The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-29

ton.
1t was felt, the report declares. that
the strengthening of the public credit
by the removal of all doubt concerning
the policy and practice of the govern
ment relative 10 the unit value is of
paramount Importance. 1t is pointed
out that there can be but one standard
at one time. The report continues
when the standard shall Be pernaa-
nently established and all doubt OF its
stability. removed, the parity of all of
our money win be fully recognized and
the kind of money in which payments
shall be made will rarely II ever be the
subject of dispute. When certainty
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 negO-
riated with case, upon better terms
than ever before
THE rapid development Of American
trade and its vast expansion, bringing
our people into close relations with the
leading nations CT the world, makes II
imperative that the standard Of Waite
in which settlements are made shall be
the best known to the highest civiliza-
ton. and shall safely appeal to intelli-
gent and successful experience. Recent
events shaped by causes beyond our
control. bearing obligations which ma
%4Dildl HCilOT requires SIdil ne tOut dSC-
ously discharged, open new fields for
American craftsmanship. Channels OF
trade yet unknown 10 American enter
prisss and avenues of commerce yet
10 welcome Americar products will
surely result. Such conditions empha-
size the necessity for a standard OF
value which shall remain firm through
out the vicissitudes of competitive
trade. Its permanency and stability
should be above suspicion. Its security
-hould be absolute
The fact is pointed out that the
treasury, at the beginning of october,
had a net gold reserve of more than
$3.50, o0o,0 600, and that there is more gold
in the United States than ever be-
fore. The advantages which this sit
uation creates are thus described:
Advantages of Gold.
1.-THE present conditions are most ia
vorable, and the time most opportune
for the clear and unequivocal adoption
Of the gold standard.
eff under all these conditions. the
United States shall clearly by law
adept the gold standard, it will pass
TO the new condition with even less
friction than was experienced by the
resumption of specie payments. The
government is fortunate in being able
TO act in 80 important a matter under
such favorable circumstances. The gen.
eral policy of the government ind such
declarations as have been made by
congress. are entirely consistent with
this proposition
MI. OveTstreet quotes the pledge of
the Republican national convention of
1886 that ''all our silver and paper cur
rency nlrst be maintained at parity
with gold, and we favor all measures
designed TO maintain inviolaole the OBJ
legations of the United States, and all
our money, whether coin or paper, at
the present standard. the standard of
the most enlightened nations Of the
EARTH
Declarations of Mckinley.
The repeated declarations of Presi-
dent Mckinley are also quoted. includ-
ing his famous speech in New York
at the beginning OF 1898, in which he
declared that the peoples purpose IN
favor of sound money must be given
the vitality OF public law.
The declaration in the Republican
platform and the subsequent effort Of
President Mckinley relative TO an in
ternational agreement, it is declared,
were made in good faith, but the atti
tude of the leading nations and the
constant fluctuations in the value of sill
yer bullion render such an agreement
permanently impossible. The mechan
ism of the new division of issue and re-
demption is explained, and it is de-
clared the different funds referred q
such a division as they stood in Sep
TENDER last are as follows:
l. Gold coin and bullion, represented
by outstanding certificates, s135, J01. 119.
. United States notes, represented by
outstanding currency certificates, 49,
100000.
g. Silver dollars represented by out
standing silver certificates, S405. 1871 500.
4. Silver bullion, represented by out
standing treasury notes, Syi. 16l $50.
5. Gold coin and bullion, equal to one
fourth of the United States notes (S946.-
6Sl. Gl6). and treasury notes ($9l, 161 ,2SO)
outstanding, s1os. 462,O74.
Special Deposits.
The first four items enumerate the
special deposits dedicated to specific
payments. As these obligations are met
the deposits are correspondingly re-
duced.
The scope and purpose of the provis-
ions for maintaining the standard by
the sale of bonds and the exchange of
money are thus set forth by Mr.. Over
street:
In the absence of law providing
protection to the gold reserve. ii is al
ways subject to encroachment in eX-
penditures to meet the general expenses
of the government. Whenever such en-
croachment appears probable. q fear
has arisen that the government may
not be able 10 meet its demand obiga-
tons. and run upon the reserve for
the redemption Of the demand notes
has followed. This Is responsible for
the so-caIled endless chain
BY separating the reserve fund
from the general fund and prohibiting
its use except for redemption of United
states notes ana treasury notes. the
dangers TO which X has been often sub
lected would be removed. The demand
notes are redeemed in gold row and
always have been. and additional bur-
den is imposed upon the government.
It is sought TO simplify and legaIiZe
the practice, and create a division in
the treasury where the whole business
of Issuing and red5enling notes may be
transacted, and TO establish complete
confidence in the redemption of our de-
mald obligations.
q Complete Safeguard.
"Section of the bill seems to pro-
vide q complete safeguard to guaran-
tee the permanent maintenance of the
gold standard by authorizing the seq
rotary OF the treasury, whenever neoes-
sary for such maintenance, TO issue and
sell bonds of the United States payable
in gold, and fer 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 main
tain the parity and equal value of all
The money of the United States.
THE legaiizing of the gold standard j
and provision for all forms of money at
q parity with the standard. will so re-
move all the doubt of the soundness |
and integrity of our money that there |