Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-12-19

republican caucus, if one should be
called, or by separate action of the re-
publicans in the two houses. These
measures leave no decent excuse for
doubling that the republican congress.
men sincerely desire to place the cur
rency on the. soundest possible basis,
and in the main the steps by which
they seek that end are the same in
both houses. Both measures open with
a formal declaration that the gold stan>
dard is now and in future shall be es-
tablished, that all other forms of mon-
ey shall be kept at parity in standard
gold coin, that gold reserve fund
shall be formed and used for redemp-
ton of notes only, and replenished if
necessary by sales of bonds.
The difference between the two meas
ures are of some Importance. The first
sentence of the senate bill is the most
compact and impressive part of either
measure, defining the standard gold
dollar, declaring that "all forms OF
money ISSUED or coined by the United
States shall be maintained at parity,
of value with this standard" and pro-
viding that United States and treasury
notes shall be redeemed in gold coin
of such standard. Where the house
bill creates a separate division for re-
demption, with a reserve fund of $780,
100000, the senate bill makes it the
duty of the secretary of the treasury
to set apart reserve fund of $150,000.-
900 in gold coin, which shall be used
for such redemption purposes only.
Besides putting a larger sum behind
the outstanding notes, the senate pro-
vision seems to be more distinct and
explicit regarding the steps to main
tain their value, including the sales of
bonds.
The difference between the two mea-
sures regarding the treatment of sill
yer certificates is perhaps more appar-
ent than real. The object of both
seems to be the gradual retirement OF
other forms of paper in denominations
OF $40 or less, and the exclusive occu-
patton of that field by small silver GER
titicates. Far this purpose the sena te
bill provides for retirement of treas
/ ury notes and the issue of silver GER
| tificates instead, and both bills seem to
1 leave these certificates to be redeemed
in silver only at ordinary times, but
! in any emergency to be so redeemed
as to matptain them at par in gold. 1t
I would surely be safer, more readily
understood by the people, and there.
1 fore much stronger, to provide eNpllc-
litly for redemption in gold at the wish
of any holder of every other form OF
money issued or coined by the govern
ment.
1 Both bills contain provisions which
might be used for the retirement and
cancellation of part of the legal tender
notes. Members of congress are fresh
from the people, and they probably
know whether there is majority of
the votes in favor of any such. courss.
1T there is no majority to support "A
scheme which has. been most persist.
emily tried in almost countless ways
by advocates OF currency entirely
controlled by banks, then it would
surely be wise for republicans of both
j houses to take care that no provision
/ capable of being thus interpreted and
employed should he left in the meas
ure. The present secretary is not a
man TIC resort to any misconstruction
of the law in order to accomplish any
Y thing, but it is easy to conceive that a
secretary may be found in office here
after who may strain a point in order
Ito get rid ofFthe United States notes,
IF there are provisions in both bills ca-
pable of being used to that end, the
Republicans will serve the interests OF
their party as well as of their country
if they examine such provisions with
much care and guard them againss
misconstruction and misuse as far as
4 possible, q