Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1899-09-28
THE GOLD STANDARD.
Good Example Set by the bankers of
the Country in Their
Convention.

Vention of the American Bankers as
sociation at Cleveland, o., have fol-
lowed their president in plain-spoken
declaration for gold standard of cur
rency values. The unanimous action of
this body of practical financiers is
worthy of attention. They know what
money is by handling it and not by
guessing at it, and are as good and hon
est and patriotic citizens as any in the
land, including those who rail at wealth
and never refuse it. The resolutions
unanimously adopted are so clearly
drawn that they deserve restatement
here:
"The bankers of the United States most
earnestly recommend that the congress of
the United States at its next session enact
a law to more firmly and unequivocally es-
tablish the gold standard in this country
by providing that the gold dollar, which
under the existing law is the unit of value,
shall be the standard and measure of all
values in the United States; that all paper
money, including circulating notes of ma
tional banks, shall be redeemed in gold
coin, and that legal tender notes of the
United States when paid into the treasury
shall not be reissued except upon the de-
posit of an equivalent amount of gold
coin"
The last recommendation has already
been made to congress by President
Mckinley as his suggestion for definite
and immediate action.
1t is indisputable that there could be
no better currency in the world than a
currency SO based on the gold standard
as is recommended by the bankers.
Every paper dollar then would be
backed with gold, and not only backed,
but rivcted with gold. 1t would inaugu-
rate a golden age of national currency
and national credit.
IT has been said by some friends of the
gold standard that it already exists and
that no legislative action is needed to
confirm it. In opposition to that it is
urged that Il silver administration, by
insisting upon paying government obli-
cations in silver coin, could enforce
practically a silver standard, with the
destructive results which would be inn
piled to business, as there is a large
amount of standard silver dollars, of
legal tender authority, which could be
used for that purpose. AS it is settled
that the gold standard is to be the pol
icy of the republican party and of the
country, that policy should be but
tressed now, while the executive and
legislative departments are in accord,
beyond the possibility of even tempo
rary disturbance.
The time is more favorable now than
ever before for unyielding and aggres-
sive advocacy of the gold standard. a
faithful and thorough and even sympa-
thetic attempt has been made to find if
there were enough international bimet-
allism to hang hope on. The attempt
was given up in despair, and since that
abandonment the gold standard haE
been more firmly based as world fact
by the turning of several silver basis
countries to gold as the final regulator
of values. Then, again, the new dis
coverIes and larger output of the pre-
cious metal nullify all apprehensions of
scarcity or fear of Il reduction of guam
tity below the limits of practicable
standard
With an out and out flatfooted dec
laration for the gold standard, the re-
DuDllcdn party Will Dt even SlIOllS tI bll
the financial question in the next cam
paign than in the last. Then there was
the IF" of international bimetallism
That ''if' has been removed. Moreover,
the rejection by this country of the free
coinage of silver has justified itself by
its works OF prosperity, assured credit
and high and honorable standards of
public conduct.
The bankers of the country have set
a good example in declaring for the
gold standard. Every republican con-
vention should follow that example.
There should be an unmistakable gold
standard plank, without any qualitica-
ton, in the next national platform. On
that basis the republican party, which
will then be not only the sound money
party but the soundest money party,
can overthrow by even larger ma jority
than before the party of free silver and
a degraded standard of values.-Troy
Times.