The Denison review. [volume] (Denison, Iowa) 1867-current, 1899-02-10
GOV. SHAW'S AODR[SS
Before the nanufactursfy Assoc:iia,...
ton OF New York State.
AN APPEAL FOR ACTION.

AN APPEAL FOR ACTION.
What Must be Done to Give This Countrya
Stable and Reliable, Yet Flexible /,
Currency.
CONTINUED from last issueD
The present president of the United |
States was elected upon Il progre slve
gold standard platform and, while no
one doubts that he will continue to
stand thereon with the same firmness
thus far manifested, they are not want
ing who urge the wisdom of statute
on which his successors shall be requir-
ed to stand. Nothing su fully satisfies a
business man as a certainty. Personal
guarantees, unless in writing and sign
ed by the party to be charged, are not
bankable assets. If it is the purpose
of the government to maintain the gold
standard and the parity of all forms of
money, there is nothing that would re-
lieve so much anxiety as definite stat.
ute to that effect. There is as much
difference between declarations of in
tention and specific pledges as between
express promises and their ful6llment.
Value of Financial Certainty
We hear much, and we read more,
about this country becoming the banker
of the world. 1t would be difficult to
find country with flag that does not
keep money on deposit in London.
And why in London rather than New
York? First and chiefly because a
draft on England can be discharged
only in gold or its equivalent. A for
eign merchant in neutrality-suspicious. in
pounds sterling has no occasion to in
qnire as to the political complexion of
parliament or the financial policy of
the chancellor of the exchequer, but be-
fore he accepts draft payable in Uni
ted States dollars wisdom demands
that he shall examine the election re
turns as we'll as the platform of the
dominant party, and then that he as
certain whether the chief executive has
the courage of his convictions sufii.
GENTLY to stem the tide of political ag-
itation within his own party, should it
again arise as in 1898.
While United States notes and treas
ury notes are left redeemable. in silver
If the president shall so direct, and the
exchangeability of silver at par for gold
is not provided for by statute, neither
greenbacks nor treasury notes can be
said to be the legal equivalent Of gold
Our national bank notes ara redeem.
able in lawful money. So long there,
fore as silver dollars and Upithd States
lHotes and treasury notes redeeMable il
!. silver dollars are lawful money for the
Redemption of national, bank notes, il
cannot be said that this class Of curren
cy rests upon gold standard. So Ions
as there is no provision of law for the
!. exchangeability or redemptioit Of silver
dollars in gold and while this coin il
clothed with full legal tender power
our enormous volume of silver and sill
yer certificates cannot be said to con
stitute gold standard money. ThesOnly
paper currency we have exchangeabls
for gold by statutory requirement. is 9
few'gold certificates. The parity Of more
than 81 500, 600 600 of our currency hat
been maintained during two decades
by main strength" and for four long
, pernicious years by the strength OF one
man. If this can be done in the face
and against the protest Of a minority
without statute requiring it, cannot
the same thing re accomplished, and
with far less friction, when this policy
shall be given the vitality of public
law?" -
Time Ripe For Action.
The friends of currency reform in,
sist that the time is ripe for the. ulti
mate determination of the question, $50
that we ourselves and all the worldsa n
we'll shall know. that this gold stan,
ard country. made SO. by th1 express
will of the people and by the determi-
nate act of congress. When this shall
u0vO OOOu OOuOs 0llU IIOt VutIl tUoU,
need we solicit the commercial balances
of commercial countries.
1 am disposed to think a large mum.
Der of the alleged friends of sound
money underestimate the Importance
of this question. Others. recognizing
its, gravity fail to appreciate tina. any
material modification in our currency
laws Is essential. They insist that
nothing is necessary but a declaration
in general terms that the gold standard
shall be continued without prescribing
any method bv which this shall be
done. AS we'll might congress declare
in favor of n protective tariff without
the enactment of tariff schedule.
Others urge that the retirement of gov
vernment currency would accomplish
all that is necessary. These fail to rec