Omaha daily bee., 1899-11-17
UNWISE COUNSEL.


| against any financial legislation by the
| next congress, some on the ground that
| no legislation is needed and others for
the reason that such legislation might
prove disadvantage to the party in
next years campaign. These are un'
wise counselors, whom it is to be hoped
the majority of republicans in congress
will give no heed to.
The general demand calls for leglsla-
tion unequivocally establishing the gold
standard. The claim that the gold
standard is already fixed by law is ques-
tlonable. A doubt exists in the public
mind in regard to It and 1t is most
important and essential to the main
tenance of financial confidence that this
doubt be removed. The fact that we
have the gold standard gives no assur-
ance that 1t would be maintained If the
power. Under existing laws it is un-
questionable that an administration hos
tile to gold could place the country on a
silver basis, by insisting upon paying
the obligations of the government in
silver at the option of the government
No additional legislation would be re-
quired to enable such an administration
to do this. 1t could pay the obligations
Of the government in silver without any
authority to do so beyond what existing
law gives and there can be no doubt
that this would be done IL the Brya1iite
l. u ,x,.
election.
The republican party is fully and un-
alterably committed to the maintenance
of the gold standard and while it has
the power to fix that standard in law it
is the imperative duty of the party to do
so. The net result of the late elections
was favorable to the gold standard. The
republican platforms declared unequiv-
ocally for gold and the popular verdict
approved the declaration. A republican
congress can desire no better assurance
than these elections gave as to the sem
timent of the country. A very large ma
jority of the people are Enthusiastically
in favor of maintaining the gold
standard and the failure of congress 70
legislate for this purpose would inev-
itably operate against the party in
power. Ut would be justly regarded as
cowardly evasion of q duty as i'm
portant and urgent as any that the |
Fifty-sixth congress will be called upon
to perform.
The plan of financial legislation pro-
Inv, hn
committee is simple. 1t provides for a
declaration that all the obligations of |
the government are payable in gold, |
that legal tender notes redeemed in gold |
shall be reissued only in exchange for |
gold and for certain notifications in the |
national banking law designed to en-
larger issue of bank currency. |
There is no good reason why this pro-
posed legislation, or that portion i'll
tended to safeguard the gold standard !
and protect the gold reserve, should |
not be promptly enacted 1t has re.
ceived very thorough public considera-
tion and is endorsed by the financial
and business interests of the country.
1t involves no radical change in our
monetary system. Having the gold |
standard, it simply proposes that the
standard shall be maintained. 1t con-
templates doing away with all danger
from the ''endless chain" With these
things accomplished financial confidence
would be firmly and securely estab-
lished and the country could regard a
of the free silver agitation
without apprehension,
1t is to be expected that this plan will
encounter some republican opposition
in congress. There are men in both
houses who will counsel against it as
being unnecessary or ineXpedient. We
think, however, that its adoption may
be confidently predicted and we do not
doubt that such legislation
will strengthen the republican party
everywhere.