The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-12-12
TWELVE PAGES.
The House Currency Bill.
~HE financial measure now unt


consideration in the house of
representatives is one the i'm
mediate Importance and far-reaching
consequence of which should be fully
understood by every person of mature
years in the United States This bill
was formulated by republican eau
Gus committee sitting during the recess
of congress, it has the hearty approval
of President Mckinley, and although it
stops just one point short of Secre-
tary Cages extreme desires, that point
can be easily carried in the future, and
it may with perfect fairness be termed
an administration measure
The most casual glance at the text
Of the bill will show that the thin We
neering OF bimetallism with which the
republican leaders were wont to dis
guise their real monetary sentiments
has been removed. Not the faintest
suggestion or most remote allusion to
bimetaIlism. either by independent ac-
ton or agreement with other countries,
anywhere appears in the bill. It Is
gold standard measure OF the most I'M
bank currency provisions almost as
Objectionable, from a purely monetary
standpoint, as the primary feature of
the bill.
First of ALL the law making the gold
dollar the unit Of value Is reaffirmed.
This in itself would not amount to
anything were it not for the provisions
Immediately following in the second
section. which make gold coin the only
redemption money of the country.
That is to say, all the Understanding
obligations and all notes and treas
ury notes Of the United States are
made specifically redeemable in gold
coin. All other money obligations,
public and private, for the payment of
money are to be performed in conform
ity with the standard thus established,
with the proviso that nothing in the
act shall be construed to affect the
present legal tender OF the silver dol
lar.
1t must not be supposed, though,
that this proviso leaves the silver dol
lar unimpaired. The rule of legal in
terpretations is that the different parts
of law shall be SO construed as to
give full force and effect, If possible,
to every provision. the courts consid-
ering that ouch must have been the
lawmakers intent. In this case the
bill first expressly makes all bonds and
United States notes redeemable in
gold. To hold that the silver dollars
could also be used to redeem the same
paper would be a fat contradiction,
which would practically nullify the
provision for gold redemption. The
courts would never SO decide Thus
the silver dollar would be left with
no legal tender function except as be-
tween individuals in their private deal
ings with each other, or between the
government and individuals, where nj
other kind of payment has been stipu,
lated in the contract.
But this is not all, or even the mos
important part Of the changes propos
ed. The silver dollars are. themselves
virtually made redeemable in gold Thu
bill creates division in the treasur!
TO be known as the division of issu
and redemption. To this division is t,
be assigned the gold coin and bullio,
held against outstanding gold certifi
Gates, the silver dollars held agains
outstanding silver certificates, the sill
yer dollars and bullion held agains
the outstanding notes of the act o
July IL, 1890--the Sherman law''-an,
an amount of gold coin and bullion t
constitute a reserve fund equal t
twenty-five per cent. of the green
backs and Sherman notes outstanding
It is made the duty of the secretar.
TO maintain the gold reserve thus pro
vided, and in order that he may do s.
he is authorized TO transfer to it an.
,nonavS IL, tho treasury por ofherwis