The Monticellonian., 1899-05-05

ment notes and for a bank cur rency, redeemable in gold, amply secured and really elastic-that is, capable of responding to the legitimate demands of trade, whether larger or smaller. The leaders of the House did not dare to submit this bill to vote, and the caucus committee was appointed to devise some thing that could be passed. Ob viously, 1t will not be a bill as good as the pending one. What will 1t be?
 From present appearances, 1t will do nothing for a sound bank currency, except possibly to give the National banks the right to issue notes to the par value of the bonds deposited for security. The premium on all available bonds is so large that this, while perfectly safe and even ridicu- lously exacting, will add little to the elasticity of the currency. ltis q mere formal concession to those who see the need of such elasticity, and what value 1t has is in the fact that 1t recognizes that sentiment.
 Very little will be done to pro- vide for the retirement ofthe Gov ernment notes. Probably nothing will be done directly toward that end We should say that the most that can be hoped for would be a provision that the redemption business of the Treas ury shall be put i'll separate bureau of the Treasury, and that If Government note IS redeem ed for gold it shall be reissuod only for gold received in ex- change. This would, of course, ultimately convert the notes of the Government into gold cer- tifcates, and If provision is made for ample reserve fund 1t is an excellent plan as far as it goes. Sooner or later 1t would make of the Government notes practically the same sort of cur rency that the Bank of England notes now are. If the system could surely be maintained no better disposition of the notes is likely to be devised.
 While 1t Is not certain. 1t is probable that the committee will report in favor of a definite enactment of the gold standard, declaring that all obligations of the United States are payable in dollars containing 23 22 grains of gold unless otherwise express ly stipulated. This is of inn mense importance, and any thing short of this would be gross violation of the pledges of the Republican party and an un- pardonable wrong to the Ma ton. 1t IS true that the gold standard now exists in our sys- tenn, and that no other can in honor and decency be observed, but the laws by which this is es- tablished are more or less con fused and depend for their en- forcement on the good faith of the administration in power for the time being. They should be made definite, exact, and incapa- ble of evasion.
 Ii the caucus committee shall agree to the measures we have outlined, and the Congress shall adopt them, it will be a great advance over our present situa- tion. We should still have a sound banking currency to pro- vide and some serious problems to solve, but we should be fairly safe from the dangers to which we were exposed in 1893 and ! 1896, and We could complete the work far more readily and sure ly after the first step had been ] taken.
 The above from the New York Times of recent date will give the people and idea of what they may expect from the next Con- gross on the currency question. It is likely that the gold stand ard will be fastened on the coun- ny, and the only hope of relief vill be in Democratic success in 1900. Bimetalists had just as Nell buckle on their armor and get ready for the fray. It is .omine.