The record-union., 1899-11-29

ever, DC the subject VI uiSpdtc. ~
certainty shall take the place Of DOUBT
and the integrity of our credit be as
fixed as the honor of the nation, the
national debt can be readily refunded
at lower interest rates, and future
loans negotiated with ease upon better
terms than ever before.
The rapid development Of American
trade and it's vast expansion, bringing
our people into close relations with the
leading nations of the world, makes IL
imperative that the standard OF value
IN which settlements are made snaii
be the best known to the highest CIVIL
ization, and shall safely appeal to IN
telligent and successful experience Re-
cent events shaped by causes beyond
our control, bearing obligations when
national honor requires shall be cour-
ageously discharged, open new fields
for American craftsmanship. Channels
of trade yet unknown to American en-
terprises, and avenues Of commerce yet
to welcome American products. Will
surely result. Such conditions empha-
size the necessity for a standard OF
value which shall remain firm through
out the viclssitudes of competitive
trade. Its permanency and stability
should be above suspicion. It's security
should be absolute"
The fact is pointed out that The
treasury at the beginning OF October
had net gold reserve Of more than
S2oU, 100000, and that there is more
gold in the United States than ever be
fore.
THE present conditions are most
favorable, and the time most oppor-
tune, for The clear AMI unequivocal
adoption of the gold standard. 1t I'M
der all these conditions the United
States shall clearly, by law. adopt the
gold standard, it will pass to the new
condition with even less friction tnar
was experienced by the resumption o.
specie payments. The Government. is
fortunate in being able TO act in SO
important a matter under such favor
able circumstances. The general poll
icy of the Government and such dec
larations as have been made by Con-
gress are entirely consistent with this
proposition"
Mr.. Overstreet quotes the pledge of
the Republican National Convention Of
1896, that "all our silver and paper
with gold, and we favor all measures
designed to maintain inviolable the OBJ
legations of the United States, and all
our money, whether Of coin or paper,
at the present standard, the standard
of the most enlightened nations of the
EARTH
The repeated declarations of Presi-
dent Mckinley are also quoted, incluo-
ing his famous speech in New York at
the beginning of 1898, in which he de-
clared that the peoples purpose in
favor of sound money must be given
the vitality of public law
The declaration in the Republican
platform and the subsequent effort Of
President Mckinley relative to an in
ternational agreement, it is declared,
were made in good faith, but the atti-
tude of the leading nations and the
constant fluctuations in the value of
silver bullion render such an agree
ment permanently impossible. The
mechanism of the new division of issue
and redemption is explained, and it is
declared that the different funds re-
ferred to such division as they stood
in September last are as follows:
First-Gold coin and bullion, repre-
sented by outstanding gold certificates,
$135, sol, 119.
Second-United States notes repre-
scented by outstanding currency certi
icates, S16 100000.
Third-Silver dollars represented by
outstanding silver certificates, $780,
197, 504.
Fourth-Silver bullion represented by
outstanding treasury notes, S91, 10. $50.
Fifth-Gold coin and bullion, equal to
one-fourth of the United States 1885,
6S1 ,016) and treasury notes (S97, 49,
2S0) outstanding, S109, 1852 74.
The first four items enumerate the
special deposits dedicated to specific
payments. AS these obligations are
met the deposits are correspondingly
reduced.
The scope and purpose of the provis-
ions for maintaining the standard by
the sale of bonds and the exchange of
money are thus set forth by Mr. Over
street:
I'm the absence of a law providing
protection to the gold reserve, it is al
ways subject to encroachment in ex-
penditures to meet the general expenses
of the Government. Whenever such
has arisen that the Government may
not be able to meet its demand obli
cations, and run upon the reserve for
the redemption of the demand notes
has followed This situation is respon-
sible for the so-called endless chain
BY segregating the reserve fund from
the general fund. and prohibiting its
use except for redemption of United
Not he do
to which it has been often subjected
would be removed. The demand notes
are redeemed in gold now, and always
have been, and no additional burden is
imposed upon the Government 1t is
sought to simplify and legalize the
practice and create a division in the
treasury where the whole business of
issuing and redeeming notes may be
transacted, and establish complete con-
fidence in the redemption Of our de-
mand obligations.
Section 4 Of the bill seems to pro-
vide a complete safeguard to guarantee
the permanent maintenance of the gold
standard, by authorizing the Secretary
of the Treasury, whenever 1t is neces-
sary for such maintenance, to issue and
sell bonds Of the United States. payable
in gold coin, and for the exchange of
gold coin for any other money issued or
coined by the United States should the
Secretary of the Treasury deem such
exchange necessary in order to main
tain the parity and equal value Of all
the money of the United States. The
legalizing Of the gold standard and pro-
vision for the equality of all such forms
of money at a parity with the stand