Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-12-08

makes silver and gold interchangeable at
the will OF the holder.
AS matter of fact neither bill will really
alter the monetary system of the United
States. Our country has practically been
on the gold standard ever since 1853, ana
every American dollar is worth to-day in
business as much as the gold dollar. But
the adoption of either of these bills will
put 1t out of the power of a weak secretary
or foolish president to sacrifice the gold
standard in the interests OF free silver CT
any other scheme of finance. By an over
whelming majority the people of the United
States voted for the establishment OF the
gold standard. and 1t certainly is the duty
OF congress TO fix the result of this ballot
in the statutes. AS the laws now stand
any secretary of the treasury might sud-
denly thrust the country on to the silver
standard. II Is terrific power TO lodge
in the hands of any one man. and it GER
tainly is not compatible with good states
manship.
On the adoption of either the senate or
house bill the gold standard will become so
firmly fixed that It cannot be changed until
congress favorable to something else has
been elected in both branches. Indeed,
considering the veto power the president
also must want TO change it. And this is
rs it should be. because in such vital
issue radical steps should never be taken
without clear, pronounced and unmis-
taxable expression from the people.
In some quarters there will be complaint
because neither of the proposed bills pro-
vides for much OF an increase in the paper
circulation of the country. Both provide
that national banks may issue notes up to
the par value of their deposited bonds, but
this will bring an increase of not more than
si0,0Oo.000. Both provide, too. that national
banks may be organized with a capital of
but $4,000 and this provision is expected
greatly to increase the number of national
banks and the amount of the bank eircula-
ton. But neither of these provisions is
calculated to supply the elastic circulation
of which the business of the country at
has plan and others have plans by which
the volume of the currency may be easily
and quickly increased TO meet the demands
Of such a money famine, for example, as
that now on in New York. These plans
propose to authorize the issue of notes on
bank assets or some other form of good Sc
curity, such as state or municipal bonds,
or even mortgages, with such restrictions
as will prevent their issue except in times
Of great need. But 1t is the evident in
tention of congress to proceed slowly. The
finances of a country are not a thing to be
loosely experimental with, and measures
should not be taken until every shade OF
doubt has passed away. The country Is do
ing very well now, even If at times a con-
gestion of money in one part does leave a
stringency in another. and it is better to
bear the ills that are not very serious rath-
er than take refuge in an unknown or I'M
tried remedy. As soon as we are comfort.
ably settled on the gold standard, and the
country acquires additional confidence, as
1t is sure to do, our financiers and states.
men will have plenty of time to work out
their flexible currency ideas and to fix or
something that will serve the purpose. In
the meantime these financial schemers may
make up their minds to one supreme truth
the people Of the United States will never
consent to a money system that does no,
put the government behind every dolla,
issued.