The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-29
DECLARE FOR GOLD
Continued from First Page.

4
coin or paper, at>the present standard,
the standard of the most enlightened ma
lions Of the EARTH
The repeated declarations Of President
Mckinley are also quoted, including his
famous speech in New York at the begin
ming Of 1893, 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 plat
form and the subsequent effort of Presi
dent Mckinley relative to an information
al agreement, it is declared, were made
in good faith, but the attitude of the
leading nations and the constant fiuctua-
lions in the value Of silver bullion render
such an agreement practically impossible.
The mechanism Of the new division of is
sue and redemption is explained and it
is declared that the different funds re-
ferred to such division as they stood in
September last are as follows:
l. Gold coin and bullion, represented
sol, 11a T-'''
2. United States notes, represented by
outstanding currency certificates, $751;
10G, 060.
8. Silver dollars, represented by out
standing silver certificates, s4O5, 10, 5O4.
4. Silver bullion, represented by out
5. Gold coin and bullion, equal to one
fourth of the United States notes $685.
961, Ol6) and treasury notes ($91, 167, 28O),
outstanding, sos, 49, 074.
The first four items enumerate the spe-
cial deposits dedicated to specific pay
ments. AS these obligations are met the
deposits are CORRESPONDENCE reduced
MAINTAINING STANDARD.
The scope and purpose of the provisions
for maintaining the standard by the sale
Of bonds and the exchange of money are
thus set forth by Mr. Overstreet:
In the absence of a law providing pro-
lection to the gold reserve, it is always
subject to encroachment in expenditures
to meet the general expenses of the gov
appears probable, fear has arisen shat
the government may. not be able to meet
its demand obligations, and run upon
the reserve for the redemption notes has
followed. This situation is responsible
for the So-called .endless chain BY
separating the reserve fund from the gem
eral lund, and prompting its use except
for the redemption of United States notes
and treasury notes, the dangers to which
1t has been so greatly subjected will be
removed. These demand notes are being
redeemed in gold now, and always have
been. and no additional burden Is i'm
posed upon the government. 1t is sought
to simplify and legaffze the practice, and
create division in the treasury where
the Whole business of redeening notes
may be transacted. and to establish com
plete confidence in the redemption of our
Section of the bill seeks to provide
complete safeguard to guarantee the
permanent maintenance of the gold
standard, by authorizing the secretary of
the treasury, whenever it 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 coin
ed by the United States, should the sec
rotary of the treasury deem such ex-
change necessary in order to maintain
the parity and equality of money value of
the United States. The legalizing of the
gold standard and provision for the
equality of all forms of money at a parity
with the standard, will so remove all
doubt of the soundness and integrity of
our money that there will be little oc-
casion for the exchange of one kind of
money for the other. And yet, in order
to make complete guarantee for any con-
tlngeney that may arise, authority to the
secretary of the treasury to meet such
emergencies, should they arise, by the
sale OF bonds and the exchange of any
States. is deemed advisable
The provision in this section that no
note or certificate once issued shall be
WITHDRAWN, except for an exchange of an
equal amount of coin for which such
note or certificate was redeemed, will nut
an end to the sotcalled endless chain
winch has embarrassed the government
IN the ever recurring redemption of
greenbacks. There can be no contra ction
or currency under this system for the
reason that whenra note or eertificate ia
Wlthdrawn or redeemed it's equivalent is
In circulation" ,1CtV