The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-01-04


/ spoke in part as follows:
The general purpose Of the bill is to de-
/ clare anew that gold is the monetary stand
ard OF the United ates: TO establish con-
Gdenoe in the intention and abi ity OF our
Government TO give the greatest possible
measure Of stability in value to its cur
rency and TO provide the means for secur-
ing FOR # at all times an equal purchasing
power with gold; to tighten in every Pos
sible way the burde-S imposed upon the
taxpayer by. existing obligations. and 20
strengthen the public credit.
The first section contains Gear and
definite declaration that the gold dollar
/ is and shall continue TO be the standard
unit Of value; q new and more emphatic
/ pledge on the part Of the Uaited States
/ that all forms OF money il may issue OF
coin shall be at all times maintained at an
equality Of value with the god coin adopt
ed as the standard, and a specifc provision
that United States notes and Treasury
notes shall. upon presentation al the Ire s.
ury, be redeemed in standard gold coin.
Gold Dollar the Sole init.
These several declarations emtoiy in
new and more positive terms the law and
the practice in this respect as Interpreted
and carried out in the adminisJra ,.on Of the
! Treasury Department since the resumption
OF specie payments. The act OF February
u. 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 was passed TO take
away from our gold coinage this important
function.
1T is true that the acts OF February .,
I 1873 and OF July IA. 1880, respectively.
made silver dollars and United States
/ Treasury notes legal tender tor all debts,
public and private except where otherwise
expressly stipulated in the Cout1a,-, bl-
these provisions in no way affected tie
mouetarv unit Of value adopted in 1873.
Il regret that IL seems necessary 10 DIS
cuss this vital question Of the retention or
adcrticn Of a monetary standard from
partisan standpoint but We are forced into
t1ar position by the attitude If the Demo
c-aIc opponents Of this measure. hss-
luerading a. the friends OF bimetalilsm.
! claiming 10 be in favor Of the IaOnerIry
Use Of both gold and silver they have for
I tie past four years been engaged in cru
SADIE in behalf Ct the single standard oi ST.
, yer. in a serious attempt 10 place the
money and business Of the country upon
silver basis Il is this dangerous and coz
tnuOus attack upon the public credit con-
stiuung as it does. serious menace 10
[ all the great interests of the country
which demands from us an accurate re
statement lu the form Of public law Of the
financial policy which has prevailed since
1879 and which met with popular approval
in the elections Of 1886.
The second section provides for re-
serve fund of $3.50 .ec0 900 in gold 10 secure
the prompt and certain redemption Of out
standing United States and Treasury notes
This fund IS increased Fifty millions over
that which is now held by the Treasury for
redemption purposes The reason for this
is found in the rapidly increasing amount
Of notes and certificates which. under eN-
istinE pledges for the maintenance Of the
parity Of value. are directly or indirectly
a burden upon the fund. In 1882. the year
in which the amount Of the reserve fund
was fixed by implication at S1O0, 000 600, the
amount Of United States notes. silver GER
tifcates. and currency certificates in cir
culajioa was S2SG O0O. eco. and the reserve
fund % per cent Of this amount.
The Amount Outstanding
f con November /. 1899. the amount OF
. United States notes. Treasury notes. and
certificates outstanding was SS15. GOO,
I and a reserve fund OF $50, ,oOO, 600 would be
/ hut Is Der cent Of this amount In 1852
I the total amount OF noJes and certificates,
I including uauCual-bauk notes. outstanding
/ was S732 GG0 GGO. and the reserve fund was
Il2l-2 per cent OF this total amount
/ ION November I. 1888. the total amount
| Of notes and certificates. including nation
I al bank notes outstanding was SI054. .000.-
4 GOO. and a reserve fund Of SlJOo0O 900
would be Il per cent Of this amount. 10
/ viii be seen by these figures that itis, pro-
/ posed to increase the amCuIt Of - re-
| serve fund only N proportion toshie IN
! crease in outstanding notes and CG&ifCates.
| and il is believed 10y the committee that
| the amount named is not greater than tha-
/ required for redemption purposes.
That this amount Of $3.50 600 600 can be
\ held without embarrassment 10 the Treas
l Ury viii he evident when We consider that
/ the total amount Of gold in the Treasury
on the 1st Of November. 1899. exclusive OF
! -he amount held TO pay gold certificates.
/ was $252.OC0 Geo. and the available cash
! balance. including the sold reserve, was
! $3.50 .0CO. Geo.
The committee having in view the
| rapid increase in the gold production OF
| the world and the equally rapid increase
( in the available stock OF gold in this cOun-
! try. are of the opinion that it will rot be
/ at any time necessary TO sell bonds under
| the provisions OF this section. Conditions
have entirely changed since the bond is
! sues Of ISg4-q5 were made necessary Hy de-
| fciencies in the revenues and an artificial
/ " stimulated demand upon the Treasury
| gold.
The gold production Of the world in
1 1894 was $751; 500; that of 1885 was
! S2S7 42S 500. The gold coin in circulation
| 4 the United States at the close Of the fis-
! cal year 1896. as estimated by the Director
C the Mint was S5i5 9o5. .o64. while at the
! c.1se OF the fScGl year 1888 it was S557, =
| $50 463. or an increase IN two years Of more
| than 5000 Oc0 coo. In the FIVE years from
/ 1898 10 1898 European holdings Of gold in
banks and treasures increased more than
5000 OQO 600. and ct the present moment the
only considerable demand for gold for
monetary use comes from India.
Gold Production Increasing
1T must be evident from these state
nents. and the further fact that tie worlds
production Of gold IS certain TO Increase
| even more rapidly I'm the future than it has
in the recent nast. that there will be no
difficulty in securing BY use Of notes the
gold which will be necessary 10 maintain
tire fund al its maximum amount. which
amount the committee are clearly Of the
opinion is not larger than is necessary TO
command public confidence in the unQues-
'5vned ability or the Government 10 main
tain the parity of value OF all forms OF
money in circulation.
In considering questions affecting the
FIynn's RuSincss College, Sth and n.
s5-Cersas Office ESsminstion-S5.
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