The evening times., 1899-12-05
THE EVENING TINES WAsHNGT6 TUESDAY DECEMBER & 1899

first. the money sta1dhrd, and, second, q
better adaptation Of 6urI currency system
| to the requirements -16f expanding trade
and industry. Both Of these questions are
OF prime Importance to our well-being as
people, and demand the consideration
which their Importance justiies. Upon
these two questions FIfffl 1t my duty to
speak with earnestness
Gold the Test of Quality.
First as to the money standard. Gold
now constitutes that standard. 1t is now,
and for many years has been, the standard
by which the values Of all commodities,
whether foreign or domestic, have been
measured or declared. 1t is the standard
to which reference has been had In all
contracts or undertakings involving the fu-
ture payment OF money. 1t is the stand
ard which tests the quality or value Of
the intermediate currency with which
wages are paid and all, or nearly all, Of
the minor business affairs Of the people
are carried on The debate over the rela-
tive merits Of gold and silver az the true
and proper money standard has been long
and exhaustive; but while the discussion
has continued the advanced nations OF the
earth, one after the other. with hardly an
exception. have adopted gold as the more
suitable for commercial needs. Indeed, it
is vigorously asserted, and with truth, that
the United States is In this very category
that our money standard is gold-and
with some show of reason 1t is argued that
nothing is required other than to "let
things alone" Such conclusion, howev-
er, does not commend itself to the judg-
ment of those to whom stability in the fu-
ture Is not less important than good con-
ditions in the present. More and more,
as society advances In its power over ma
ture and in the complexity Of its indus
trial relationships, the present and the fu-
ture are woven together.
A Desire for Stability.
It has long been the desire and hope of
many intelligent and patriotic citizens to
secure needful and enduring stability in
the money standard by an International
agreement in regard to gold and silver,
which would be effective to that end. The
realization Of that desire and hope seems
now too remote to justify present consid-
Grafton: but II those who still cherish II
shall offer II in objection to the action
above proposed. II is a sufficient answer to
say that stability on the gold standard is
the only stability now possible to us, and
IL the time should come when international
agreement offers safe and desirable sub
Tue IFccuOm Va OuE representative
form Of government will give to our peo-
pie the liberty of choice.
II 1t be true, as true It undoubtedly Is,
that gold Is now our standard OF money
values. the future needs only the assur-
ance that IL will so contiue to be- until at
least the people shall be so united in their
desire for a change therein as to be able
to direct the voice OF both Houses Of Con-
gress. and secure the approving signature
that Congress will furnish this kind Of a
guaranty has inspired enterprise. called
capital into use. improved the condition
OF labor. and given new impetus to all our
energies. To make this favorable state Of
affairs permanent. the highest security
should be given that the common denom-
inator of all calculations in value shall re-
main unchanged.
Credit of the Government.
II is evident that direct and effective
way TO do this would be TO declare that the
credit obligations OF the Government itself.
whether payable on demand or at a fu-
ture period. shall be paid in gold coin of
present weight and fneness; or it would |
be equally effective if, by positive law. 1t |
were made mandatory upon the Treasury |
Department so to pay and receive the two |
kinds of money-silver and gold, as TO |
maintain their parity under all conditions. /!
Such action would be nrlogical conformity |
10 what has already been established as |
he policy of the Government. To the |
End contemplated. the Treasury should be |
clothed with sufficient powers to meet all |
The establishment of an am
pie fund, separate and apart from the gen.
eral funds to be held specifically as re-
iemption fund for demand liabilities. must |
be an important incident to such legisla- |
ion. The recommendations OF the Presi- |
lent in this particular II formulated into 1
aw, seem to be adequate.