The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1899-12-02
4 MOST VICIOUS MEASURE.

:.
The financial bill prepared by the
republican caucus, which met at At
lantic City, and which will be one of
the first to be introduced in congress,
is the most vicious financial legislation
that has ever been proposed in this
country. It not only fastens the gold
standard irreyocably upon the nation.
but places the power of making money
scarce or plentiful in the hands of
national banks, and empowers the
secretary of the treasury to go into the
markets wherever he sees fit and buy
gold on interest bearing bonds.
This abominable measure provides
first that the standard unit of value
shall be the dollar consisting of 25.8
grains of gold, ,nine-tenths fine, or %. %
grains of pure gold. It then provides
that all snterest-bearing obligations
of the United States now existing or
hereafter to be entered into. and all
United States notes and treasury
notes issued under the law of July IA,
1890, shall be deemed and held to be
payable in gold coin of the United
States. Not satisfied with making
government obligations payable in
nothing but gold coin it provides that
the payment of all private obligations,
no matter what the contract shall be
in gold by saying land all other obli-
cations, public and private, for the
payment of money, shall be performed
in conformity with the standard estab-
lished in this act"
Section of the bill provides for the
operation of the ''endless chain" and
the forced issue of interest-bearing
bonds whenever money holders shall
find it more profitable to loan their
money to the government than to in
vest it in private enterprise. 1t Gays:
sIt shall be the duty of the secre-
tary of the treasury to maintain the |
gold, reserve fund taken up on the |
books of the division of issue and re-
demption, as herein provided, and for
this purpose he may from time to time
transfer to such fund any moneys in
the treasury not otherwise appropriated
or may exchange any of the funds in
division of issue and redemption for
other funds which may be in the gen.
oral fund of the treasury, and in adj
1ition thereto is hereby authorized to
ocua ond coll ,ybonovor IN hio i,dp
nent it is necessary to the maintenance
)f said reserve fund, bonds of the
United States bearing interest at
ate not exceeding per cent per an
,um. payable in gold coin at the end
,f 20 years. but redeemable in gold
'oin at the option of the United States
Ifter one year." 1t then goes on to
"a: "That all United States notes
ssued under the act of July IA, 1890,
presented for redemption shall be re-
leemed in accordance with existing
aw."
That portion of the bill referring to
ha issuance of credit currency places
t entirely in the hands of national
ranks. secured by interest bearing
.oyernment bonds, and permits the
ecretary Of the treasury to redeem or
ccept such notes. The tax on bank
irculation reducedto one-terth of one
er cent.
That this bill will be rushed through
ongress is quite evident, for the party ,
q power will take no chances on the
lection of 1900 which may deprive
hem of president, and if once this
,easure is placed upon the statue .
ooks it will stay there until the OPP
osition can get control of the senate, I
rhich cannot be accomplished inside
I six years. The gold standard party {
as a majority in the house favorable G
D this measure, and it will likely be 8
assed with but little opposition, and I
q the senate republicans who are not i
vorable to it will be whipped into 9
ne. It will not be surprising If this /