Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-29
THE GOLD STANDARD.
ECON1MENDATfONS OF THE RE
PUBLICAN CAUCUS.

81
of the-bill and report prepared by the
Republican Caucus Committee. which
met at Atlantic City last spring, were
mailed this evening to the Republican
members of the House. The purpose Of
the bill is to remove any doubt that
may exist as to the character of the
standard. 1t contains number Of dis
tinct propositions.
l. The standard unit of value shall
be the gold dollar.
2. United States bonds, United States
notes and treasury notes, shall be paid
i'll gold, and all other public and pri-
vate obligations shall be paid In con-
forinity with the standard.
3. The establishment of division OF
issue >nnd redemption in the treasury
TO separate the note Issue from the
fiscal operations OF the department and
the creation of gold reserve equa.
to twenty-five per cent. of the uut-
standing United States notes and treas
ury notes.
4. The sale of three per cent gold
bonds to maintain the gold reserve.
Q. Gold coin may be exchanged for
any other money, when necessary to
maintain the parity. and United States
notes and treasury notes redeemed in
gold shall not be disbursed except in
exchange for gold.
D. Subsidiary silver may be coined
from any silver bullion purchased
under the act of July H. 1890 and
treasury notes equal to the cost of The
puiiion contained in such coin shall he
cancelled. De
q. All worn and uncurrent subsidiary
silver Coin may be recoined
.. Silver certificates shall be limited
In denominations to 81, 50 and s..
y. National banks may issue circula
ton to the par value OF the bonds de-
posted by them.
III. Inc tax on national bank circuIa
ton is repealed and a tax of one-fiftb
OIL ner cent. per annuma is placed
upon the franchise of the banks nc
measured by their capital. surplus md
undivided profits.
III. National banks may be organized
with capital of $4,000 in towns of
1000 inhabitants.
EXPLANATION.
The report on the bill has been pre-
pared by Representative Overstrcet OF
Indianapolis. who introduced the origi-
iihi PHI or the Monetary Commission
IN 1898 MIR. Overstrect frankly admits
that the committee did not consider
.he general subject of banking, nor did
IL seek TO arrange a. complete scheme
OIL finance. but Confined it's recon-
mendat!ons TO those subjects of most
pressing demand, as evidenced by the
pledges of the Republican party and
ton"
1t was felt. the report declares. that
the strengthening Of the public credit
by the removal Of all doubt concerning
the policy and practice OF the Govern
ment relative TO the unit of value. is
or paramount Importance"
The report continues:
IL
nently established, and all doubt of It's
stability removed the parity OF all our
money VIII be fully recognized, and the
KIND or money in which payments shall
be made will rarely. if ever, be the sub
1cct of dispute. When certainty shall
take the place OF doubt, and the intor-
rity or our credit be rs fixed rs the
liohor OF the nation, the national debt
can be readily refunded Mt lower inter-
est rates. and future loans negotiated
with ease, upon better terms than ever
before.
THE rapid development of American
trade makes 1t imperative that the
standard of value in which settlements
are made shall be the best known to
the highest civilization Recent events.
SNAPPED by causes beyond our control
nearing obligations which national hon
or requires shall be coura geousIy dis
charged, open new fields for American
craftsmanship. Channels of trade vet
unknown to American enterprises. and
avenues of commerce yet 10 welcome
american products will surely result
SUCH conditions emphasize the neccssI-
" Tor standard Of value which shall
remain firm throughout the yicissi-
tudcs of competitive trade"
TITO fdct DUfntCu ont NAT tbo
Treasury at the beginning OF October
s,tn a. a. net gold reserve OF more than
sou, 100000: that there is more gold
in the United States now than evar
before, and that the present condi.
tions are most favorable and the time
most opportune. for the clear and
uneduivocal adoption OF the gold
standard. If, under all existing con-
ditions. the United States shall clearly.
by law. adopt the gold standard. If
VIII pass TO the new condition with
even less friction than was experienced
by the resumption of specie payment.
ISSUE AND REDEMPTION.
The mechanism of the new division
of issue and redemption is explained
and it is declared that the different
funds referred to such division. as
they stood on September last, are as
follows:
/. The gold coin and bullion, repre-
scented by outstanding gold certificates
1855, sol ,119.
2. United States notes, represented
by outstanding currency certificates.
sic, 100. 600.
3. Silver dollars. represented by out
standing silver certificates, s405, 197, 504.
4. Silver bullion, represented by out
standing Treasury notes. $91, 167, $50.
o. Gold coin and bullion. equal to
one-fourth of the United States notes
tS346,6S1 .0lG) and Treasury notes (s91,-
lG7,2So) outstanding Sl09,4G2, O1i
The first four items enumerate the
special deposits dedicated TO specific