The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-01-05

7ucu appeals. Sucn requests he cenSiG-
cred in the nature of appeals to him
10 stuff ballot box and make false
returns simply because the petitioners
think some one else should be appoint
ed. He hoped his explanation would
be a sufficient reply TO the writer's Of
the letters
Sales of Public Lands.
Mr.. Pettigrew called up the bill pro-
Viding for a settlement OF the accounts
OF the national treasury with the public
land, under the Law granting ) per cent
OF the proceeds Of the sales of public
lands 10 the states and extending this
provision so as to make it cover the
lands embraced in Indian and military
reservations.
Mr.. Pettigrew stated that the passage
Of the bill would require the payment of
about S12000.0c0 BY the national gov
Mr., Berry antagOnized the
measure, charging that It's passage
would involve the wasting of public
money and would be unfair and unjust
to the states in which there were no
reservations.
On motion of Mr. Berry the bill wa
Y to I, so as TO apply 10 re-
serVauon lands. 1t was then commit
ted to the committee on public lands.
The senate, at 1855 p. m, took up the
financial bill, and Mr.. Aldrich address
ed the senate on this bin as follows:
Aldrich On Finance Bill.
THE general purpose Of the bill is to
declare anew that gold is the monetary
standard Of the United States; to estab-
lish confidence in the intention and
ability of our government to give the
greatest possible measure of stability
of value TO its currency, and TO provide
the means for securing for it at ali
times an equal purchasing power with
gold, to tighten in every possible way
the burdens imposed upon taxpayers
by existing public obligations. and TO
strengthen the public credit.
THE first section contains a clear and
decided declaration that the gold dollar
is and shall continue to be the standard
unit of value. a new and more emphat-
ic pledge on the part of the United
States that all forms of money it may
issue or coin shall be at all times MAIN
tanned at an equality Of value with
the gold coin adopted as the standard,
and with the specific provision that the
United States notes and treasury notes
shall, upon presentation at the treas
ury, be redeemed in standard gold coln
No departure is intended by this bill
from the public policy which was
years ago and has been con-
sistGntly adhered to three successive
No Obstacle to Bimetallism.
''The bill now before the senate con-
tains no disavowal Of the position here
tofOre taken upon the question Of inter
national bimetallism, and places no OBJ
I'll
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
can only be secured by the
action Of all the leading
nations.
mo 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 Dem
Ocratic party who believes for an in
slant that the opening of our minis to
the free coinage of silver at the ratio Of
l6 TO / will raise the value Of silver bull
lion from its current commercial price
to its mint price, measured with rela
ton to gold.
The Democratic advocates of free
are not in any sense bimetal-
lAEA1s Uht ElANEA ACKNOWLEDGEMENTS VI NA4I
most pronounced type.
Provides For Reserve Fund.
''The second section provides for a re
serve fund of S150, coo, 900 in gold to Sc
cure the prompt and certain redemp-
ton of outstanding United States notes
and treasury notes. This fund is in
creased for $50, 00A 900 over that which
is now held by the treasury for redemp-
ton purposes.
THAT this amount of $150,00O,0 600 can
be held without embarrassing the
treasury viii be evident when we con-
slider that the total amount of gold in
the treasury on the 1st Of November,
1899, exclusive Of the amount held to
pay gold certificates, was $252, 900, 900,
and e available cash balance, includ-
ing the gold reserve, was $3.50, O00. 600.
This section makes it the duty Of
the secretary of the treasury to re-
plenish the reserve fund from time to
time by the use of the notes redeemed.
This he may do by exchanging the
notes for any Of the funds of the treas
ury or money which may be deposited
at the treasury or sub-treasury; or he
may use the notes for securing gold
coin under the provisions of section
BOO Of the revised statutes.
May Sell Bonds.
'In case all of these methods shall
fail and the gold in the fund shall fall
below 500, 600 600, then it becomes his
duty to sell United States bonds, the
proceeds to be used TO restore the
fund to the maximum amount by pay
ing the gold so obtained into the gen.
eral fund of the treasury and then ex-
for it an equal amount Of
notes which have been redeemed from
the reserve fund. The committee hav-
ing in view the rapid increase in the
grf7 production of the world and the
rapid increase in the available
stock Of gold in the country, are of the
opinion that it will not be at any time
r aesarv to sell bonds under the pro-
visions Of this section"
Mr.. Aldrich quoted statistics on the
gold production 10 show that there viii
De TO difficulty in securing, by use of
notes, the gold which viii be necessary
to ~-9i7tain the fund at It's maximum
amount.
Equality Of Value.
"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
Of value between the silver
dollar and silver certificate and the
gold dollar without provision for di-
rect eNchangeability. Our own exper-
Ience and that Of other countries, not
ably France and Germany clearly
prove that it is possible to keen in cir
at a parity of value with gold
a large but limited amount of legal
tender silver or notes based upon such
silver without any provision for a COM
pulsory redemption in gela.
THE amount of silver certificates in
on the LIST of December,
1899, was 1884,, 292, 500, and of standard
silver dollars SIS. 232, asa total of
s472, 525, 254. This amount will be grad
ually increased by the silver coinage
which viii take place under the pT9-
visions of the act of June Is. 1898. Bozh
silver dollars and silver certificates are
by law receivable for all public dues.
= q.