The Denison review. [volume] (Denison, Iowa) 1867-current, 1899-02-10
GOV. SHAW'S .A|DDRESS
Before the nanufactdtsfs, Ass;oc:EEa,..
ton OF New York State.
AN APPEAL FOR ACTION.

AN APPEAL FOR ACTION.
What Must be Done to Give This Country a
Stable and Reliable, Yet Flexible
Currency.
CONTINUED from last issue,
The present president of the United
States was elected upon Il progre sve
gold standard platform and, while no
one doubts that he will continue to
stand thereon with the same irmness
thus far manifested, they are not want
ing who urge the wisdom of statute
on which his successors shall be requir-
ed to stand. Nothing So fully satisfies
business man as certainty. Personal
guarantees, unless in writing and sign.
ed by the party to be charged, are not
bankable assets. If it is the purpose
of the government to maintain the gold
standard and the parity of all forms of
money, there is nothing that would re-
lieve so much anxiety AS definite stat.
ute to that effect. There is as much
difference between declarations of in
tention and specific pledges as between
express promises and their fulfllment
Value of Financial Certainty.
We hear much, and we read more,
about this country becoming the banker
of the world. 1t would be difficult to
find country with flag that does not
keep money on deposit in London.
And why in London rather than New
York? First and chiefly because
draft on England can be discharged
only in gold or its equivalent. A for
eign merchant in acceptingspayment in
pounds sterling has no occasion to in
qnire as to the political complexion of
parliament or the financial policy of
the chancellor of the exchequer, but be-
fore he accepts draft payable in Uni
ted States dollars wisdom demands
that he shall examine the election re
turns as we'll as the platform of the
dominant party, aud then that he as
certain whether the chief executive has
the courage of his convictions sufti.
GENTLY to stem the tide of political ag-
itation within his own party, should it
again arise as in 1898.
While United States notes and treas
ury notes are left redeemable. in silver
If the president shall so direct, and the
exchangeability of silver at par for gold
is not provided for by statute, neither
greenbacks nor treasury notes can be
said to be the legal equivalent Of gold.
Our national bank notes ara redeem
able in lawful money. So lopg there.
fore as silver dollars and United States
notes and treasury notes redeemable in
/. I.silver dollars are lawful money for the
redemption of national bank notes, il
cannot be said that this class of curren
cy rests upon gold standard So long
+ as there is no provision of law for the
! exchangeability or redemptiolI Of silver
. dollars in gold and while this coin is
clothed with full legal tender power,
, our enormous volume of silver and sll.
YER certificates cannot be said to con
stitute gold standard money. The,0nly
paper currency we have exchangeable
for gold by statutory requirement is q
few'g gold certificates. The parity Of more
than 81 500, 600 900 of our currency has
been maintained during two decades
bv main strength and for four long
pernicious years by the strength OF one
man. If this can be done in the face
and against the protest of q minority,
without statute requiring it, cannot
the same thing re accomplished, and
with far less friction, when this policy
shall be given the vitality Of public
law?"
Time Ripe For Action.
| The friends of currency reform in.
sist that the time is ripe for the nlti-
mate determination of the question, so
that we ourselves and all the world ,as
we'll shall know4t that. this gold stan
ard country, made so, by tbs express
will of the people aud by the determi.
nate act of congress. When this shall
have been done. and not until then.
need we solicit the commercial balances
OF commercial countries.
am disposed to think large num-
Der OF the alleged friends of sound
money underestimate the Importance
of this question. Others. recognizing
its, gravity fail to appreciate tina. any
material modification in our currency
laws is essential. They insist that
nothing is necessary but declaration
in general terms that the gold standard
shall be continued without prescribing
any method bv which this shall be
done. AS we'll might congress declare
in favor of a protective tariff without
the enactment of a tariff schedule.
Others urge that the retirement of gov.
vernment currency would accomplish
all that is necessary. These fail to rec
ognize that this is the only class of cur