The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1899-05-19
The Financial Program.

currency bill. and that the whole
power Of the government will be
used in putting il through congress.
Tue recommendations 10 the last
congress on this subject are sum
married. a follows
1. "A provision that will make
the so-called endless chain, caused
by the redemption Of greenbacks
with gold and consequent runs up
on the treasury reserve, impossible.
,. That the national banks be
permitted to issue circulation up To
the par value OF the bonds deposited
to secure that circulation, instead
Of only ninety per cent, as at pre-
ent.
3 4 reduction Of the tax on
national bank circulation, the pres
snt tax being | per cent.
4. That national banks with
capital Of only S25, ,0)0 be authoriz-
to be established in small towns,
the minimum now being $50 600. "
These were acc c)mpanied by dec
larations that the gold standard
would be maintained, and their
similarity to the proposals OF the
new bill Will be seen from the fol-
loving telegraphic statement Of its
contents:
"Speciiic provision for the main
tenance Of the gold standard is
made in the bill drafted by the At
lantic City currency committee for
submission to the next congress.
Other than this single standard
provision the essential features Of
the bill are confined to these three
main principles:
The protection Of the gold reserve
by placing returned greelbacks in ,
separate fund and paying them out
only for gold.
The issue Of national bank cur
rency to the face Of the bond de-
posit.
The organization in small cities OF
national banks with a capital OF
S25 900 instead Of f5O, 900, a al
present.
Ii will be noted that the only
differences named afe the provision
for the maintenance of the gold
standard and the reduction Of the
national bank tax, and there i little
room for doubt that there is any
real difference a 10 these. When
the rill j. brought IL it will proba-
bly be found to provide for the re-
duction OF the bark tax, and the
provision for the maintenance OF
the gold standard" will be a declar-
alton that al obligations of the
United States are payable in gold
coin. The whole object OF this is
TO make the national bonds payable
in gold bv mere declaration, al
though the purchasers only four
years ago offered premium Of %
per cent. 10 secure this stipulation,
ard il was refused. The declaration
will be equivalent to a donation of
one fourth the value of all outsta id :
ing bonds to their holders, amount
ing to over $500, 900, 900. The re-
duction of the bank tax has been
the great object of the bankers in
the currency reform movement
from the first, and it has been urged
by the banking on assets" thtor
lists that ii was necessary to give
some favors t. the banks To induce
them to assume the burden Of main
tanning a gold standard paper cur
rency. All Of the elaborate scheme
of the indianapolis convention doc
trinaires j. thrown overheard As
the dispatches state, '-This bill will
not meet the wishes Of all OF the
advocates OF currency reform Of
course, but it j. comparatively so
conservative that it j. expected 20
c)nsolIdlte the republican strength
in it, support" In other words, it
il strictly political currency reform
Its effect will. Of course, be to
giant the banks all the privileges
of red them by the Hanna com
mission, and relieve them Of all the
burdens proposed by that commits
sion The banks will lave their
bonds made payable in gold; they
will be authorized to issue notes to
the face value Of their bonds; they
will have a reduced lax on circula
tion: and the organization OF small
banks will be authorized. In re-
turn for this the banks will be asked
TO do nothing but remember their
friends. And this j. a political
proposition that will appeal forcibly
to the republican statesmen in con
gress, who, like Mr.. Mckinley
want the decks cleared for the cam
paign Of 1909. The primary essen
tial Of Mckinley and Hanna polite
is to get the people with none,
soli1 and trust tn their ali 4. rp