The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-01-04

publican party and the country have
heretofore taken in favor of interna-
tional bimetallism. The charge is not
in accordance with the facts.
THE bill now before the senate con-
tainS no diSayowal of the position here
tofore taken upon the question of inter-
national bimetalliSm and places no OBJ
stacleS in the way of it's accomplish
ment in the future. If it is possible to
secure permanence of relative value to
gold and silver coins with the free coin
age of both metals at a fixed ratio, this
permanency can only be secured by
concurrent action of all the leading
commercial nations
Mr. Aldrich said that the Democrats
while masquerading as the friends of
bimetallism, have for the past three
years been engaged in a crusade in be-
half of the single standard of silver, in
a serious attempt to place the money
and business of the country upon a sill
yer basis; that the assertion that the
free and unlimited coinage of gold and
silver at the historical ratio of Is to 1,
without waiting for the consent of any
preme issue in 1900 as it was in 1896,
has not been contradicted.
mo sane man can be found" said he.
| "outside of the ranks of the small
band of bold, able and aggressive lead
ers who at present dominate the policy
| of the Democratic party, who believes
| for an instant that the opening of our
| mints to the free coinage of silver at
| of silver bullion from it's current COM
mercial price to its mint price, meas
| ured with relation to gold.
1.-The Democratic advocates of free
| coinage are not in any sense bimetal-
| lists but silver monometallists of the
most pronounced type.
1.-The second section provides for a.
! reserve fund of $3.50, 600, 900 in gold to
| secure the prompt and certain redemp-
ton of outstanding United States notes
/ M T1OfaC iC n
| creased $50, 100000 over that which is
now held by the treasury for redemp
| tion purposes. That this amount of
/ $3.50, 900 900 can be had without embar-
| raSSment to the treasury will be evident
| when we consider that the total amount
| of gold in the treasury on the first of
| November, 1899, exclusive of the amount
| to pay gold certificates was $252, 900 900
| and the available cash balance includ-
| ing the gold reserve was $289, ,000, 900.
| This section makes it the duty of the
| secretary of the treasury to repleniSh
] 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; or any which may be depos-
| tied at the treasury, or Sub-treaSury; or
| he may use the notes for securing gold
| coin under the provisions of section 300
| of the revised statutes.
In case all of these methods shall
fail and the gold in the fund shall fall
below $100,000,0O0 then it becomes his
| duty to sell United States bonds, the
| proceeds to be used to restore the fund
| to the maximum amount by paying the
| gold so obtained into 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 T.
increase in the available stock of gozd
in this country are of the opinion that
it 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 it's maximum
amount. Continuing he said:
In considering questions affecting
the adequacy and use of the gold re-
serve we are bound to inquire into the
ability of the treasury to maintain an
equality of value between the silver
dollar and silver certificate and the
gold dollar without provision for direct
exchangeability. Our own experience
and that of other countries, notably
France and Germany clearly prove
| that it is possible to keep in circulation
at a parity of value with gold large
but limited amount of legal tender sill
yer or notes based upon such silver
without any provision for a compulsory
redemption in gold.
THE amount of silver certificates in
circulation on the 1st of December, 1899,
was $394, ,292, 800 and of standard silver
dollars $7S,232, ,454, a. total of $472, ,525, ,254.
This amount will be gradually increas-
ed by the silver coinage which will take
place under the provisions of the act of
June 13, 1898. 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 $500, 100000 per annum, it is
evident that silver certificates are not
likely to go to a discount. The gov
ernment itself in the absence of a posi-
tive Injunction would be bound to
maintain the value of this form of cur
rency through the ordinary business
channels of exchange for self-protec-
ton.
THE committee do not suggest any
| changes in the status of the silver dol
lar, or the silver certificate. We do not
| propose to take away from silver any
of the monetary privileges or preroga-
tives which it now enjoys. In fact we
| believe that the legislation suggested
will greatly strengthen it's position in
our monetary system
1.-THE third section makes it the duty
of the secretary of the treasury as fast
as standard silver dollars are coined,
as required by law from the bullion
purchased under the act of July Il,
$780, to retire and cancel an equal
amount of treasury notes and provides
that upon the cancellation of the notes
| silver certificates shall be issued against
! the silver dollars so coined.
THE fourth section authorizes and
directs the secretary of the treasury to
| receive deposits of gold coin and to is
sue gold certificates therefor, in de-
nominations of not less than $50. The
| provisions of this section are in most
| respects the same as those contained in
the twelfth section of the act of July
u, 1882.
The purpose Of this section as a
whole is to give certain and active
monetary use to the large and rapidly
| iucrea sing amount of gold in the conn
try.
THE fifth section provides that no
United States notes or treasury notes
shall hereafter be issued, or reissued in
denominations Of less than SO, and all
such notes of a smaller denomination,
whenever redeemed shall be cancelled
and notes of SO or upward, substituted
therefor. 1t also provides that no sill
yer certificates of a higher denomina-
tion than SO shall be issued.
..The sixth section of the suhstituta