New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-01
GOLD STANDARD BILL REPORTED.
VIEWS OF THE MAJORITY AND MINORITY
OF THE HOUSE COINAGE COMMITTEE

OF THE HOUSE COINAGE COMMITTEE
Washington, Jan. 3i.-Representatve Charles W.
Stone Of Pennsylvania, submitted 10 the House to-
dav his roport TO accompany the Hr bill recently
reported from the Committee OF Coinage. weights
and Measures OF which ne is chairman. The Hill
bill the report says contains an afrma tive deca-
ration for the gold standard provision for the
interchangeabiity of all forms OF money: separa-
ton Of the note issue from the fiscal branch OF
the Treasury Department: the retirement OF the
greenbacks and the establishment OF branch Ma
tlona banks.
The Hin bin is declared TO be conservative in
purpose and provision 1T seeks" Mr.. Stone says.
TO strengthen sodify and forify our present sys-
TEN rather than 10 build anew. 1t especially seeks
10 allay at home and abroad all doubt as TO the
present and permanent quality OF our money ana
10 make and keep the credit OF the Nation above
the reach Of successful attack or well-grounded
apprehension The manner IN which this Is ac-
complshed is explained in detail In review OF the
bill by sections
If this bin becomes G law" says the report 1t
will be OF 10 possible consequence In what paricu-
lar kind Of dollar OF the United States debt is
payable az any one Will be good any other
and every one e1changeahle for any other. and he
kind OF money 10 he paid and received Will be
merely a matter OF convenience and not n proht
or loss
considerable part Of the report is devoted to the
subject of branch banks. the establishment OF
is
Of the BENEFITS arising from the branch bank sys-
TEN would be the transfer in an effective manner
OF loanable capital from points where II is album
dant 10 points where It IS 1t IS an efficient
egent." the repor, continues in the important
work Of the distribution ~ capital and currency.
We suffer not from the lack OF adequate as-
eregate supply OF our circulating medium as much
as we do from a tendency 10 an accumulation and
congestion thereof in money centres. a system Of
branch banks Will materially aid in reaching re-
mote points and small communities where indie
pendent banks could not be sustained. and thus
carry 10 them the life blood OF business activity.
The minority report which also was submitted
to-day saws the bill Will make radical changes in
the whole currency system and work a serious and,
Il is believed disastrous contraction OF the volume
Of money and destroy the whole OF the silver coin
age. The bill. says the report, fixes absolutely and
unqualhedly the single gold standard on the coun-
Try. All The standard silver dollars are swept from
their present position As standard money and into
the category Of credit money. and made charge
on the Government for their redemption In gold
The provision repeating the law which prohibits
National banking associations from Withdrawing
from circulation more than 100000 in any one
month gives the banks power that will inevitably
lead 10 a sudden contraction Of the currency ana
business prostraton. This will give the banks the
rency at their will. and 20 coerce legislation under
threat OF paniCs and business depression 10 he
brought about by such contraction. Tho whole
scheme Of the bill. the minority assert. contem-
etructon Of greerhaCks and Treasury notes as
money. and denies 70 Congress the right ~ issue
paper money except by farming ont 20 corporations
this great power. Notice Is given that a suhsti.
tute will be offered providing that both gold and
silver dollars shall be standards Of value and FOR