The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-29
FINANCIAL BILL.
Concluded from First Page.]


Egypt. Finland, Germany. Great Britain.
Norway, Portugal, Sweden and Turkey, and
since 1875 the gold standard has been
adopted n . R * Costa esinaI Rie "a J;a1psn' o Peru rI,x and
account was suspended prior to 1886 by the
United States. Belgium. France, Holland,
Venezuela. thus effectually, although not
absolutely, fixing their status as gold
standard countries.
If under 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 than was expert
enced by the of specie ymen
The government is fortunate In being able
to act in SO important a matter under such
favorable circumstances. The general pol
Icy or the government and SUCH declarations
as have been made by Congress are entirely
consistent with this proposition"
THE PARTY'S PLEDGE.
Mr.. Overstreet quotes the pledge of the
Republican national convention of 1896 that
'all our silver AM paper currency must
be maintained at parity wiIu gold, and We
favor all measures designed to maintain
inviolable the obligations Of the United
States and all our money, whether coin
or paper. at the present standard, the
standard of the most enlightened nations
Of the earth" The repeated declarations
of President Mckinley are also quoted. in
cluoing his famous speech in New York
at the beginning Of 1893, in which he de-
clared that the peoples purpose in favor
Of sound money. must be given the vi
tality of public law"
The declaration in the Republican plat
form and the subsequent effort of Presi-
dent Mckinley relative to an international
agreement, it is declared, were made in
good faith but the attitude OF the leading
nations and the constant fluctuations in
the value of silver bullion render SUCH an
agreement practically impossible;
The mechanism OF the new division of
the issue and exemption Is explained e ana
September last, are as follows: First, gold
f i1s sofd 0o Sersihca aeRseSs sisss Sol .iys; ou second.
standing. currency certificates, slS, lOO,oO "
standing silver certificates, $4Ot, is7, 5Ot;
fourth. silver bullion, represented by out
goiu coin and bullion. equal to one,fourth
of the United States notes $346, 6Sl,0l6) and
treasury, notes $50, lSa 2so) outstanding.
the special deposits dedicated to specific
payments. AS these obligations are met,
the deposits are correspondingly reduced.
NO MORE ENDLESS CHAIN"
The scope and purposes of the provisions
for maintaining the standard by the sale
of bonds and the exchange Of money are
thus set forth by Mr.. Overstreet: I'm the
absence of law providing protection to the
gold reserve, it is always subject to en-
croachment in expenditures to meet the
general expenses of the government.
Whenever such encroachment appears
probable, a fear has arisen that the gov
eminent may not be able to meet it's de-
mand obligations and a run upon the re-
serve for the redemption notes has fol-
owed. This situation is responsible for the
so-called endless chain BY separating
the reserve fund from the general fund,
and prohibiting its use except for redemp-
ton OF United States notes and treasury
notes, the DANCE to which II has been
SO greatly subjected will be removed.
These demand notes are being redeemed in
gold now and always have been. and no
additional burden is imposed upon the gov
ernment. 1t is sought to simplify and legal
iZe the practice, and create a division in
the treasury where the whole business OF
issuing and redeeming notes may be trans
acted, and to establish complete confidence
in the redemption of our demand obliga-
tons.
Section 4 of the bill seeks to provide
a complete safeguard TO guarantee the
permanent maintenance of the gold stand
ard by authorizing the secretary of the
treasury wheneveA IL is necessary for
such maintenance to issue and sell bonds
Of the Unitd States. should the secretary
or the treasury deem such exchange neces-
sary in order to maintain the parity and
equal value of all the money of the United
oAtNts. IL iNS1iALiliS VI NUt 6otO ~
and provision for the equality OF all forms
OF money at a parity w..h the standard,
will so remove all doubt Of the sOundness
and integrity of our money that there will
be little occasion for the exchange OF one
kind Of money for another. And yet, in
order to make complete guaranty against
any contingency which may arise, author
ity TO the secretary Of the treasury 10 meet
such emergencies. should they arise. by the
sale OF bonds or the exchange of any
money issued or coined by the United
States is deemed advisable. TIL provision
In this section that nc note or certificate
once redeemed or exchanged shall oe with
drawn except IN exchange for an equiv
alent amount of the coin in which said
note or certificate was redeemed or ex-
cnanged, viii forever put an end TO the So
calIed endless chain which has so en-
oarrassed the government In the ever-re-
curing redemption OF the g~reen5ack.
Ihere can be no contraction of the cur
rency under this system for the reason
that either the note is In circulation or. II
redeemed. Its equivalent Is In circulation"