Mexico weekly ledger. (Mexico, Mo.) 1855-1956, 1900-10-11
The GOLD BILL LAW.
1T was PASSED IN MARCH OF
THIS YEAR, BUT ESCAPED
EXTENDED NOTICE.
UNDER II EVERY COIN is A BOND.
Captain Allen Says That the Bill Gives
National Banks Control of the
Volume of the Currency
A Few Figures.
UNDER II EVERY COIN is A BOND.
wnttsn t0r tAs Lsager b c. 7. Amen.

Written for the Ledger by c. T. Allen.
The paramount issue" has absorb
ed 80 much attention in the national
campaign that all spsakers and writ
ers have neglected to say anything
about the gold bill passed by Congress
and approved by the President on
March IA, 1900.
Acts of Congress Of Importance are,
in ninety mine cases out OF a hundred,
passed In obedience to q demand by
the people and generally expressed in
the platform Of some party. In this
case, however, neither one OF the
great parties asked for such a bill. On
the contrary, the Republican and
Democratic parties, in 1895, demand
cd, not the single gold standard but
the double standard. The former de-
manded II through international a.
greement, the latter, ,on the part Of the
United States, single-handed and
alone.
II the Republican leaders had pro-
claimed in 1895 that they intended to
set up and enforce the gold
standard; that they intended to
make silver "token money" and,
therefore, redeemable In gold, Mr..
Mckinley would not have carried half
the vote he received. II they had
said that they would try to secure an
international agreement, and II they
failed, they would adopt and enforce
the gold standard, II is hard to be-
lleve that Mr.. Mckinley would have
been elected.
They made hali-hearted attempt
to secure an International agreement,
and while success was, 10 the eyes of
some bimetslists, reasonably appar-
ens, some of the Republican leaders,
notably the Secretary of the Treas
ury, Mr.. Gage, threw their obstacles
In the way and did much to prevent
the agreement.
Within day or two after Con-
gross convened In December, 1899, q
gold bill was introduced in Congress.
1t did not take the usual course OF an
Important bill, 1t was not referred
10 4 nnnauaiHtss. n had bnan fEamaA.
BY the Bank lawyers; Il was rushed
through the House OF Representa-
tives under the operation of the gag
law; no amendments were allowed
from those opposed TO 1t, and no yea
and nay vote allowed upon the
amendments. called for by the gold
standard men. This method of pro-
ceedure was enough to cause suspi-
cIon as to the bills desirability. II
passed both Houses Of Congress and
is now the law OF the land.
The purpose of this communication
is to point out some Of It's features
and mention some Of the objections to
the law.
j. It completely and firmly estab-
lishes the single gold standard,
although 1t says that should an oppor-
tunity ever present itself to secure an
international agreement as to the coin
age of silver, this country will "join
In' and bring back bimetalism. This
clause was put In the law so as to Sc
cure : few votes from Senators who
are ct heart silver men and who were
unwilling to "close all doors" and
'burn all bridges behind tbem," well
knowing that there is no prospect Of
an international agreement.
2. It makes every silver dollar,
every silver certificate, and every
"Sherman note" and every green
back redeemable In gold.
8. It makes every coin bond, OF
which there were at the time of the
passage OF the bill, about $4,000, 900,
bearing 8, 4 and per cent interest,
exchangeabIe for gold bond bearing
2 per cent. interest. Since the bill
became . law nearly $500, ,O00, 900 Of
them have been exchanged, leaving
on October 1 about s54O, ,OoO,o 900 unex-
changed, which, no doubt, will soon
be exchanged. These new gold bonds
we're 80 years, with interest and prin-
cipal payable in gold. Two points are
gained by the exchange: 1. Coin
bonds are issued out and gold bonds
put in their place. 2. The bonded