Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-01-04

senator Aldrich.
state some of the reasons which led ma
jority of the committee on finance to recon-
mend its adoption by the Senate
The general purpose of the bill is to
declare anew that gold is the monetary
standard of the United States; to estab-
fish confidence in the intention and ability
of our government to give the greatest
possible measure of stability in value to
its currency ard to provide the means for
securing for it at all times an equal pur-
chasing power with gold; to tighten in
every possible way the burdens imposed
upon the taxpayer by existing public obi
cations and to strengthen the public credit.
Declaration for Gold.
The first section contains a clear and
definite declaration that the gold dollar
is and shall continue to be the standard
unit of value; a new and more emphatic
pledge on the Part of the United States that
al! forms of money it may issue or coin
shall be at all times maintained at an
equality Of value with the gold coin adopted
as the standard. and a specific provision
that United States notes and treasury
notes shall. upon presentation at the treas
ury. be redeemed in standard gold coin.
These several declarations embody in
new and more positive terms the law and
and carried out in the administration of
the Treasury Department since the resump-
ton Of specie payments. The act of Feb
ruary L. 1873. made the god dollar the
sole unit Of value, and no serious attempt
has been made in the twenty-seven years
which have elapsed since that act
passed TO take away from our gold coinage
this important function.
I'm the consideration of this section |
do not overlook the fact that before this
discussion is over We are sure to be con-
fronted with the charge made by the sena-
tors on the other side of the chamber
that by our reattirmation OF the gold stand
ard have deliberately abandoned the
position which the republican party and
the country have heretofore taken in
favor of International binetallism. The
charge is not in accordance with the facts.
THE bill now before the Senate contains
no diSaVoWal of the position heretofore
taken upon the question of international
bimetallism and places no obstacles in the
way of its accomplishment in the future.
If it is possible to secure permanence of
relative value TO gold and silver CONS with
the free coinage of both metals at a fixed
ratio, this permanence can only be secured
by concurrent action of all the leading
commercial nations
The Democratic Contention.
Mr.. Aldrich said that the democrats,
while masqueradng the friends of BIZ
metallism, have for the past four years
been engaged in a crusade in behalf of the
tempt to place the money and business of
the country upon a silver basis; that the
assertion that the free and unlimited coin
age of gold and silver at the historical ra-
ito Of III to /. without waiting for the con-
sent of any other nation on earth, will be
the supreme issue in 1900, it was in 1896,
has not been contradicted.
No sane man can be found, outside of
the ranks of the small band of bold able
and aggressive leaders who at present
dominate the policy of the democratic
party, who believes for an instant that the
opening Of our mnts to the free coinage
of silver at the ratio of il to / will raise
the value of silver bu lion from its current
commercial price to its mint price meas
ured with relation to gold.
The democratic advocates of free coinage
are not in any sense bimetalliStS but sill
Yer monometallists of the most pronounced
type.
Redemption of United states Notes.
THE second section provides for a re-
serve furd of s1.0,OD0.GO0 in gold to secure
the prompt and certain redemption of out
standing United States notes and treasury
notes. This fund is Increased $.0oO00O
over that which is now held by the treas
ury for redemption purposes.
THAT this amount of $3.50 500 900 can be
held without embarra ssment to the treas
ury will be evident when we consider that
the tota' amount of gold in the treasury on
November /, 1899 exclusive of the amount
900, and the available cash balance, includ-
ing the gold reserve, was SIS, 100000
This section makes it the duty of the
Secretary OF the Treasury to replcnish the
reserve fund from time to time by the use
of the notes redeemed. This he may do by
exchanging the notes for any gold in the
general fund Of the treasury, any which
may be deposited at the treasury or SUBJ
treasury, or he may use the notes for Sc
curing gold coin under the provisions of
section 1900 of the Revised Statutes.
I'm all of these methods shall, fail
and the gold in the fund shall fall below
$l8.10o&D. then il becomes his duty to
sell United States bonds. the proceeds to be
used to restore the fund to the ma XII mum
amount by paying the gold so obtained IN
TO the general fund of the treasury and
then exchanging for it an equal amount of
notes which have been redeemed from the
reserve fund. The committee, having In
view the rapid increase in the gold produc-
ton of the word and the equally rapid in
crease in the available stock of gold in
this country. are of the opinion that 1t will
not be at any time necessary to sell bonds
under the provisions of this section
Mr.. Aldrich quoted statistics on the gold
production to show that there will be no
difficulty in securing by use of notes the
gold which will be necessary to maintain
the fund at its maximum amount.
In considering questions affecting the ad-
equacy and use of the gold reserve, we are
bound to inquire into the ability of the
between the silver dollar and silver certifi-
cate and the gold dollar without provision
for direct eXchangeabllity. Our own eXpe-
rience and that of other countries, notably
France and Germany, clearly prove that it
is possible to keep in circulation at a par
amount Of legal tender silver or notes,