The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-11-29

and We favor all measures designed 20
maintain InvfoiGt the obligations Of he
United States and sIi our money. whether
coin CT paper, at the present standard. the
standard Of the most enlightened nations
OF the earth"
The reported aec1ana tons OF President
Mckinley are also quoted. inciatstDg his
famous speech IN New York at the begtr-
ming Of isss. in which he declared that ths
peoples purpose ia favor Of sound money
na irs hs given ne vitality Of p1phe law;
form ard the subsequent effort of Presi-
dent Mckinley relative TO an international
agreement 1; Is declared were made in gaa6
faith, but the attitude Of the leading DA-
lions and the constant fluctuations in the
value OF silver bullion render such an
agreement permanently impossible
Mechanism of the New Division.
The mechanism of the new division OF
Issue and redemption is explained and 10
is declared the different funds referred 10
suca a division as they stood in September
last are as follows:
/. Gold coin and bullion represented by
outstanding gold certificates. <l35. sol .iia
2 United States notes, represented by
outstanding currency certificates. A6f1,-
:. Silver dollars represented BIZ out
standing silver certificates. ss95. iss. Tspi.
!. SILVER bullion represented by out
standing treasury notes. 81. .2s1.
8. Gold coin and bullion. equal 10 one
fourth OF the United States notes (s3l6,-
tsi.sl5s. and treasury notes (s9i, is7, ISL out
standing. slaS, 4sa. g7s
The first four items enumerate the spe-
cfai deposita dedicated TO specific pay
inents As these obligations are met the
deposits are eorrespondingIy reduced.
It's scope and Purpose.
The scope and purpose OF the provisions
Tor maintaining the standard By the sale
thus set forth by Mr. Ovsrstreef:
In the absence of a law providing pro-
seJ ft 70 the god reserve, il is always
sap1sct TO encroachment In expenditures
20 meet the general expenses OF the gov
eminent. Whenever such encroaehment
appears probable. fear has arisen that
.sne government may not be able to meet
the reserve for the redemption OF the de-
mand notes has followed This h resron-
slDie Ter the so-called endless chain By
separaing the reserve fund from the
general fund and prohibiting Its use ex-
cept Tor redemption Of United States
notes and treasury notes the dangers Ia
which IL has been often subjected would
be removed The demand notes are re-
deemed ir gold now and always have
beei' ana an additional burden is imposed
upon the government. II is sought to sim
pil.y and legalIze the practice and create
q DIVISION IN the treasury where the whole
business or issuing and redaemfng notes
if.ay De transacted, and to establish COM
pete eeig,cenee In the redemption of our
demand obligations.
Provisions fur Redemptiou.
a complete safeguard to guarantee the
permanent maintenance Of the gold stand
ard by authorizing the secretary OF the
treasury whenever necessary for such
maintenance TO Issue and sell bonds of the
United States, payable in gold coin, and
Tor the exchange of gold coin for any
other money Issued or coined by the
United states. should the secretary of the
treasury deem such exchange necessary In
order TO maintain the parity and equal
value OF all the money of the United
states. The legaiizing of the gold stand
ard and provision for the equality of all
forms OF money at parity with the
standard, Will so remove all the doubt
OF the soundness and integrity of our
money that there will be little occasion
Tor the exchange OF one kind Of money
for another And yet, in order to make
complete guaranty against any contfn-
gency which may arise. authority 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.
Endless Chain Knocked Out.
1.-The provision in this section that no
note or certificates, once redeemed or ex-
| changed, shall be withdrawn, except in
exchange for an equivalent amount of
! the coin In which said note or certificate
was redeemed or exchanged. will forever
put an end TO the so-caiied endless chain
which has embarrassed the government
! In the ever recurring redemption Of the
| greenhack. There can be no contraction
| 81 the currency under this system, for
! the reason that either the note is in circu-
| laiion. or. II redeemed, its equivalent is in
| circulation