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![handle is hein.tera/mtmgldstdd0001 and id is 1 raw text is: 57TH CONGRESS, HOUSE OF REPRESENTATIVEs. REor-
1st Session. No. 1425.
TO MAINTAIN THE GOLD STANDARD, ETC.
April i, 1902-Committed to the Committee of the Whole House on the state of
the Union and ordered to be printed.
Mr. FOWLER, From the Committee on Banking an& Currency, submit-
ted the following
REPORT.
[ [To accompany H. R. 13303.]
PURPOSE OF THE MEASURE.
The purposes of the measure are as follows:
To secure the advantage of long experience, and therefore a higher
degree of intelligence and a more permanent polity in the supervision of
our vast banking interests.
To protect the national credit against assault through the demand obli-
gations of the Government by completely relieving the Treasury at once
of a burden amounting to more than seven hundred millions.
To transfer from the Government to the banks the entire responsibility
cf providing and protecting the commercial reserve, and to impose upon
the banks the burden of furnishing all the gold that may be needed for
export or for any other purpose.
To place the Government in a position where its relation and duty to
commerce is limited to fixing the standard, establishing a measure of
value, furnishing all token money, and providing for a system of paper
currency.
To simplify and limit the Government's fiscal operation by confining
it to the collection of its revenues and the payment of its expenses, pre-
cisely as the several States and all municipalities collect and disburse
their revenues.
To provide for a system of paper currency. -hich is absolutely sound,
uniform, responsive, always adequate, and perfectly adjusted to our
trade everywhere and under all conditions.
To lower and equalize the rates of interest in all parts of the United
States, so that the farmer and the manufacturer in our smaller cities
and remote sections may be placed upon equal terms with the borrowers
in our great commercial centers.
To give to our banking institutions the privilege of establishing them-
selves anywhere in the United States and its possessions and in all
other countries, for the purpose of extending American trade, controlling
foreign exchange, and insuring the successful development of our mer-
chant marine.
To wipe the last stain of flatismn from the escutcheon of our nation's
commercial honor, and remove the last doubt hanging over our national
credit by providing for the redemption in gold cotl, of all the legal-tender
:orr. -The'fu.l text of the bill ,wlbe found on pgges.24-S.](ViewImageLocal?handle=hein.tera/mtmgldstdd0001&div=1&collection=&method=preview&ext=.png&size=3)