New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-21
THE CURRENCY LAW NEEDED.

Again there comes the familiar prediction
that radical change in the currency will be
made AZ the coming session of Congress
Representative Babcock. of Wisconsin. who
was member of the committee which met
At Atlantic City TO frame measure on behalf
Of the Republicans Of the House, believes there
will be no difficulty, and that a bill will be
passed by the House before the holiday recess.
He also adds that there will be no minclng
words in the declaration in favor of the
gold standard" But is il fair TO imply that
the words used in previous acts by Republican
Congressman have been evasiye or of uncer-
tain meaning? Is there anybody who doubts
that the gold standard is established now. and
without any further regulations must be main
tainedE Why is it that all sorts Of currency
reforners seem anxious to ignore or minimize
the provision of the act of July H. 1890:
That upon demand of the holders of any of
the Treasury notes herein provided for the
Secretary OF the Treasury shall under such
regulations as he may prescribe. redeem such
notes In gold or silver coin at his discretion il
being the established policy Of the United States
10 maintain the two metals on a parity with
each other upon the present legal ratio or such
ratio as may be provided by law.
1t was the judgment of Republicans generally
when this act was passed that no enactment
could be framed which would make il more
clearly the duty Of the Secretary Of the Treas
ury 10 maintain silver and any PAPER repre.
senting silver at parity with gold That>off-
cial could without question be imISeached and
removed for refusing 10 perform his duty in
that respect II he should at any time decline
10 do everything In his power TO maintain other
currency at par with gold The gold standard
is established already, and 1t may well be
doubted If 1t could possibly be more firmly or
surely established by law than It Is now.
doubts that gold is now the standard In this
country, and is meant TO be made the perma-
nent standard as the United States Govern
ment enacted nine years ago; and no one cab
suppose that silver standard could be now
substituted without a fat violation OF law or
radical change of law.
To sane and sober people 1t is therefore a
mystery why advocates of the gold standard
should be speaking as If IT We're not yet estab-
lished by law. and ought to be Surely moth
ing can possibly be gained for sound finance
by breaking the force of the legislation which
already exists. To improve IT, add TO II. or
repeat II as often as anybody pleases NAV be
we'll But the suggestion that any addition or
repetition Is necessary must do some harm. if
made in such form as TO shake public conf
dence in the efficacy of the existing law or any
other act Of Congress for the maintenance Of
the gold standard. If a Democratic Secretary
Of the Treasury could defy and dlsobey the
law now in force. he could as easily defy and
d!sobey any other law.
The thing that seems To be needed. to which
the various reforming bodies have not given as
much attention as they might is an explicit
provision for the exchange by the Treasury Of
any kind or denomination of United States
notes for any other kind or denomination that
may be desired If man wants gold for sill
yer, or silver for gold, let him have it. If he
wants gold for silver notes or silver for green
backs. LET him have H. II he wants small bills
for 81 900 notes. why should not the Treasury
meet his wish with only such delay As may
be necessary after the deposit Of one kind OF
money 10 transport another TO a desired point?
And every form Of dollar issued by the Govern
ment ought to be everywhere held equal to any
other form Of dollar so issued, and within rea-
sonable limitations as to place and time should
he obtainable for any other. This would not