Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1899-06-21
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The Republican Congressional eau
Gus Committee, to whom has been del
egated drafting of bill to reform
the currency, has been sitting OF and
on for some weeks at Atlantic City, and
various reports as to the conclusions
that 1t has reached have found their
way into the newspapers. AS 1t need
not make its findings public for months
to come, and may change them upS .
the very last moment, it is evident that
there Is no reason why these reports
should be taken seriously. The proba-
buities are, in fact, that they are mere
ly designed to get the opinions of the
people on this subject, and that the
committee is by no means sure about
what 1t ought to recommend.
The last report is that the committee
has agreed to tell Congress to declare
positively that all obligations Of the
United States are payable In gold, and
not in "coin"-which may be either
gold or silver-as ut present, and also
that Government note once redeemed
at the treasury in gold shall not be
paid out again except in exchange for
gold. This is what the bankers are
clamoring for-to make money scarce
because they can then loan out their
boards at greater profit. If the recon-
mendations were to be enacted into
law they would be millions more the
richer at the end of the very first year
Of the laws operation.
Another reported recommendation Of
the committee Is that the national
banks shall be allowed to issue notes
to the amount Of the full par value Of
the bonds deposited as security, instead
of only up to 80 per cent. thereof, as at
present. This would give the banks
many millions more paper money, guar
anteed by the Government, and it
would not cost them Il cent excepting
for the insignificant charge made for
printing the notes.
Another thing the committee Is re-
ported to be in favor of is the authori-
cation OF national banks with capital
as low as S25,OOO-this to be for 8
benefit of the farmers, who are said to
complain that they have no convenient
banking facilities in their own locali-
ties. If any large number of such
banks were established the quantity
of national bank notes in circulation
would be increased to an appreciable
extent, Of course, and would furnish
an excuse for calling in some more of
the Government treasury notes and
strengthen the bank monopoly of the
country's currency, and be great step
toward securing the withdrawal Of the
entire greenback issues.-New York
News.
Indictment Against Monometallism,
The bimetallist members of the late
German Silver Commission placed on
the record of the twenty first session
the following solemn declarations:
A setback to German agriculture is
manifest, referable, on the one hand, to
the necessity of selling constantly in
creasing amount of deprecated agricul-
tural products in order to pay wages, In
terest, rent, leases, taxes; and, on the 9th
er hand, to the increased power of compe-
tition on the part of other countries, silver
countries, that is, and countries on a
money basis of deprecated paper. In
proportion as their silver or paper loses
in power to buy gold, these countries, en-.
joying in effect high export premium, are
able to throw their native products upon
the worlds markets at prices far beneath
what 1t costs German farmers to produce
them, so plunging these latter in deep dis
tress. The characterization of silver is also
working more and more visible injury
to German manufacturing industry: (a)
On account of the ever-lessening ability
of the farmer class to purchase manufac-
tured products. (b) On account of the de.
crease in exports to silver lands and Of the
consequent recoil upon the home market
of the articles hitherto exported thither.
(c) On account Of the competition offered
by the rapidly developing manufacturing
plants of silver lands. favored by the low
cost Of production there and by the pre-
MUM upon expectation therefrom produc-
ed by the fall in the gold price Of silver.
Unless means are taken to prevent, It will
not be long before the manufactured pro-
ducts of the silver countries will find the
German market. To import Indian yarn
into Germany is already paying opera
ton. 1t is facts like these which have led
the Reichstag to vote for another none
tary conference of the nations.
One could recite innumerable testi-
monies of the same tenor with the
above did time permit and occasion
demand.-E. Benz. Andrews.