Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-11-30
Y. G. Ny|l0l. !,
" N III q
MONETARY STANDARD.
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CONTINUED from page J..
such return shall be liable to penal
" of 5000, to be collected either out
of the interest as it may become due
such association on the bonds depos-
tied with the treasurer, or, at his OPP
ton, in the manner in which penalties
are to be collected of other corpora
tions under the laws of the United
States. Whenever any association fails
to make the return herein required, the
taxes to be paid by such association
shall be assessed unon such amount as
the treasurer may determine to be the
true amount of capital. surplus and
undivided profits of such association.
Whenever an association fails to pay
the taxes imposed by the section
the sums due may be collected in the
manner provided for the collection of
United States taxes from other corpo-
rations; or the treasurer may reserve
the amounH out Of the hteest, as it
4 may become due on the bonds depos-
tied with him by such defaulting assoc
citation.
Small Banks.
Sec. 10. That section 513s of the Re-
vised Statutes is hereby amended so
as to read as follows:
"Sec. 513S. No association shall be
organized with less capital than
100000, except that banks with cap
3 ital of not less than $4,000 may, with
the approval of the secretary of the
treasury, be organized in any place,
the population of which does not ex-
coed 5000 inhabitants, and except that
banks with capital of not less than
$4,000 may, with the sanction of the
secretary of the treasury, be organized
in any place the population of which
does not exceed 1000 inhabitants. No
association shall be organized in a city
the. population of which exceeds $4,000
I persons with capital of less than
100000
A report on the bill has been pre-
pared by Represent atiFe Oyerstreet,, of
Indianapolis, who introduced the orig
inal bill of the monetary commission
in 1898, and distributed to each repub-
lean member of the house. Overstreet
frankly admits that the committee did
mot consider the general subject of
banking, nor did it seek to arrange a
complete scheme of finance, but con-
fined its recommendations to those
subjects of most pressing demand, as
evidenced by the pledges of the repub-
Ican party and the general policy of
the administration"
1t was felt, the report declares that
Athe strengthening of the public credit
by the removal of all doubt concern
ing the policy and practice of the gov
eminent relative to the unit of value,
is of paramount Importance.
1t is pointed out that there can be
but one standard at one time, but that
the convenience of commerce is pro-
NOTED by the use of different media
of exchange convertible into the stand
ard. The report continues:
when certainty shall take the place
sof doubt and the integrity of our cred
it be as fixed as the honor of the nation,
the national debt can be readily re-
funded at lower interest rates, and fu-
ture loans negotiated with ease upon
better terms than ever before. The
rapid development of American trade
and its vast expansion, bringing our
people into close relations with the
leading nations of the world, makes it
imperative that the standard of value
in which settlements are made, shall
be the best known to the highest civ
ilization and shall safely appeal to in
telligence and successful experience. It
is the standard recognized by all the
leading nations and the statute pro-
posed merely reaffirms the policy fol-
/ lowed by the. United States for over
sixty years, SO reinforced and plainly
expressed that the question will be
placed forever beyond dispute"
The fact is pointed out that the
treasury at the beginning of October
had net gold reserve of more than
$250,000.000, that there is more gold in
the United States than ever before.
The present conditions are most ia.
vorable, says the report, and the time
is most opportune for clear and une-
quivocal adoption of the gold standard
Reference is made to countries hav-
ing legally adopted the gold standard
as well as those in which the coinage
of silver on private account has been
suspended. Continuing, the report
declares:
'sIf under all these conditions the
United States shall clearly, by law,
adopt the gold standard, it will pass to
new condition with even less traction
than was experienced by the resump.
ton OF specie payment. The govern
ment is fortunate in being able to act
in so important matter under such
favorable circumstances, the general
policy of the government and such
declarations as have been made by con.
+ gress are entirely consistent with this
proposition"
The declaration in the republican
platform and the subsequent effort Of
President Mckinley relative to an in
ternational agreement, it is declared
were made in good faith, but the atti
tude of the leading nations and The
constant fluctuations in the value O
silver bullion, render such an agree
ment practically impossible.
The scope of the purpose Of the pro
visions for maintaining the STANDARD
by the sale OF bonds and exchange q