House caucus committee, will prob
ably arrange a program for putting bill
through the House in advance of all other
Legislation Il The political wisdom of such
action is hardly disputed by those who are
looking to the election of President Nc
kinley by the united sound money vote of
the country next year. There are probably
one million Yoters-at least. the advocates
of legislation so declare-whO do not care
the toss of copper whether Mckinley or
Bryan IS elected next year if they cannot
count upon either party for positive and
courageous monetary legislation.
Further Changes In Currency Laws.
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 is
sue into the campaign of next year, how
ever, the advocates of currency revision
believe 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 Bext Congress.
The sound money organization headed by
Mr. Hugh H. Hanna, which has done SO
much to crystalline public opinion for the
gold standard and sound currency sys-
tenn. will be maintained after the passage
of the gold standard bill, through the cleo
tions of next year, and until the whole cur
rency system Is unified and ADAPTED to the
needs of the country.