The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-05


bill in the Senate yesterday afternoon. MI
Aldrich announced his intention to axpidi
the amendments that were made 20 IN
House measure by the Senate Financ
Committee. His speech covered the oh
Jects hoped TO be attained BIZ the bill an,
its amendments as well as the argument
likely to be arrayed against it by tn
minority. His speech. in part. follows
Inc general purpose of the bill Is to de
clare anew that gold is the monetary stand
ard of the United States; to establish con.
fidence in the intention and ability of oui
Government to give the greatest possible
measure Of stability in value to its cur.
rency and TO provide the means for secur.
ing for 1t at all times an equal purchasn ing
power with gold; to tighten in every p3s-
sible way the burdens imposed upon the
taxpayer by existing obligations and &c
strengthen the public credit.
The first section contains a Gear and
definite declaration that the gold dollar
is and shall continue tc be the standard
unit Of value; n new and more emphatic
pledge on the part of the United State:
that all forms -of money it may issue or
coin shall be at all times maintained at an
equality OF value with the gold coin adopt
ed as the standard, and a specific provision
that United States notes and Treasury
notes shall, upon presentation a the Ire IS
ury. be redeemed in standard gold coiu.
These several declarations embody in
new and more positive terms the law and
the practice in this respect Interpreted
and carried out in the administration Of the
Treasury Department since the resumptiC n
of specie payments. The act of Feb uary
L., 1879, made the gold dollar the sole unit
of value. and no serious attempt has BEEN
MADE in the twenty y-seven years which have
elapsed since that act was passed 10 lake
away from our gold coinage this important
function.
1T is true that the acts Of February q,
1873. and of July ii. 1890, respectively,
made silver dollars and United States
Treasury notes legal tender for all d@hts,
public and private. except where otherwise
expressly stipulated in the contract, but
these provisions in no way affected the
monetary unit of value adopted in 1873.
Il regret that IL seems necessary to dis
cuss this vital question of the retention or
3aeption of a monetary standard from
partisan standpoint but we are forced into
tnat position by the attitude Of the Demo-
cratic opponents of this measure. Mas
quersding az the friends of bimetallism,
claiming 10 be in favor of the monetary
use ci both eold and silver. they have for
tie past four years been engaged in a cru
SADIE in behalf OF the single standard Of sill
v-T. in serious attempt to place the
money and business of the country upon a Z
silver basis. II is this dangerous and con- 4
tinuous attack upon the public credit. con- !
stituting. as it does. q serious menace to 4
all the great interests of the country, l
which demands from us an accurate re-
statement in the form of public law OF the .
financial policy which has prevailed since
1879 and which met sith popular approval .
in the elections OF 1886.
The second section provides for a re-
serve fund Of s150. 900 900 in gold TO 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 eX-
listing pledges ior the maintenance OF the
parity OF vaiue. are directly or indirectly
burden upon the fund.
In considering questions affecting the
adequacy aud use of the gold reserve. we
are bound 10 enquire into the ability OF the
Treasury 10 maintain an equality of value
between the silver dollar and silver GER
tificate and the gold dollar without pro-
vision fo- direct exchangeability. Our own
experience ard that Of other countries. 10
tably France and Germany. clearly prove
tast il is possible 10 keep in circulation at
parity OF value with gold a large but
limited amount Of legal-iender silver or
notes based upon such silver without any
provision for compulsory redemption in
gold
BY the provisions of the pending sub
stitute all outstanding notes and certif-
Gates OF a less denomination than $40 are
10 be Withdrawn from circulation and sill
yer certificates issued in their place. The
amount OF paper currency OF denominations
of 81. 81. and s. in circulation on the seth
of November. 1899. was 1891 $40 lSs. Ii
will be seen that these denominations prac-
iically absorb the entire amount OF out ;
standing silver certificates and will give
TO silver notes a secure place in our cur
rency system.
"The committee do not suggest any {
changes in the status of the silver dollar
or the silver certificate We do not pro- {
pose TO take away from silver any Of the {
privileges or prerOgatiyes which !
Il now enjoys.
THE third section makes it the duty of I
he Secretary OF the Treasury, as fast as a
standard silver dollars are coined as re- D
CURED By Law. from the bullion purchased !
under the act of july IA. 1890, TO retire and I
70 noel an equal amount OF Treasury notes, '
and provides that upon the cancellation OF
he notes silver certificates shall be issued J
against the silver dollars so coined I
.'Tbe fourth section authorizes and di- I
rects the Secretary Of the Treasury to re- c
,eive deposits OF gold coin and to issue
yoid certificates therefor in denominations a
lf not less than $50. The provisions of
his section are in most respects the same p
rs those contained in the twelfth section !
# the act OF July L. 1882. The differences /
ire az follows:
First. The section suggested makes 2 u
more specific pledge that the coin deposit
d shall be held for the payment OF such T
certificates on demand. 1t also provides
hat IL shall be used Tor no other purpose.
Second. 1t provides more clearly that -
- easpension Of the authority to issue
certificates shall only continue during the
ime that the gold reserve remains below
100 00e. 600 T.
Third II provides that OF the amount
4 certificates outstanding at any time one
our;h at least shall be OF denominations !
4 $50 or less. ="
Fourth The Secretary OF the Treasury ..
; authorized in his discretion to issue gold .
sztlflcstes in denominations OF SIC. 900, a,
ayable to order. These certificates are 80 80
Intended 10 take the place OF currency GER y y,
Iheates now issued in accordance with the ~ -
eims OF section 5ia3 OF the Revised Stat %
ses and ibis section is to be repealed. y
he Secretary Of the Treasury called the -,
ttention of the committee TO the fact that - =.
&c currency against which currency certi- ~
Gates are issued is held at the various ~
at considerable risk TO the ="
overnment. The issuance of these certi- -
Gates was authorized principally for the NN NN
pnygnience Of banks. and these institu- ~
orr would be equally well served by the " ~
OF gold certificates as suggested oi
The NTH section provides that no 81"