New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-29

mdnd as eN1QenCe0 Dy tuo PNNoN
publican party and the general policy OF ."e
Administration" 1t was felt. the report de-
clares. that the strengthening of the puphc
credit by the removal OF all doubt concerning
the policy and practice of the Government rel
alive to the unit OF value Is or paramount III
portance" It is pointed out that there can
be only one standard at one time, out 'i"' '
convenience Of commerce is promoteo ny "o
use Of different media of exchange convertio'e
into the standard. The report continues
When the standard shall be permanently es
tablished and all doubt of Its staDillty feiloNeu'
the parity Of all our money VIII oe au,S noS
nized and the kind of money IN WHICH paHS
ments shall be made will rarely, If ever, De .he
subject of dispute. When certainty shali tdhe
the place Of doubt ana the n.e6ft tSo Tation.
the National debt can be readily refunded a,
lower interest rates, and future loans negoiateu
with aaee unon better terms than ever before
The ranid development of American trade. ana
its vast expansion bringing our people into close
relations with the leading nations or the world
make n imperative that the standard OF value
in which settlements are made shall be the pest
known 10 the highest civilization. ana shail
safely appeal TO intelligent and successful ex-
nerience Recent events, shaped by causes pc
rrond our control. bearing obligations which Ma
tional honor requires shall be courageously us-
charged open new fields Tor American States -
manship Channels OF trade yet unknown 10
American enterprise. and avenues or commerce
vet 70 welcome American products, VIII surely
result Such conditions emphasize the necessity
for a standard of value which shall remain nrm
throughout the vicisstudes Of competitive trade
It's permanency and stability shouid DE aooVe
suspicion. It's security should be absolute SOM
question Of expedience might he raised II the
nropnsition were new, or we were assuming
nostion at variance with other nations out
the gold standard is recognized by all leauins
nations and the statute proposed mercy re-
ofnrms the policy followed by US for over Sixty
wears so reinforced and plainly expressed tnat
The question will be placed forever beyond as
pute.
PLENTIFUL SUPPLY OF GOLD.
The fact is pointed out that the Treasury al
the beginning of October had a net gold reserve
OF more than $250,000,OOO and that there Is
more gold in the United States now than ever
before. The advantages which TINS si'ua'io"
creates are thus described;
The present conditions most favoraole
and the time most opportune Tor the cIsai p ~nr
III eauvocal adoption of the gold STANDARD; [llor
10 the year 1896 the gold standard had peen
legally adopted by the following countries, san
Austria Hungary, Brazil British Honduras
Chill, Denmark Egypt Finland. Germany;
Great Britain. Norway Portugal, sweden anu
been adopted by Costa Rica, japan, feru anu
Russia The coinage Of silver on private &c
count was suspended prior TO 1870 by tne
United States, Belgium, France Holland lla,y'
Srain India Switzerland Greece and venezuela,
thus effectually although not absolutely hAhs
their status as gold standard countries ,,,.oa
T..
States shall clearly by law adopt the eolu
standard, 1t will pass TO the new CONDITION WIN
even less friction than was experienced by the
resumption or specie payments Inc govern
ment is fortunate in being able to act In so
important matter under such Favorable cir
cumstances. The general policy OF the govern
ment and such declarations as have oeen mace
by Congress are entirely consistent With this
proposition.
Mr. Overstreet quotes the pledge of the Re-
publican National Convention Of 1895, that "all
our silver and paper currency must be main
tanned at parity with god and we favor all
measures designed to maintain inviolable the
obligations Of the United States and all our
money whether coin or paper at the present
standard the standard Of the most enlightened
nations Of the earth" The repeated declara-
lions of President Mckinley are also quoted In
Guiding his speech in New-York at the begin
ming Of 1895. in which he declared that the peo-
nles purpose in favor Of sound money must be
given the vitality of public law" The declara-
ton in the Republican platform and the suose-
ouent effort Of President Mckinley relative to
an international agreement, 1t Is declared were
made in good faith but the attitude Of the lead
ing nations and the constant fluctuations IN the
value Of silver bullion render such an asree-
ment practically impossible.
The mechanism of the new Division OF issue
and Reclamation Is explained, and 1t Is declared
that the different funds referred TO such d.
vision. as they stood in September last are as
foows
First-Goid coin and bullion, represented by out
standing gold certificates, 1885, l.lls ~, ont
SeGGnG C1preScy S' eeTtdeates 10000
Thirdesiiyer dollars ,d REPRESENTED by outstanding
FourthHSiivcr bullion represented by outstand-
ing Treasury notes. SsI l6l 2sO ,o, 70 ors.four,b
of the Inited States n0teT $S s 1s gGS ana
The first four items enumerate the special
| deposits dedicated to specific payments AS
| these obligations are met the deposits are cor
| respondingly reduced
MAINTENANCE OF THE STANDARD.
The scope and purpose OF the provision for
| maintaining the standard by the sale of bonds
| and the exchange Of money thus set forth
| by Mr.. Overstreet:
| In the absence Of law providing protection
| to the gold reserve 1t Is always subject to en-
| enactment In expenditures to meet the general
| expenses OF the Government. Whenever such
I encroachment appears probable fear has
| arisen that the Government may not be able
to meet Its demand obligations, and run upon
the reserve for the redemption Of the demand
| notes has followed. This situation is responsible
| for the so-called endless chain BY separating
! the reserve fund from the general fund, and
| prohibiting Its use except for redemption OF
| United States notes and Treasury notes. the
| dangers to which IT has been greatly sub
| ySI'Su WIN NC IeHlONSu 1Hese demand notes are
| being redeemed in gold now, and always have
been and no additional burden is imposed upon
| the Government. 1t is sought 10 simplify and
| legallze the practice, and create a division in
the treasury where the whole business Of issu-
ing and redeeming notes may be transacted and
TO establish complete confidence in the redemp-
ton OF our demand obligations
section Of the bill seeks to provide a COM
plete safeguard to guarantee the permanent
maintenance of the gold standard by authoriz-
ing the Secretary of the Treasury, whenever II
is necessary for such maintenance to issue
and sell bonds OF the United States payable In
golo coin, and for the exchange OF gold coin for
any other money issued coined by the United
states should the Secretary Of the Treasury
deem such exchange necessary in order to main
tam the parity and equal value OF all the money
OF the United States The legalizng Of the gold
standard and provision for the equality of all
forms OF money at a parity with the standard