Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-11-28
FIRST DUTY OF CONGRESS.

FIRST DUTY OF CONGRESS.
1t has become a generally accepted
opinion that the first important act of
the coming congress will be the passing
of gold standard coinage law. OF all
the legislation that will come before this
congress none can be so important nor
so urgently needed as this monetary re-
form law Elected in 1896 to maintain
and establish beyond all possible at
coinage, and that election ratified by in
creasing republican majorities at every
election since then, the republican lead
ers in congress for the first time find
themselves possessing the power TO car
ry out their platform pledges.
The first enacting clause of their bill
should be a firm and unequivocal es-
tablishment of gold as a standard of
value for all our coinage. We are en-
joying the blessings of that standard
now and have enjoyed it for many
years. thanks TO the wisdom OF sound
money and sound minded executives,
but the fact remains that almost any
day we may see our nation convulsed
with a sudden shifting to silver basis,
all because of the accidental and per-
haps unintentional election of soft
money president, one who might have
ridden into office on issues of colonial
that the financial policy would be
changed. Such dangers are too immi-
nent and too terrible in effect to be al
lowed to hang over this nations bust
ness interests, continually menacing its
prosperity. When smallpox is abroad in
the land we all cry .vaccinate,' and the
republican congress is going to vaccin-
ate the national government against all
infection from the dreadful and loath-
will be go thoroughly done that the pa
tient will be proof against germs of sill
verism, greenbackism and allaother fat
isms. and may enjoy rigorous financial
health forever afterward.
What other features will be embodied
in this bill have not yet been made
known but it is hoped that some such
plan of retiring the troublesome green
backs as WAS suggested by President
,,.;,i l.e .,dopta,l IJe c,,.p. {. c
that greenbacks be paid out only in re-
turn for gold, and provision might be
added providing for their gradual re-
tirement as they accumulate in the
treasury The effect would be mper-
ceptible for their presence in the treas
I ury vaults would indicate that they
We're not needed in the marts of trade.
The need of paper money could then be
| met by the national banks. upon whom
would be placed the first duty OF sudder
redemption. BY a few slight changes il
the banking laws the national banks
could be induced to issue more notes
which would furnish increased eirculat-
! ing media in places where needed quick
er and much more easily than could
possibly be done from the nationa'
treasury. In time it is hoped that our
banking Jaws may be so revised thai
the country Will be supplied with :
! sound money circulation that vii! bolt
expand and contract With the needs 0.
a varying volume Of business. but a
Epresent it would be wise for congress
lato attempt only a few simple and basi
reforms such as placing the gold stand
ard ON a firm foundation checking tn
evils OF the endless chain and making
4 few changes to induce national bank
TO issue more notes.