West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1899-12-21
THE WEST VA ARGUS.
KingwOod, December 81, 1899.
THE MORTGAGE FORECLosED.
From The New yorl Ionrno1


the promises it made to the finan-
cial interests that put it in power,
and now that it has taken the
plungeit is going further than any
body expected it to go.
Here are some of the most not
able features of the bill that is to
be forced through Congress at the
present session:
1t abolishes the double standard
which, in one form or another, has
prevailed for all but five years of
our national existence and substi-
tutes the single standard of gold.
1t changes the terms of payment
for all United States bonds, green
backs and Treasury notes now out.
standing, abandoning the option
which the people have hitherto had
OF paying in either metal at their
pleasure. and binding them to pay
in gold. Every bond and legal
tender note now in existence was
issued on the explicit understand
ing that it was payable in gold or
silver at the option of the Govern
ment. On one little bond issue Of
S62, 10000 under the Cleveland
Administration the Morgan syndi.
cate offered to accept 100000
less in aggregate interest if the
people would give up that option,
and the people refused the offer.
This privilege, which both parties
to the contract valued so highly,
is now to be abandoned 10y the Re-
publican party without any COM
pensatlon at all.
The Sherman notes were issued
In payment for silver bullion, and
1T was universally understood at
the time that this bullion was to
furnish the material for their re
demptlon, unless the Government
happened to find it more conven-
tent to redeem them in gold. The
Republican party proposes now to
bind the Government to pay these
notes in gold, unless the holders
prefer silver.
The bill hastens the extinction
OF the Sherman notes, already
steadily diminishing in volume, by
providing that the silver bullion
heretofore held for their redemp-
ton may be used, in the discretion
of the Secretary Of the Treasury,
for the manufacture Of fractional
silver coins, and that when so used
Sherman notes of corresponding
value shall be cancelled and not
reissued. This means steady
contraction in our Government
paper currency.
1t authorizes the Secretary of
the Treasury to redeem silver coin
in gold, thereby Transforming the
huge volume of silver dollars out
standing from redemption money
into a national liability.
The aim Of the bill is clearly TO
transfer the function Of issuing
circulating money ss far az possible
from the Government to the banks.
To accomplish this end the
national banks are to be author
lied to issue notes to the pur value
OF the bonds deposited as security.
new classes Of $25, 900 and $50. 900
banks arc to be created, and note
issues are TO be encouraged by |
change in The methods OF taxation.
The present tax on circulation, |
under which banks payments to |
the Government vary with The vol. |
umc of Its notes outstanding, is TO |
be abolished, and d uniform tax Of |
one tenth If one per cent on the |
capital surplus aud undivided |
profits is 90 be substituted. Under
tho present system banks some.
times find IT. Improbable to issue
notes. under the new orc thew will
be stimulated to Issue as many az