The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-11-29
THR Gold STANDARD,
STRENGTHEN PUBLIC CREDIT,

STRENGTHEN PUBLIC CREDIT,
Declares the Report, By Removing
+ All Doubt coneernins the Policy
and Practice of the Government
Reiatfve 10 the Unit OF Value.
Washington, Nov. 29.-The report on
the financial bill of the Republican eau
cus committee has been prepared by
apolis, who introduced the original bill
| Of the monetary commission In 1898 and
has been distributed to each Republi-
| can member Of the house. Mr.. Over
! street frankly admits that the commit
tee did not seek to arrange complete
| scheme Of finance, but confined its rec
| ommendationst those subjects of most
I pressing demand. az evidenced by tho
pledges Of the Republican. party and
the general policy Of the administra-
ton" It was felt, the report declares.
that ''the strengthening of the public
credit by the removal Of all doubt con-
corning the policy and practice OF the
government relatiyeto the unit Of value
is of paramount Importance" 1t is
pointed out that there can be but one
standard at one time but that the con-
venience of commerce Is promoted by
tho use Of different media Of exchange,
controvertible into the standard. The
report continues:
When the standard shall be per-
manently established. and all doubt
of its stability removed. the parity Of
all our money will be fully recognized,
and the kind of money in which pay
ments shall be made will rarely, II ever,
be the subject Of dispute. When GER
tainty shall take the place of doubt,
and the integrity Of our credit be as
| fixed as the honor of the nation, the
national debt can be readily refunded
at lower interest rates, and future
loans negotiated with ease, upon better
terms than ever before.
1.-THE rapid development Of American
trade and its vast expansion, bringing
our people into close relations with the
leading nations Of the world, makes 1t
imperative that the standard of value
in which settlements are made shall be
the best known to the highest civiliza-
ton. Recent events, shaped by causes
beyond our control, bearing obliga-
lions which national honor requires
shall be courageously discharged, open
new fields for American craftsmanship.
Channels of trade vet unknown to
American enterprises, and avenues OF
commerce yet to welcome American
products, will surely result. The gold
standard is recognized by all leading
nations, and the statute proposed mere
ly reaf1lrms the policy followed by lis
for over so years, SO reinforced and
plainly expressed that the question will
be placed forever beyond dispute"
The fact is pointed out that the
treasury at the beginning of October
had a net gold reserve Of more than
$3.50, 100000 and that there is more
gold In the United States now than
ever before. The advantages which
this situation creates are thus de-
scribed:
1.-THE present conditions are most
favorable and the time most oppor-
tune for the clear and unequivocal
adoption of the gold standard. Prior
to the year 1896 the gold standard had
been legally adopted by Austria-Hun-
gary Brazil. British Honduras, Chile,
Denmark, Egypt, Finland, Germany,
Great Britain, Norway, Portugal,
Sweden and Turkey, and since 1896 the
gold standard has been adopted by
Costa RIGA. Japan. Peru and Russia
The coinage of silver on private ac-
count was suspended (prior to 1886 by
Ctof 1otyy Ern
Holland. Italy. Spain, India, Switzer-
land, Greece and Venezuela, thus eff
fectually, although not absolutely, fix
ing their status as gold standard
countries.
"If under all these conditions the
United States shall clearly, by law,
adopt the gold standard, it will pass
to the new condition with even less
friction than was experienced by the
resumption Of specie payment. The
government is fortunate in being able
to act in so important matter under
such favorable circumstances. The
general policy of the government, and
such declarations as have been made
by congress, are entirely consistent
with this proposition.
Section of the bill seeks to pro-
vide complete safeguard to guaran-
tee the permanent maintenance of the
gold standard by authorizing the sec
rotary of the treasury whenever 1t Is
necessary for such maintenance to
issue and sell bonds of the United
States, payable in gold coin, and for
the exchange of gold coin for any
other money issued or coined by the
United States, 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 legalizing
of the gold standard, and provision for
the equality of all forms of money at
parity with the standard, will so
remove all doubt Of the soundness and
integrity of our money that there will
be little occasion for the exchange Of
one kind of money for another.
"The provision that no note or GER
tifcate, once redeemed or exchanged
shall be withdrawn, except in eX-
change for an equivalent amount of the
coin in which said note or certificate
was redeemed or exchanged, will for
ever put an end to the so-called end
less chain which has so embarrassed
the government in the overcoming
redemption of the greenback. There
can be no contraction of the currency
under this system"
N<,ulA