The Saint Paul globe., 1899-02-01
HILL COINAGE MEASURE
REPORT OF THE MAJORITY SUB
MITTED TO THE HOUSE BY
REPRESENTATIVE STONE
GOLD STANDARD is DECLARED


Money Is Provided FOr-Note
Issue Separated From the Fiscal
Branch of the Treasury Depart
ment - Places Nations Credit
Above Attack.
WASHINGTON, Jan. 81 = Repre-
sentative Charles w. Stone, Of Penn
sylvania, submitted to the house today
his report to accompany the Hill bill.
recently reported from the committee
on coinage, weights and measures, Of
which Mr.. Stone is chairman.
The Hill BILL the report says, con-
tains an affirmative declaration Of the
old gold standard, provision for the
1nterchangeability for all forms Of
money, a separation Of the note issue
department, the retirement Of the
greenbacks ard the establishment Of
branch national banks. Mr.. Stones
report says that the Hill bill Is con-
Servative in purpose and provision
1T seeks" he says, ito strengthen.
solidify and fortify our political sys-
tenn, rather than build anew. 1t espe-
cially seeks to allay. at home and
abroad, all doubts 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 at
tacks Or well grounded apprehen-
Sion.'
The manner in which this is accom-
plished is explained in detail in re-
view of the bill by sections.
IF this bill becomes a law" says the
report, sit will be of no possible conse-
quence In what particular kind of dol
lar of the United States a debt is pay
able, as 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 received would be merely
matter Of convenience, and not Of profit
or loss"
A considerable part Of the report Is
devoted to the subject of branch banks,
the establishment of which Is permit
ted by the bill. 1t says that one of
the benefits arising from the branch
bank system would be the transfer in
an effective manner of loanable capital
from points where 1t is abundant to
POINTS where 1t is scarce.
VALUE OF BRANCH BANKS.
ut is an efficient agent" the report
continues, 'in the important work of
the distribution Of capital and cur
rency. We suffer not from the lack
OF adequate aggregate supply of our
circulating medium as much as we do
from a tendency to an accumulation
and congestion thereof in money CEN
ters. A system of branch banks will
materially aid in reaching remote
points and small communities where
independent banks could not be sus-
tanned, and thus carry to them the life
blood Of business activity"
The minority report, which was also
submitted today, says the bill will
make radical changes in our national
currency system and work a serious
and, it is believed, disastrous contrac-
ton of our money volume and destroy
The whole of the silver coinage. The
bill says the report fixed absolutely
and unqualifedly the single gold stand
ard 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 as
sociations from withdrawing from cir
culation more than $4,000 900 from any
one month, gives the banks q power
that will inevitably lead to a sudden
contraction Of the currency and busi-
ness prostration. This will give the
banks, says the minority report. the
power to contract the currency at their
will, and TO coerce legislation under
the threat of panics and business de-
preston to be brought about by such
contraction. The whole scheme of the
bill, continues the minority, contem-
plates the destruction of silver as mon
ey, the destruction of greenbacks, and
treasury notes as money, and denies
to congress the right to issue paper
money except by farming out to cor
porations this great sovereign power.
Notice is given that a substitute will
be offered providing that both gold
and silver dollars shall be standards
of value and providing for free coinage
of silver