Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1899-06-07
NO. g.
REPUBLICAN PROGRAMME.
The Greenbacks Are to Be Converted into
Gold Certificates and National Banking
system Is to He Perpetuated.

1t issaid that the currency bill formu-
lated by the republican caucus commit
tee of the house of representatives en-
bodies the following provisions:
The redemption of all obligations OF the gov
ernment in gold on demand.
Greenbacks, when once redeemed in gold, to
be reissued only for gold.
Permitting national banks to issue notes to
the face value of their government bonds de-
as at present.
Permitting the minimum capital OF national
banks to be S2 900 instead of $50 OOO as at pres
ent.
This. then, may be fairly considered
to be the republican programme so far
as the money question is concerned.
This not only converts the greenbaeks
into gold certificates. but forestalls the
settlement of the silver question either
nationally or internationally, by MAX
ing the government bonds, now legally
payable in silver or gold, payable in gold
coin only. This is very clearly stated by
the Kansas City Star, an earnest advo-
cate of the single gold standard. In
its comments upon the programme
above outlined, the Star says:
plain, clear statute providing for the re-
demption in gold of the demand obligations OF
the government would not change the present
status of the currency for the word specie has
been interpreted TO mean gold by the United
States government for 30 years, but as the law
now stands it is legally possible for the treasury
to redeem its bonds and its demand notes in sill
yer and such possibility constitutes weak
spot in the currency system.
So far as is concerned the assertion
that the word ''specie" has been inter-
preted to mean gold by the United
States government. it, of course, Is not
to be taken seriously. 1t has not been
SO very long ago that an offer to accept
a lower rate of interest for bonds pay
able specifically in gold was rejected
by congress and the higher
rate of interest paid for the
privilege of making the bonds payable
in COIN" so that even the word "coin''
means both gold and silver. Specie"
| of course, means metallic money both
gold and silver. AS the law now
stands, not only government bonds,
but also all the outstanding paper
money of the United States is redeem-
able in silver at the option of the gov
| ernment.
Moreover. the provision concerning
greenbacks in virtually converting the
greenbacks into gold certificates will
result in depicting the government
treasury of gold and transferring it
into the vaults of the banks and con-
tracing the money circulation to the
extent of the green backs redeemed.
The provisions of the bill which re-
lates to national banks simply perpet-
yates the system and fastens it more
firmly upon the people. 1t will make
the issue of notes more profitable and
make it possible for the national banks
to run out of business the state and
private banks now doing the banking
for the people of the smaller cities and
towns in which a banking capital of
$50, 900 cannot be profitably used.
| Opposed to this programme will be
the formulated demands for the coin
| age of both gold and silver, upon equal
terms, at the ratio of sixteen to one,
the abolition of banks of issue and the
| issuance by the government of full
| legal tender paper money, receivable
for all debts and dues, public and pri-
vate. in volume sufficient to meet all
demands for use and exchangeable at
the option of the government in gold
or silver, but not redeemable at the
demand of the holder. To these de-
mands will be added one for the inau-
guration of system of government
saving banks. Thus will the issues be
drawn between the Hamiltonians and
Jeffersonians. GEORGE c. WARD.