The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-01-05

p
ioW tioo,ooot0l. thlhit bee0me Iiilg duty
70 seii United states bonds. the pro-
teods 70 b ussd q restore the fund e
ne maximum amount ~ paying me
Fold 30 obtained into the general fund
81 the treasury ana then exchanging Cor
II an equal amount Of notes which have
been redeemed nom the reserve fund.
The committee, having IN view the
rapid Increase Ia the gold production
o. the world. and The equally rapid IN
crease in the available stock Of gold n
this country are Of the opinion that i
wliI not ba q any dime necehsAfy 70 sen
bonds nnder the Fir0vlsions Of this sec-.
ton"
ar. Aidrich quoted statistics on the
gold production to show that there WIN
Be no difaculty n securing BY use d
notes Inc gold which win be necessary
to maintain the fund 1t rs maximum
amount
The Gold Reserve.
IN considerlng Questions Affecting
the adequacy and use Of the gold re-
serve We ere bound to inquire into the
ability Of the treasury to maintain
an equality Of value between the silver
dollar and the silver certlhcat and the
gold dollar without provision for direct
exchangesblllty. Our own experience.
ana that Of other countries, notably
France and Germany, clearly proves
that Ii is possible 10 keep IN circulation.
at parity OF value with gold. a large
but limited amount Of legal-tender Sill
yer Of. notes based upon such silver.
without any provision for a compulsory
redemption in gold.
,ThC amount Of silver certificates IN.
Circulation on the first Of December,
1893, was $500, 2s2sOO and Of standard
silver dollars SIS. 9Ss. l54. a total o. S4l2'-
$685.. This amount viii be gradually
increased py the silver coinage which
will take the place under the provisions
Of the act Of June Is, 1893. Both silver
dollars and silver certificates are by
law receivable for all public dues and
as long as the ordinary receipts Of the
government are more than Seoo'0Oo,Oe0
per annum, II Is very evident that silver
certificates are not likely to go to dis
count. The government Itself. in the
absence Of a positive Injunction, would
be bound to maintain the value Of this
for seif-protectIon.
No Change In Status Of Silver.
.The committee do not suggest any
changes in the status of the silver doll
lar or the silver certificate. We do not
propose to take away from silver any
OF the monetary privileges or prercga-
lives whicn 1t now enjoys. In fact. we
believe that the Legislation suggested
viii greatly strengthen Its position in
our monetary system.
iThe third section makes 1t the duty
Of the secretary Of the treasury as fast
as standard silver dollars are coined, as
required by law. from the bullion pur-
chased under the act Of July Il. 1890. to
retire and cancel an equal amount OF
treasury notes ana provides .ns' upon
the cancellation OF lae notss sl 1.'. ",
tihcates shau pc issued es''ns1 'ns sl'T
" .,F TS Fourth section authorizes and
directs the secretary OF the treasury to
rscel%e deposits OF gold coin ana to is
sue cold certificates therefor in denomI-
nations Of not less thar $50. The pro
vIsIone Of this section are in most re-
snects the same as those contained in
the twelfth section OF the act Of July
~ 1899
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