The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1899-09-23
THE GOLD STANDARD.
Good Example Set ny the bankers OF
the Country I'm Their
Convention.


The bankers represented at the con-
vention of the American Bankers as
ISOLATION at Cleveland, o., have fol-
lowed their president In plain-spoken
declaration for a gold standard of cur
rency values. The unanimous action al
this body of practical financiers is
worthy of attention. They know what
money is by handling IL and not by
guessing at il, and are as good and hon.
est and patriotic citizens ms any i'm the
land, including those who rail at wealth
and never refuse IL. The resolutions
unanimously adopted are so clearly
drawn that they deserve restatement
here:
'The bankers OF the United States most
earnestly recommend that the congress OF
the United States at its next session er act
a law TO more firmly and unoquivocally es-
tablish the gold standard in this country
by providing that the gold dollar. which
under the existing law Is the unit OF value.
shall be the standard and measure of all
values In the United States; that all pa per
money, including circulating notes OF ma
tional banks, shall be redeemed In gold
coin. and that legal tender notes OF the
United States when paid into the treasury
shall not be relssued except upon the de-
posit OF an equivalent amount OF gold
coin"
The last recommendation has already
been made to congress by President
Mckinley as his suggestion for definite
and immediate action.
1t is indisputable that there could be
no better currency in the world than
currency so based on the gold standard
as is recommended by the bankers.
Every paper dollar then would b.;
backed with gold. and not only backed,
but riyeted with gold. Itwould inaugu-
rate a golden age of national currency
and national credit.
1t has been said by some friends Of the
gold standard that il already exists and
that no legislative action is needed to
confirm il. In opposition TO that il is
urged that silver administration, by
insisting upon paying government obli-
cations i'm silver coin, could enforce
practically silver standard, with the
destructive results which would be inn
piled TO business, as there is a large
amount Of standard silver dollars, OF
legal tender authority, which could be
used for that purpose. AS il is settled
that the gold standard is to be the POL
icy of the republican party and of rhe
country, that policy should be but
tressed now, while the executive and
legislative departments are in accord,
beyond the possibility OF even tempo
rary disturbance.
The time is more favorable now thnn
ever before for unyielding and aggrts-
sive advocacy of the gold standard. A
faithful and thorough and even sympa-
thetic attempt has been made to find IL
there were enough international bimet-
allism to hang a hope on. The attempt
was given up in despair, and since that
Abandonment the gold standard has
BEEN more firmly based as a world fact
by the turning of several silver basis
countries TO gold as the final regulator
Of values. Then, again, the new dis
coveries and larger output Of the pre-
cious metal nullify all apprehensions of
scarcity or fear of reduction OF guam
tity below the limits OF practicable
standard.
With an out and out fiatfooted dec
laration for the gold standard, the re-
publican party will be even stronger on
the financial question in the next cam
paign than in the last. Then there was
the IF" of international bimetallism.
That ''if' has been removed. Moreover,
the rejection by this country Of the free
coinage Of silver has justified itself by
its works of prosperity, assured credit
and high and honorable standards OF
public conduct.
The bankers OF the country have set
n good example in declaring for the
gold standard. Every republican con-
vention should follow that example.
There should be an unmistakable gold
standard plank, without any qualfica-
ton, in the next national platform On
that basis the republican party, which
will then be not only the sound money
party but the soundcst money party,
can overthrow by even larger majority
than before the party of free silver and
a degraded standard of values.-Troy
Times.