The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1900-10-25

may De secured py private contract. The
very fact that 1t requires a special contract
to secure it is a declaration that the gem
eral law does nos afford the protection
desired, But, furthermore, it is not, as
q practical proposition, possible to entire
iy safeguard oneself against the uncer-
tainties of variable currency through pri-
vate contracts. The evils at home of such
currency are bad enough, but in foreign
commerce they are worse.
1 think that all members of this asso-
citation will agree with me that a vari-
able standard of value Is to be deplored
and avoided if possible. Furthermore, few
dispute the proposition hat gold is the
most u%nvarying money standard, though
some contend it is not the only or best
standard to be had.
Mr.. Bryan says he first desires to pre-
serve 'g~reenbacks' from legislative de-
struction, and hat he will then consider
whether they should ever be paid, and If
SO, how.
Step in Right Direction.
''Since our last meeting a step-though
not as long a one as l had hoped for
has been taken toward fixing gold in the
monetary scheme of this country. / re-
fer, of course. to the act of congress APP
proved March IL 1900. It authorized an
and leaves undisturbed our ten different
kinds of money, and 1t should therefore
not offend, though it may not satisfy,
the monetary eXpansionists.
This action leaves the standard silver
dollar a legal tender to any amount in
payment of all debts, public and private,
except where otherwise expressly stipu-
lated by contract. 1t provides that moth
ing in it shall be construed to affect the
legal-tender qualities, as, now provided
by law of the silver dollar, or of any other
money coined or issued by the United
States.
Therefore all private contracts merely
providing for the payment of dollars can
still be discharged by the payment of silver
dollars, Sherman certificates and green
backs; hat is, 1t has not affected the
standard of private contracts. 1t has.
however, provided that something over
1885,, 100000 out of about s1,026, 600, 900 of gov
eminent bonds. bearing three, four and
five per cent. interest, and payable in
COIN nay be refunded into two per cent.
gold bonds. That is, to be assured Of gold
in payment of the interest on the bonds
they must be readjusted, as it were, into
two per cent. obligations on a 16 to /, OF
5 per cent. basis, so far as Interest is con-
cerned.
Must Pay for Security.
Sin other words, the act declares tina
coin in the bonds referred to shall near
gold If the holder will accept in exchange
LOT MS present three, TOUR or HVe per cent.
bonds others bearing on the average less
than half the Interest he is now receiving.
There still remains unfunded into these
two per e bonds about $3.50, 600, 600 OF the
1888. 900, 900 that may be exchanged for two
per cent. gold bonds. Having provided
for the possible issue of $3.50, 600, 900 of GOLD
bonds, common prudence demanded thu
our gold reserve should be strengthened
and this the act has DONE. But it falls
far short of establishing the gold standard
in this country, and does not secure against
the policy of a president or a secretary OF
the treasury hostile to gold.
1.-THE passage of this act means, in my
Judgment, one thing we should realize II
we would understand the sentiment of this
country on the question ofscurrency legisla-
ton, and that is that there is no hope in the
near future, If at all, in the lifetime of
this generation, of any elaborate currency
enactment along the lines of the .Balti-
more plan or any other which contemplate
ed the issue of money by the banks.
Before we can hope for any legislation
of the kind the people at large, the masses,
must be made to understand the necessity
of it and the justice and wisdom Of its
specific provisions, and l care not how the
value of this bank money may be secured,
or how fair may be the compensation paid
by the banks for the privilege. it will be
difficult work and take a long time to
persuade the people that the bankers are
not getting All undue advSl tage and profit
through their right to issue money."