The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-02-01

Washington, Jan. 91.-Representative
Charles S. Stone of Pennsylvania sub
mitted to the house today his report to
accompany the Hill bill, recently re-
ported from the committee on coin
age, weights and measures, Of which
MIR. Stone is chairman. The Hin bill,
the report says, contains an affirmative
declaration for the gold standard; q
proviso for the nterchangeability OF
all forms Of money; a separation OF the
note issue from the fiscal branch OF the
treasury department.: the retirement
of the greenbacks and the establish
ment of branch national banks.
Ar. Stones report says that the Hlil
bin is conservative in purpose and pro
vision.
1T seeks" he says, "to strengthen,
solidify and fortify our present system,
rather than build a new. 1t especial
" seeks to allay at home AID abroad
ali doubts as to the present and per
manent quality OF our money and 40
make and keep the credit Of the nation
above the reach OF successful attack
or well-grounded apprehension.
The manner N which this IS accom-
plished is explained in detail in re-
view of the bill by sections.
IF this bin becomes Il law" says the
report. 1t will be Of 10 possible con-
sequence in what particular kind of
dollar Of the United States a debt IS
payable. as any one will be as good as
any other ana every one eTchanSeable
for any ether. ana the kind of money
to be paid and received would be merely
a matter of convenience, and not of
profit or loss.
4 considerable part of the report is
devoted to the subject of branch banks,
the establishment Of which is permit
ted in the bll. II says one of the bene-
fits arising from the branch bank syS-
rem would be the transfer in an effect
I've manner of loaneble capital from
points where it is abundant to points
where it is scarce.
1T is an efficient agent" the report
continues. "in the important work of
the distribution Of capital and cur
rency. We suffer not from the lack of
an adequate aggregate supply of our
circulating medium as much as we do
from a tendency to accumulation ana
congestion thereof in money centers.
A system Of branch banks will mate
rally aid in reaching remote points
and small communities where inde-
pendent banks could not be sustained,
and thus carry 10 them the lie blood
of business activity.
MINORITY REPORT.
The minority report, which also was
submitted today. says the bill viii make
7.aSical chances in our whole currency
system and work d serious and. * is
believed. disastrous contraction of our
money volume and destroy the whole OF
the silver coinage. The bill. says the
report, fixes absolutely and unquali
fiedly the single gold standard upon
the country. All of the standard silver
dollars are swept from their present
position as standard money and into
the category of credit money and made
a charge upon the government for their
redemption in sold. The provision re-
pealing the law which prohibits nation
al banking associations from withdraw
ing from circulation more than S5,00O,-
600 in any one month gives the banks a.
power that viii inevitably lead to
sudden contraction OF the currency and
business prostration. This viii give
fhe hanks. SAYS the minority report.
fhe power to contract the currency at
their viii and TO coerce legislation un-
der the threat of panics and business I
deDression TO be brought about by such
contraction The whole scheme of the
hill. continues the minority. contem-
1,lafcs the destruction of silver as
money. the destruction Of greenbacks
and treasury notes as money and de-
nies TO congress the right to issue pa !
rer money except by farming out to
corporations this great sovereign pow /
or. Notice Is given that substitute Z
vyiu be offered. providing that both the I
gold and silver dollars shall be stand /
ards of value and providing for free /
coinage Of silver