The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-11-29

shall remain firm throughout the vicissi
tude OF competitive trades. Its permanenc.
and stability should be above suspicion
Its security should be absolute. Some
question OF cxpedlence might be raised !
the proposition were new, or we were as
suming a position at variance with othe
nations. But the gold standard Is rscog
nized by all leading nations, and the stat
ute proposed merely reafirms the polio,
followed by us for over sixty years so re-
inforced and plainly expressed that nht
question will be placed forever beyond dis
| pute."
The fact is pointed out that the treasury
at the beginning of October had net
gold reserve OF more than 10000 Jl
and that there was more gold in tn.
United States now than ever before. Tho
advantages which this situation create
are thus described: THE present coadi-
tons are more favorable and the time most
opporune for the clear and unequivoe al
adoption of the gold standard. Prior Ia
the year 1896 the gold standard hal been
legally adopted by the following count les:
Austria Hungary, Brazil, it,sh Honiu-
ras. Chilli, Denmark Egypt, Finland, Ger
many. Great Britain Norway, Portugal,
Sweden and Turkey, and since 1896 The
gold standard has been adopted by Costa
Rica, Japan, Peru and Russia The coin=
age of silver on private account was sls-
pended pricr to 1896 by the U1itsd States.
Belgium, France, Holland. Italy. Spain,
India Switzerland Gresce and Venezue,
la, thus effect,ially, although not ahs1-
lu,ely, fixing their status as gold Standard
countries.
"If, under all these conditions, tbs
United States shall clearly by law, adopt
the gold standard, it will pass 70 the new
esrar,n,1 ~. ., ,,t y" - :" ~
,,ai,,,,,. r, my 800. T.. r. ~
pei. ~, ne soseinileht 70 ,o1 WI. ~
auic " aot -, % i.npol .an. a 'i'
unuer SUI lasoraple eiscu'ns anves' ne
$3.50 po'ies o' .ue sose. h.nei1t an s1un
uecIarations as nave pesn mhue py con
sIess are .ntirely consistent Wl.h Inns
propositlon'
Mr.. overstreet quotes the pledge OF me
republican National conveh In OF l'oo'
that ali OF cur silver ana pape' urren y
must be maintained al purity with 8 d
and we favor all mea sures designed to
maintain inviolate the obligations OF the
United States and all of our monay
whether coin or paper, at tne pre- eat
standard, the standard of the mcsL IN
lightened nations Of the earth.
The repeated declarations of President
Mckinley are also quoted. including his
famous speech in New York at the baglr-
ming OF 1898. in which he declared that
1.-The peoples purpose in favor of sound
money must be given the vitality of pub
lie law -
THE declaration in the republican plat
form and the subsequent one of President
Mckinley relative to an International
agreement" It is declared, were made in
gooh faith, but the attitude of the lead
ing nations and the constant fluctuations
in the valuation of silver bllloa render
such an agreement impossible
The mechanism of the new division OF
issue and redemption is explained and it
is declared that the funds referred tn such
division as they stood in September last,
and is as follows:
l. Gold coin and bullion, represented
by outstanding gold certificates, $780,
sol, 1l9
.. United States notes, represented by
outstanding currency certificates. Sl6,-
100000
2. Silver dollars, represented by out
standing silver certificates, s405, 197, 5ni
4. Silver bullion, represented by out
standing treasury notes, S9l,l67,2S0.
.. Gold coin ana bullion, equal to one
fourth of the United States notes fSSi6-
6S1. 016) and treasury notes 1891, tE.S-9
outstanding s!09, i62,074.
The first four items enumerate the spe-
cal deposits Dedicated to specific pay
ments. AS these obligations are met tho
deposits are correspondingly reduced.
The scope and purpose Of the proyi
sions for maintaining the standard by the
sale of bonds and he exchange of money
are thus set forth by Mr.. Oversreet:
In the absence Of law providing nrotec-
lion 10 the gold reserve, it is always sub
ject TO encroachnlen; In expenditures Ia
meet the general expenses Of the govern
ment. Whenever such encroachmeut ap
pears probable. n fear has arisen that the
government may not BIZ able to meet its
demand obligations aud run upon the
reserve for the redemption of the demand
notes has followed. This situation is re-
sponsible for the so-called endless chain
BY separating the reserve fund from the
general fund, and prohibiting its use eA.
nept for redemption of United States notnI
and treasury notes. The dangers to which
it has heep so greatly subjected will h.
removed. These demand notes are being
in gold now AID always have
been, and no additional burden Is imposed
on the government. Ii IS sought to sim
plfy and legalize the practice and create
a division IN the treasury. where The whole
business OF issuing and redeeming NOES
may he transacted and to establish com
plete confidence In the redemption Of our
demand obligations.
Section of the bill seeks to provide y
complete safeguard to guarantee the per-