Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1900-03-16
CURRENT AFFAIRS,

The Gold standard FIXED Once for All.
The last step in the enactment by this
Congress of a complete and comprehensive
measure of currency reform was taken
Tuesday when the House of Representa-
tives by a vote of 16G to 12O accepted the
conference report approved 10 days ago by
the Senate Tuesdays vote showed an in
creased majority of six over that given in
the House on Dec, Is for the original Re
publican caucus measure.
Secretary Gage of the treasury depart
ment has given out summary and ex.
PLANTATION Of the features of this important
enactment. It's first object is to do what
its title indicates: Fix a standard of value,
and to maintain at parity with that stand
ard all forms of money issued by the Unit
ed States. 1t reifiirms that the unit of
value is the dollar, consisting of 25 $40
grains of gold nine-tenths fine, and it
makes it the duty of the secretary of the
treasury to maintain all forms of our mon
ey at a parity with that standard, giving
him power to do this. A special redemp-
ton fund of S150,000,000 in gold coin
and bullion is set apart for this purpose
out of this fund treasury notes are to be
redeemed, and If at any time it becomes
necessary to replenish this fund the
secretary of the treasury must issue bonds
for this purpose. The "endess chain" is
use of notes so redeemed to meet deficien-
ces in the current revenues. The act pro.
vides for the ultimate retirement of all the
treasury notes issued in payment for silver
bullion under the Sherman act. As fast as
that bullion is coined into silver dollars
treasury notes are to be retired and replaced
with an equal amount of silver certificates
There is to be an increase in the amount
of silver certificates to be issued. A clause
of the bill which the public will greatly APP
preciate is the right that it gives to the
secretary to coin any of the 1890 bullion
into subsidiary silver coins up to limit of
S100.000,000. This will relieve the scarcity
of small silver which always exists in the
season of active retail trade.
A distinct feature of the bill is in refer
ish war loan, the four per cent bonds ma
turing in 1907 and the five per cent bonds
maturing in 1904-a total of $3.50 900, 900
into new two per cent bonds. These
new two per cent bonds will not be
offered for sale, but will be issued only in
exchange for an equal amount, face value,
of old bonds. The holders of old bonds
will receive premium in cash to compen-
safe them in measure for the sacrifice of
interest which they make.
The provisions relating to national
banks are important. Banks that take
out circulation based on the new bonds
are to be taxed only one-half of one per
cent on the average amount of circulation
outstanding, while those who have crcula-
ton based on deposit of old bonds will
be taxed, as at present, one per cent. The
law permits national banks with S25, 200
capital to be organized in places of 5000
inhabitants or less, whereas heretofore the
minimum capital has been $4,000 1t
also permits banks TO issue circulation on
all classes of bonds deposited up to the
par value of the bonds, instead of 90 per
cent of their face, as heretofore. Other
changes of minor Importance are made.
President McKinley's signature was af-
fixed to the bill on Wednesday. 1t is a
welcome relief to have this long-vexed
question of the currency and the standard
of value settled once for all and put beyond
the reach of partisan contention.