The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1899-12-01
GOLD CURRENCY BILL.
National Banks to Have a Monopoly On the
Issue Of Paper Money.
VIII Try to Commit the Country to the
Gold Standard by Law-TO Contract
the Currency by Retiring the
Greenbaek Circulation

Following is the substance Of the bill
that viii be reported by the admins
tration forces in the house when con-
gress assemblies next week:
First-A clsan-cut declaration for the gold
standard and providing that all obligations Of
the government shall be paid IN gold or its
equivalent
-Second-The impounding Of the greenbacks
By the amendment Of existing law so that green
backs shall only be paid out upon the presenta-
ton Of gold.
Third-The creation OF a new division Of issue
and redemption and the creation of trust fund
BY the aggregation Of a portion Of the present
treasury holdings from which these greenbacks
are TO be paid for.
FOurth-AuthOrizing national banks to issue
circulation up to the par value Of the bonds
deposited to secure such circulation.
Fifth authorizing the establishment Of natl
onaI banks In small towns with a capital Of
- 900 and permitting them to issue circulating
notes.
Sizth-Reducing the tax on national bank
circulation from one per cent to One-tenth OfO
per cent.
Seventh-Fixing the weight of the dollar and
of the standard silver dollar as now provided
in the coinage laws Of the United States, but
| declaring that the gold dollar shall be the
| standard Of value"
The bill Will pass the house, but will
be fought tenaciously in the senate.
The bill is pernicious and its passage
would be very disastrous to the country.
The provision that "all obligations of
the government shall be paid in gold
or its equivalent" takes away the option
to pay all obligations in cOin-either
gold or silver. All the bonded indebt-
edness of the government and all its
current expenses would then be pay
able in gold.
Now if the government had to pay its
obligations in gold it would require all
obligations to the government to be
paid in gold Silver is now legal tender
for all dues public or private where not
otherwise specified by contract. This
bill would in effect be a repeal of the
law as to the legal tender character of
silver and silver certificates, making
them redeemabIe in gold. Private OBJ
legations then would have to be paid
in gold or its equivalent.
The impOunding Of the greenbacks
to be held by the treasury and not paid
out except on presentation Of gold
would continue the endless chain -
Suppose the greenbacks were out and
the gold IN. Then the greenbacks
would be presented and they would be
in and the gold out. Then the govern
ment would have to issue bonds to buy
gold. All bonds would be made pay
able principle and interest in gold.
The bill provides for the extension
of national bank issue to par with the
bonds deposited with the government.
reduces taxation on their circulation
from one to one-tenth per cent, and
authorizes the establishment Of natl
OnaI banks in small towns on $4,000
capitalization. OF course all national
banks would be in the combine and
would expand or contract the currency
at will As Garfield said: "They would
control the volume of currency and
would be masters of all industry and
commerce"
If the encroachment of the trusts is
p ermitted and this bill passed, then
farewell to the liberties Of the Ameri-
can people.