The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-02-22
GUARDING PUBLICCREDIT.

Reserve = Tho Exchnngcabi1lty Of
standard Silver Dollars for Gold
Coin.
New York Journal OF Commerce.: a
ylrorous report has been prepared by
representative Mitchell. Of New York.
IN support of his oil providing for d.
vision Of issue and redemption in the
treasury and the maintenance OF the
,ar!ty Of different forms OF mo-
ney. and was submitted to the house
to-day. The bill was ordered favorably
resortcd, with only one or two dis
sen,inS votes, at the meeting Of the
committee on Thursday last, and Mr..
Mitchell was unanimously requested by
IT'S supporters to draft the report for
presentation to the house. The report
discusses the conditions which existed
after the panic OF 1895, due in some
measure to the deficiency IN revenue,
end contrasts these conditions with
those OF the Spanish war, when ma
;Ional credit was un!mpaired. largely
because adequate provision has been
made for revenue. Mr.. Mitchell says
,ha: one of the objects OF the bill is to
provide for the maintenance OF the
public credit at the highest standard,
aaI to make this credit so distinct from
the FISCAL operations OF the government
that It would endure in spite OF ex-
t-ayagant appropriations and unfortu-
rate revenue laws. His review of the
provisions and scope OF the bill Is as
follows:
In order to accomplish this result,
the bill provides generally for sepa-
ration OF the issue and redemption
branch OF the treasury department
and provide that separate books shall
be kept IN each branch and that there
shall be KEPT In each branch and that
there shall be transferred to this issue
and redemption division as redemp-
ton fund the funds now held against
outstanding certificates. and that
there shall be also established n gold
reserye fund which shall be used for
the redemption of United States notes
and treasury notes and to make other
exchanges provided for in the Dill also
that all records and accounts relating
10 the issue. redemption and exchange
OF the several kinds of United States
mou5y shall be kept in this division.
Section . provides that there shall
be transferred from the general fund
IN the treasury and taken up on the
bcoGs 0: the Issue and redemption di-
vision Of the treasury. the amount In
gold coin and bullion held against out
standing currency certificates; the
aTljIr: In silver dollars and silver
bullion held against outstanding treas
ury r0ies Of 1890. It Is evident that
this paragraph in aowise contracts the
money Or currency OF the country one
dollar. as the entire redemption fund.
above provided for. is held now by the
treasury as trustee.
Section provides FOR gold reserve
fund in the Issue ard redemption divis-
:15 and that there shall be transferred
from the. general fund, In addition 10
TIE funds provided for by section .. an
amount Of gold coin and bullion equal
10 twenty-five per centum, outstand-
Ing, both o: United States notes and
treasury notes issued under the act of
1890, and 4 furthe: sum in gold coin
and bullion equal to five per centum OF
the aggregate amount OF the coinage of
Silver dollars: this reserve fund to be
used c3!y for the redemption OF the
roles and silver dollars mentioned in
this section and for making other ex-
changes 70: such notes and silver dol
lars as thereat;c" provided for In the
bill
The effect Of this section would be
that the books OF said division would
then Show as follows:
% per centum OF United States
h0t5S eGuals.-....... SS6, SO, 99St
> per ceR;um treasury
"0.ts equals .................. 9i,lSe, $50
nc! certum Q: silver dollars
elId!S OBSERVATION-DISCLOSURES. o3,5l2,2f2
making 4 total of siSi,3i3,Sl6 OF gold
held In this division.
Inc amount OF sold held as re-
serve tuHt on January |. and generally
known as the hundred million dollars
Go!i reserve, Is $2i69I3.O26. This pro-
vision Of the bill. therefore. would make
,ae entire reserve fund only thir,y mil
mons more Khan the fund now set aside
as necessary TO maintain the credit Of
.Ic United States, so that the effect OF
lhs OIL! would be TO contract the cur
.ehsy more than 1t is to-day by Only
no2ut thirty odd millions. 1t Is perfect
y e'aeA'. even 10 men in favor OF
~ s!!NsF. tina; We cannJ; maintain the
so.t S;arGard and be able to redeem at
any and all times the various currcn-
vIts u iha United States with either
u"t american eagle or q million-one
MHHI pFopahly be as efficacIous as n
'.ii.!oh Of them. Experience has
,.alsA' US that a hundred million dol
!tiS was the lowest amount to which
.-e aN!a reserve should be allowed to
~ ~ una tAat was the limit Of 81 fety.
az uahGer Genes under the present
s.sstm taat our limit OF safety Is con-
sanity threatened by the treasury be-
M5 compelled 10 put out money appro-
M'a'en % Congress and TO pay 1t out
W.. !! II ahSO:bs the entire reserve
.H"t. ma treasury has no option in
1t IS perfectly evident. therefore.
n.it u congress. by lnadvertcnce or
u,Isi Wise. should make heavy appro-
p.sd'inhs anu fail to give authority to
.l.Se money oS selling bonds. that this
'.sts'e tuAd, which is the bed rock OF
Isets'' might be absolutely depleted
- - ne present law, and worse
. .S mat we have ever yet experience
co be tho result. II Is. therefore. our
,9Nh'oH that this reserve fund should
80 constructed by law that It cannot
" !innaiFed uader any conditions. and
~ oeI.gEe that this VIII be accomplish
10y ~ ny the provisions OF this bill should
'"ss become enacted into law.
~, ssetlonS ! and 6 provide for means
u maintaining the gold reserve.
-t'oh +" provides especially what
l"sulshts shall be made and what ex-
' .. shall be effected.
section provides that when the
- me; ,ll! states notes or treasury notes
-. ,''o nave been once redeemed in
so.' coin or held in the division OF is
ahI redemption. they shall not. be
.o' ISSUED or exchanged except for gold
Il he UraC.iraI afeoo, 81 ,,,i, ,s,,,t.t. :.