The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-02-01
THE GOLD STANDARD BILL.
A STRONG MINORITY REPORT MADE
AGAINST MEASURE.

Chairman stones Report Says Under
This Bill Every Dollar VIII BE of
Equal VaIue-WOuId AIIay All
DOubts-MinOrity Report Says IL
VIII Cause Destructive COntrac-
ton of the Currency-substitute
VIII he offered.
Washington, Jan. a.-Representative
Charles w. Stone of Pennsylvania sub
mitted to the House to-day his report
to accompany the Hill bill, recently re-
ported from the committee on coinage,
weights and measures, of which Mr.. Stone
Is chairman.
The Hill bill, the report says, contains
an affirmative declaration for the gold
standard, a provision for the interchange
ability of all forms of money, separation
of the note issue from the fiscal branch
of the treasury department the retire
ment of the greenbacks. and the estab-
lisllment of branch national banks.
Mr.. stones report says that the Till
bill is conservative in purpose and provis-
ion.
ut seeks" he says, ito strengthen, so
lidify and fortify our present system, rath-
er than to build anew. II especially seeks
10 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 or well grounded appre-
tension"
The manner in which this Is accom-
plished is explained in detail in a review
of the bill by sections.
IF this bill becomes a law" says the
report, sit VIII be of no possible conse-
quence in what particular kind of a dol
\ States a val AZ
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 re-
Jceived will be merely matter of convent
ence and not of profit or loss"
The Minority Report.
The minority report which also was sub
mitted to-day, says the bill will make rad
ical changes in our whole currency sys-
TEN and work a serious, and IL is believed
destructive contraction of our money vol
ume and destroy the whole of the silver
coinage. The bill, says the report fixes
absolutely and unqualifediy the single gold
standard upon the country. All of the
standard 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 provision repeating the law which
prohibits national banking associations
from Withdrawing from circulation more
than IS 100000 in any one month gives the
banks a power that will inevitably lead TO
a sudden contraction Of the currency and
business prostration. This will give the
banks, says the minority report the power
10 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
minority, contemplates the destruction of
silver as money, the destruction of green
backs and treasury notes as money, and
denies to Congress the right 10 issue paper
money except by farming out to corpora
tions this great sovereign power.
Notice is given that a substitute win be
offered, providing that both the gold and
silver dollars shall be standards of value
and provides for free coinage Of silver.