Rensselaer Semi-Weekly Republican, Volume 21, Number 25, Rensselaer, Jasper County, 19 December 1899 — Church of God. [ARTICLE]

Church of God.

Sunday morning, “Relation of The Church and the Pastor.” Sunday evening, “History and Prophecy.” Thio is the first of a series ofjSunday evening discourses a cordial welcome to all.

A. H. ZILMER, Pastor.

itavoroble, and the time meet opportune. for the clear and unequivocal adoption of the gold standard. “Prior to the year 1896, the gold standard had been legally adopted by thirteen of the leading nations of the world. “Ten nations have suspended the coinage of silver on private account, thus effectually, although not absolutely, fixing their status ae gold standard countries. The names Of such nations and the dates of their action r.re shown by the following: United States, 1853, 1873 aind 1878; Belgium, 1873; France, 1873; Holland. 1873; Italy, 1875; Spain, 1878; Indlh, 1893; Switzerland, 1874; Greece, 1875; Venezuela, 1892. IN ACCORD WITH OTHER NATIONS. “Our adoption of the gold standard is in perfect accord with the movemeqt in all of the leading nations of the world, and in perfect hatanony with the policy of our government throughout its history. To dispel all lingering doubt from the mind of the public and to give clear expression to the Nation’s purpose relative to its monetary standard is the object of the legislation proposed by the bill under consideration. When the standard shall be permanently established, and all doubt of its stability removed, the parity of all our money will be fully recognized, and the kind of money in which payment shall be miade will rarely, if ever, be the subject of dispute. When certainty shall take the place of doubt, and the integrity of our credit be as fixed as the honor of the Nation, the national debt can be readily refunded at lower interest rates, and future loans negotiated with ease upon better terms than ever before. “The net gold in the treasury on the 2d day of October, 1899, was $254,328,820. There is more gold in the United States now than ever before. The world’s product of gold in 1898 was the greatest in history, and exceeded the product of 1897 by $48,616,600 and of 1896 by $85,177,600. The product of gold from mines in the United States In 1898 was the greatest in the history of the world, exceeding the product of 1897 by $7,100,000 and of 1806 by sll,375,000. Th© output of silver has varied in different years, while the apoduct of gold has steadily increased ghnually since 1890. Notwithstanding th* fluctuations in the product of silver fts value per ounce has had a uniform tendency downward, declining to 59 cents per ounce in 1898, its lowest register. “If under all these conditions the United States rhall clearly by law adopt the gold standard, It will experience even lees friction than resulted from the resumption of specie payment The government is most fortunate in being able to act in such an important matter under such favorable circumstances. MAINTRNANCB OF STANDARD. “But the gold standard is not to be by a mere definition of the unit of value. Its full, complete and harmonious operation must be provided for. The definition of the unit of value should be followed by a prov Woe for the full payment of govemUMftt obligations in the standard. The XBeognttfon of the standard is reflected 8$ fibs method pursued by the government in the payment of Ke obligations. * ♦ • National honor and national fiMdK are closely allied. In the <Msdhorgo of its debts the government has aferays followed the pr&ctioe of making payment in money equivalent to the best money known at the time. GoM has been the money received by the government when our credit has been pledged and the discharge of such debts in money of leas value would be repudiation. *•** * * - • “There is now no specific law authorizing any particular sum to be held as a reserve to meet the redemption of the greenbacks unless it is contained in the provision of the law relating to the issue of gold certificates directing that no more gold certificates shall be issued whenever the gold in the treasury falls below $100,000,009. Such practice should be legalized and based upon a specific statute. A reserve fund of one-fourth of such notes outstanding is deemed sufficient to guard against any sudden demand of holders for the redemption of these obligations. Especially is it thought that such sum is sufficient in view of the provision wherein It is stipulated that all notes and certificates when redeemed or exchanged shall be held and not be withdrawn nor disbursed except In exchange for an equivalent amount of the coin In which said notes or certificates were redeemed or ex-

changed. “The different funds which would by this section be referred to such division of the treasury, together with ■ \ We respective amounts; on the 30th day of September, 1899, follow: “Gold coin and bullion represented by outstanding gold certificateß, $185,501,119. “United States notes represented by outstanding currency certificates, $lB,100,000. “Stjver dollars represented bv outstanding stiver certificates, $405,197.504, “Silver TmTHon represented by outstanding treasury notes, $91,167,280. "Gold coin and bullion, equal to onefourth of the United States notes /$346.681.016) and treasury note* ($91,167.280), outstanding, $109,462,074. “The first four Items enumerate the special deposits dedicated to specific payments. As these obligations are met the deposits are correspondingly reduced. “Tn the absence o* a law -providing protection tn the reserve It is alWays subicct to enerosehmont In expenditures to mK the general expenses of the government. Wlvenever such encrrwicbmenf recurs probable a fear ha* arisen that the government may hot he able tn meet It* demand obligations, and a run unon the reserve for the redemption f] lP demand notes has followed. Thi« situation Is responsible for the so-called ‘endless chain.’ By separating the reserve fund from the general fund, and prohibiting Its use except for redemption of United States notes and treasury notes. the danger to which It has been •e greatly subjected will be removed. Theae demand notea are being redeemed fa gold now and always hare

s< JS'P" , ; ! been, and no additional burden Is imposed upon the government • • • * INTERCHANGEABILITY. “If the absolute and unquestioned parity of all our money shall be truly and honestly maintained proper provision for their iatorahangeabiltty should be made. The provision for the interchangeability of the money of the government has greatly frightened some people. ♦ ♦ ♦ But how else is this full parity to be maintained? In what other manner is it possible to measure the value of money, except by fts comparison with or measurement by the standard of value? No difficulty arises when a silver certificate is presented to the government in exchange for silver dollars, or of a gold certificate for gold dollars, or of a currency certificate for greenbacks. But these are mere certificates of deposit, or warehouse receipts, if you please, for actual property or commodity which is specifically on deposit at the national treasury, especially and solely dedicated to the payment of the certificates outstanding, for the payment of which they are pledged. No trouble has existed ,ln ordinary times for the exchange of a greenback for gold,, and it was only because of the reissue of the greenback, creating a socalled ‘endless chain.’ that the government was at all embarrassed in the redemption of its demand obligations. The provision of the bill under consideration, whereby such notes when once redeemed, shall remain undisturbed in the treasury, and reissued only in exchange for the same coin for which such exchange or redemption was made will forever put an end to such difficulty. ♦ ♦ ♦ • * • • WILL SCATTER THE CIRCULATION.

“Furthermore, under the provirions of the proposed! measure, the large silver certificates wIM be broken up and reissued into certificates of denominations of sl, $2 and $5, thus bringing the silver circulation to the use of the small daily transactions of the people, which is oommosiiy known as the pocket trade. Bach provision will resalt in the scattering of the silver circulation, either in the dollar or in the certificates. tJuxHigh so broad a territory, and in the field of such constant demand, that it win be exceedingly Impracticable to gather together at one time any considerable amount for purposes solely of exchange alt the government counter. “A few bills of large denomination, aggregating a very considerable sum, may be readily obtained, and their presentation for redemption or interchangeability would be embarrassing, but it te exceedingly difficult and expensive to gather and transport as many as a million silver dollar pieces, and equally troubieeome to withdraw from the channels of dally trade any oensMerable sum of eertificaitee of deaemtaatiotas es sl, $2 and $5. By this provtMon, not only will the parity of the silver dollar be aberiutriy assured, but a place honorable and creditable for the use of the stiver circulation vrifl bo effected. ‘There have been coined into stiver dollars the total sum of $490,388,814. Experience has shown that a greater nutaber of silver doUams have been coined then the people care to accept. They fail to be absorbed by general trade and are largely used as a pledge for the issue of silver certificates, which are preferred. Of the total silver coinage, there were, on September 30, 189.9, te stiver certificates, $405,197,504, and in silver dollars, $85,191,110 in circulation. Of this number, there were, on that date, held by the treasury 5,028,285 silver doltairs, leering, upon that date, In actual circulation only $80,167,825 of silver dollars. “By the withdrawal from circulation of all one, two and five dollars of greenbacks and treasury notes, reissuing the same into larger denominations, and the reossue of the silver certificates of larger denominations into one, two and five-do Mar certificates, It would not only make a creditable and honorable piece for the use of stiver, but would, at the same time, make provisions for a larger number of small notes, which the growing business of the country has greatly demanded. manded. I speak of the use of silver certificates, rather than the use of silver dollars, for the reason that experience has shown that the people do net care to accept the stiver dollar in large numbers in circuiaitton. The government has repeatedly made effort at vast expense to force the silver dollar Into circulation, by paying express Charges for transportation of the same from the mints into thfe channels of trade, but without, apparently, making much impression upon the public mind, which greatly prefers the certificates representing the silver dollars. “Of the total amount of silver coined by the government to Sept 30, 1899, namely, $490,388,614, there were, in sUver-dollar piece*. $85,191,110, and in silver certificates to one, two and five dollars. $175,064,553. leaving the sum of $230,132,951 to be given and used in the peoket trade of the people, if the larger denominations of silver certificates should be reissued in denominations of one, two and five dollars. as shown by the following: “Silver dollar pieces (Sept 30, 1899), $85,191,110; one-dollar notes, other than silver certificates, $13,320,824; two-dollar notes, other than stiver certificates. $11,109,752; five-dollar notes, other than stiver certificates, $186,144,852; silver certificates of one. two and ' five dollars, $175,064,553; Total under . five dollars, $470,830,791. National i bank notes of one. two and five dollars, $75,990,505: Total, $394,840,286. ‘Total silver dollars endued (Sept 30, 1899). $490,388,614; stiver dollar pieces. $85,191,110, and stiver certificates In one. two and five dnMara, $175,064,553; i total, $260,255,663. Remaining to be ' given a use, $280,132,951. “Held by the. treasury (Sept. 30, I 1899): Stiver dollar pieces. $5,083,285. and stiver eerttfioritea, $4,610,821; total. $9,634,106. Not to be kept in circulation, “There can be Mttie question but that the two provisions before menfooed, of making the stiver actoailv intariftiaageablo with gold and seat- i taring it through the medium of certificates into the dally teansactinns of the business of the peonle. will very ■ largely, if not completely, avoid any ' possible danger of their presentation In any rowMorebte amounts nt the ’ government counter for exchange.

“The law enacted July tt, 187$, UmIts the issue of subsidiary cotao to $50,900,000. The growth es our burinese has developed such a demand for smell change that, notwithstanding <be limitations fixed by osfesMlary coin* have so increased that on Sept 30, 18M, there was outstanding $76,523,883. This excess issue, certainly necessary, should be legalised and further coinage of subsidiary coins left to the discretion of the Secretary of the Treasury. Owing to the greet supply of silver bullion purchased under the taw of July 14, 1890, it appears that such supply can be safely drawn upon for such coinage of subsidiary coins as shall be necessary for our trade and a corresponding amount of treasury notes canceled. The recoinege of worn and uncurrent cnire Is provided for only by the annual appropriation bills and is sufficiently important to justify a permanent statute. SILVER CERTIFICATES. ‘The proposed bill gives authority to the secretary of the treasury to issue or reissue United States notes or treasury notes, in denominations not less than one dollar, as be may prescribe, and provides that all silver certificates hereafter issued or paid out shall be in denomtnaittons only of one dollar, two dollars and five dollars.

'Two objects are sought by thio. First, to empower the secretary of the treasury with discretion for the supply of email notes to meet the demand of the business world as the same shall arise. This necessity has been prominent of late on account of the vastly increased business of the country, requiring change in small transactions. Under the present law the secretary of the treasury does net possess this discretion, but is required te reissue such notes in the same denomlnatione as redeemed, and the rigid enforcement of the taw greatly embarrasses general buriness where such demand for small notes exists. • • • ‘The second object of th|p provdriop is to brehk up the targe sflteer oeotiflcates. The breaking up of the large silver certificates will place upon saver, richer In the dottar or in the «► tificates representing the sliver dbltars, a great proportion: es the burden of daily buataeas transactiens, and thus so scatter the certificates that, eten if an effort were mode to embarrass the treasury by their presentation-for exchange, the difficulty of procuring them would, very largely, if not completely, defeat suefa effort “The total amount in stiver certificates on September 30, 1899, was $405,197,504, of wthicii $175,064,558 was In denominations of one, two and floe doitare, and $230,182,951 was la denominatioM over five doUars. The total JMimiber of stiver dnllan coined up to September 80, 1699, was $490,885,614, ao that on tfaiot dote there were outataodtag 85,191,110 silver dotiara Of thio test sum there was held by the treasury, unrepreoeißted by certificates, $5,t0i,285, leaving but $80,167305 actually in circulation. If toe field of daily burinoos traaeacttoDS, or the ‘pocket trade,’ shall be . given over to silver it would be quickly tibsoatoed, end once dtotribnted, would became the permanent medium of exchange to small teatoMcttcoM among our people. It could: fill no greater nor more bondo able use. “The breaking up of the silver certifieates over five dollars would to* crease the money in denominations under ten dollars by $280,182,951. But the discretionary power given the Secretary es the Treasury concerning the issue of greenbacks and treasury notes in denominations under ten deltars, renders possible the withdrawal from circulation of such denomlaatloae of the greenback and treasury nuaiote, afgtegaiting $184,584,628, and theta rrigsue in larger denominations. Hence, the mlntmnm increase of small notes would be the difference between the total amount of silver certificates over five dollars, or $230,132,951, and the aggregate of the greenbacks and treasury notes under ten doUars, or $184,584,628, which is $85,548,838. If the national bank notes under ten dollars should be converted into larger denominations, the minimum increase of small notes would be but $19,557,828, an insufficient increase of small notes, and hence the denominations of the bank notes remain undisturbed by the bill. The demand for money of small denominations has been most urgent, and It is believed that the cash transactions of the people will give employment to fh© Increase here provided, without increasing the strain upon the treasury. NATIONAL BANKS. “The proposed measure makes no change in the general banking laws. Indeed, a studied effort has been made to effect a complete guaranty of the quality and parity of our money without any disturbance in the quantity or kind. Bnt without changing in any form the circulation or kinds of money three propositions are made concerning banks which seek rather to correct recognized defects than to in any way make original propositions. ‘The*proposition to allow national banks to issue circulation to the par value of the Ixmds deposited for their security is neither new nor partisan. It has been recoramen-dod by tour Presidents and five secretaries of ths keasury, and lulls containing such provision Eave been introduced in Congress and sr.iiporteil by members of both political parties. It is entirely consistent with the present banking system. * * ♦ * !> * » * » * “The advocates of currency reform firmly declare that the financial operations of the government are upon * -e gold standard, but that the honest fears engendered by doubtful legislation relative to diver coinage and she persls-tent attack upon the standard of value fuHy justify the legiriatlon asked. To firmly fix gold as the standard of value, in unequivocal terms, made fully operative by all prop safeguards, ia the central Idea of the law proposed. ♦ ♦ * “White toe question is economic and should be separated from partisan debate. yet the Republican party win not attempt to escape from reoponribltity for the legislation, believing that it is wise for the country, safe for the people and in perfect harmony with the institutions of the nation.” *