The sun., 1899-11-29

Spain. India, Switzerland. Greece and Yene-
Zuela. thus eneciually, although not also;
lutely, fixing their status as gold standard
iii. under all these conditions. the. United
etnndard, IL will PASS To- the new condition with
even less friction than was experienced by the
ment @ Is fortunate in being able, to act in
so important matter under such favorable
SHtaSdf ernmept and such declarations as have been
made by Congress. are entirely consistent
With this p,r9'positiSSn The , lay Of FEB. Fer; ~;
the standard weight q twennty.ayS and esht-
years been the policy Of the G2Nyernment rela-
tive to the standard Of value. While no subse-
tion, yet the quantity Of our siiver money 80
largely increased under the operation OF the
pss Feb II s oa July p s ,Es ana
the ability OF the Government to maintain tho
parity OF gold and silver was seriously doubted
monetary standard was weakened. and Il has
since been called the 'LimpinR STANDARD, Al:
of the ws of 'fsS & Ys9s and july i6
osd hs h s
portions. An effort to, redniorce the nations
credit ,wns made on Nov ]. 1893: when Con;
Gress declares its purpose to maintain its gold
and silver money 'Ot equal intrinsic and OK.
changeable value. such equality to be secured
through international agreement. or by such
safeguards Of legislation as will insure the
maintenance OF the parity in value OF the two
metals and the equal power o. every dollar at
debts.'" :" WV '"' avs anu WV ''' '''"' ~
,.The report then recites the declarations OF
nS SpniUS"1 iayor PaT qma % r'Sf
which. T. is pointed out. has been found to b,
practically impossible owing to the attitude OF
leading nations. IL continues:
1t Is sought in this bil 70 leRaiize the gold
by ,bs Ssn and Ia ali M1'p"e o Sn wnn az
establish the STANDARD that It can ne CHANGED
only BY Congressional action. in this wny CIV,
!hs Soi standard wopld te impraetlcS;
government obligations in that standard, and
providing for all obligations, both public AMI
2r n tss With S %n'y Gs tS &
established. such. provision In nowise int'r-
feres with the legal lender quality OF the pres.
payment Of a different character especially
provided bv contract II merely seeks to mako
standard Of value as nXed hy statute.
'Tht recognition Of the standard ia reflected
the payment ofits obligations, Mere statutory
declaration wouli be 10. unless the conduct
ot the nHtoa toSara it'9%S dets %rrs o,h S0
must he free from am biguity. National honor
and nat onall credit are closely allied In tho
always folio the iractice Of making pay
ment In money equivalent l,l 70 the tv5 best money
the G"yernmcnt, for which ia credit mas been
pledged has bsen as good as gold. and the di--
charge OF such, debt n money of less value
would be reputation"
PARITY OF ALL Forms OF MoSEr.
Referring to tho section OF the bill creating
port says: THE din rent fun 8 which would,
BY this section. he referred to such division OF
amounts am s"Ih n the soth ay 0, isa. are
as .o..ows: God ooln mn bullion reprasentet
By outstanding gold certificates. Sl35. .5Ol. ~:
| Ia \ ~ OutatpnltnE
currency ccrtinca;es. sl1 100000 silver dollars
represented BY outstanding silver certificates.
500. liI.5O4j silver bullion. represented by
outstand pg treasury notes. s,n. .ld7, 2sO; gold
G.2in and bullion eGMa e 90 'Ts,;'oGr,h MI; q, the
ury notes ST. .ld7. .2SOi. outstanding. slOn.-
i12.07I, The tir;,t lour it"ms enppm rate The
Az these ohIgnt ions are, met. the deposits are
corre.pondngly reduced.
In the absence vi Il laT providing protection
to the gold reserve, Il IL always subject To en-
croachment In expenditures to meet the gem
eral expenses OF the Government Whenever
arisen that the Government may pot be able to
meet Its demand ohllga'i ms. and "A run upon
the reserve for the redemptlon OF the demand
bic for the so-called EN- less chain By separ-
atipg the Ies-rye fund from the general iund.
demptlon Of United States notes aud Treasury
notes, the daLgers TO- which II has been so
demand notes are being redeemed in gold nuy,
sEl always have been. and no aIdit ohal
!
is sought to Simplify an !. galze the pra"tc'.
and create division In the Treasury whet'
the whole -ss OF Issuing ana rIdIem nR
pete confidence In the redemption OF our
''section our Of the bill seeks to provide a
complete safeguard to guarantee the perma-
hent ma ntenancs OF the god standard 10y au-
thorz ng the secretary OF the Treasury. when
ever il il Necessary ior such maintenance to
issue and sell bonds OF IN. United states, paya-
be In gold coin. and Tor the exchange OF
coined hy IN. Untsl state. should the Secr.-
tarv % the Treasury deem such exchange nee;
equal valus OF all tn" money ~ ihn Inl' cd
lHes. The ega zinG OF the goi stand;
forms OF money alta Tari y with the STANDARD.
S,il 80 remove all doubt Of III. snuntness aud
occasion .or III" "xchang" OF one kind NJ
money ,or ano her. And ct IN order t. make
complete guarantee agl,GHt any contingency
Airh may arise auth" ity 20 the secretary
shoul th-y arise. ny the ~ Of b ,niS or thu
eNcuHngr any m'."y i-sGei or coined "y
l"e rtov.son IN ihi- scr'.In that 10 u .
or ertr A." "nr- re irrm"d or Exchanged
sha be- wi hdraNh, exc pt /. rx,nnug. fpr an
ran!Na,rm, ON, =, o. Il" con IN wneh SAD
changed, VIII 'oreyer put an end 20 'hs So
called "hd""s cnain which has 80 EN- mharrass a
N" G"N"gnnrnt In tue "Ner.G"carr n! r"-
contract Il . IA" currency under nj system.
Tor the Reason th,1t eel her tho not ~ ia Gircu-
1hton oI' ~ I''leS'a'u' lNh elhlNh!tUt 10 IN cIr-
ru,hl on
~ cuon seven gives authority. III" report
cOntuur5.' 10 the Secretary Ot the Treasury
TO Issue or to reiS-ur lnIIed state. notes
or Treasury notes IN lemon nations not l">S
than one doll. r, a ne may r:"-crlbe. AMI pro.
y.a-, that .It silver c"r' iilCa'o- hereafter
issued ur paid out sha 10 M Communications
only ~ one d. lar two do!lar- and i've DO ar-
lwpO IcrI p Hr" sought ~ tn -sc ion. first. To
cmp wrr the secretary Oi the Treasury " tn
dl erection tor he surp NJ smdlI not, stO N s"t
tnC rWhnds o the hus ne-B WuiiI as the ~ane
+ ~, uri-U. Th.- nee rns.y has been rOmiuuut
Of iatn on account. Of the vns'ly In
creased bu- mesa Ui tho rpuutry Io-
uu.,ng chang in small rrlr-a tons
lnd'r the ~" eat law tho Secretary uf the
Ira-urY lurs not It-Se~S this dlrc. rt On, tut
4 required 20 r. ssur sn"h Totes in tine same
druutu ua,,OnS IA T.drrmrd Hnd the risil
euto yem"ui o tie l. gfrai emharrash SEA
genera aus su,ss where such demand Tor
smar notes exists. Wal pruvision ~ Iadr in
thlS see ion iur the lssu" OF Uni ell States notes
anl lreaurE notes -, such denominations not
less than one iollnr a. the Srcre AIRY oil the
lrea- ufy may prescribe, yel II Is presumed
that such dis 'ipiIon will be exercised 10y the
Secretary ol the Treasury only TOR the purpose
ol mretinI an urgen demand for small notes
ana that ~ the absence OF such emergency
silver certificates will largely comprise the
note issue O the government under ten dollars
Rather than c. crate hs u restriction OF the
In