Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-02-17

lar and made II full legal tender for all
! public and private debts, except under
/ conditions of specific, contracts. Tho
| title of this act is. IAN act to authorize
the coinage of the standard silver dol
! lar and to restore it to it's legal-tender
| character" The act provides that
there shall be coined at the minis OF
| the United States silver dollars of the
weight of Ape grains. troy, of standard
| silver as provided for in the act of
January is, 1887. etc.
The title of the act is to restore the
legal tender quality OF the standard
silver dollar and to authorize it's coin
age: the context Of the act provides
| also for the coinage OF dollar of 4l2h
| grains. troy standard silver. as pro-
| vided for in the act of 1887. The act of
| 1857 continued the coinage of the old
| standard unit dollar OF 1892, so that the
act of 1878 restored to the coinage this
Old standard unit dollar of 1892 and 1887,
thus experimenting the gold standard
| with the silver standard.
This act contemplated placing the sill
| yer dollar on an equality with the gold
| dollar as standard money. While it
did not directly repeal the act of 1873
! declaring gold to be the sole standard
| of value, yet IL did supplement gold
with silver as money of final redemp-
ton. All of our public debts are un-
questionably sovable in the silver dol
lar we'll as the gold dollar, vet the
second section of this bill eliminates
silver from the payment of our public
debts ana requires that all existing and
outstanding obligations or the govern
mcnt, as we'll as obligations hereafter
to be made. shall be payable in gold
coin 10 the exclusion of silver.
Section also practically fixes all
private obligations to be payable in
1n,,f
nance in value by the greater demand
made for ii by this bill. 1t will be OBJ
served that sections l and 2 fix abso-
lutely and unqualifiedly the single gold
standard upon the people OF this coun-
try. and prepare the way for the sub
se1uent portions of the bill that abso-
lutely destroy silver as redemption
money and provide For the impounding
and final destruction of the greenbacks
and treasury notes.
All of the standard SILVER dollars we
now have. amounting to nearly $780,
100000, are. by this act. swept from
their present POSITION as standard Inou-
ey and into the category of credit
money and made n charge upon the
government for their redemption in
gold; in other words. it fixes at once 4
debt upon the government to the ex-
tent of the silver dollars now coined
or that may hereafter be coined under
the provisions of the act of July H.
1890. 1t makes the greenbacks, the sill
yer dollars, and the treasury notes is
sued under the Sherman act all direct
ly aud Immediately redeemablc in gold
on presentation Mt the Treasury De
partmcnt. and, as before stated, author
ICES the Secretary Of the Treasury to
issue bonds payable in gold for the pur-
pose of procuring gold with which to
redeem all our silver money. green
backs, and treasury notes and fixes I'LL
timateiy upon the government the re-
sponsibllity for the REDEMPTION of notes
Issued by national banks In gold
The power OF the endless chain of
which we have heard go much has been
temporarily at least. increased and
| heightened to the amount of our silver
| coinage. which. under this BILL be-
comes demand for gold upon the
treasury. At any time in the future
that our exports OF farm products
should be greatly lessened on account
or failure OF crops or for other cause,
and our imports continue so as to make
the balance of trade against us. gold
VIII ut once be drawn from the treas
ury TO settle this balance abroad.
IL is true that the bill contemplates
the retirement of the greenbacks and
Inc treasury notes, but there Will still
remain under this bill an amount or
demand notes in the shape of silver
| money that Will nearly equal the
amount OF treasury notes and green
backs Withdrawn from circulation. so
that after the full operation of the
Dill has been put in force. the gold de-
mand obligations upon the government
VIII remain practically the same as
now.
Section IS of the bill provides for re-
pealing the provision of the act of 1857
which prohibits national banking asso-
Citations from withdrawing from clrcu-
jaton more than $1,000 900 in any one
month. II this law is repealed il gives
power TO the national banks to sur
render at their Will and discretion an
amount of circulating notes that will
inevitably lead TO n sudden contraction
OF the currency and business prostra-
ton During the administration of
President Hayes Congress passed n law
10 refund bonds at that time bearing
iIve and six per cent. interest into
bonds hearing three per cent. interest.
ana compelling banks to use these
bonds as basis of circulation.
inc banking institutions of New York
ana Philadelphia, in fact. throughout
me whole country. fought this bin up
ON the alleged ground that they could
not bank on three per cent bonds. and
that II would be injurious 10 their bus
mess. Congress. however. insisted I'M
ON the passage of the bill. and sent the
phi to the President for his signature.
III the meantime. the banks, in order
10 bring pressure to bear for the de-
feat OF the law. and in defiance of Con-
SfeSS. surrendered their circulating
notes to an amount OF about $50. 600 coo
III a very brief time. This caused n
sirinGency In the money market and a
panic was threatened, which caused
NE PRESIDENT to veto the bill. In Il
short time after that Congress passed
the law that this bill proposes to re-
peal. This law prohibits the banks
throughout the country from taking
from circulation ana dcpositing in the
treasury for redemption OF their notes
more than $3000.000 in any one month.