Weekly expositor. (Brockway Centre, Mich.) 1882-1894, 1893-08-04
The Weekly Exposition.
FRIDAY, AUG. 4. 1898.
Tariff and Currency.

Judging from my imperfect obser-
VatiOns for the last thirty-iive years,
in times of commercial distress and
financial strlngency, the bankers and
the merchants of New York have
uniformly asked for more money and
not for less for expansion and not for
contraction. The bank owners have
rushed TO Washington and demanded
from the Treasury Department all pos.
sible mutations of the money in cir
culation. Why do they now demand
contraction of the Government is
sues while they are themselves putting
forth millions of Clearing House GER
titicates to terminate Il panic caused
by Il scarcity of money? These GER
titicates are nothing but rediscount
by the associated banks of commercial
paper already once discounted by the
several banks. They are mutations,
pure and simple, Unsuitable only IN Il
great crisis. Is that crisis to be stayed
by stopping the purchase monthly of
1 900 900 ounces of silver bullion, upon
which three or four millions of United
States Treasury notes arc added TO the
circulation of money? Is that crisis to
be terminated 10y deciding here and
now TO wholly demonetiZe silver and
adopt gold rs the single standard of
the world? If that did not seem to be
the opinion of some honest and wise
men | should call the plan nOnsensical
and suicidal. 1t seems to be more
than that. 1t looks like cold
blooded attempt of the creditor classes
to take advantage of II crisis in order
to Cypress the debtor classes by eX-
acting pound of flesh not nominated
in the bond. The movement will not
be submitted to by the representatives
of the people, and it will not be
successful.
Why should not the banks, the
Chamber of Commerce and the news
papers recognize and state the exact
truth. That the present distressed
condition of the business of the
country is due to the approaching
assault upon the Mckinley Bill in
particular and upon the American
Protective system in general?
Why should Republicans, of all men,
seek for any other cause? President
Cleveland naturally looks for a diff
ferent reason. OF course he cannot
admit that the principles and pre-
posed measures of himself and party
the repeal of the "unwise laws" for
which he has called Congress to meet
August ARE gripping the merchant,
distressing the farmer, stopping the
wheels of the factories and reducing
the wages of labor. Necessarily he
must proclaim some other reason for
the distress and ruin which have az
tended his election and inauguration.
But il Is II false proclamation, and ]
cannot understand why Republicans
should Join therein. If Cleveland and
his party will repent of and recant
their declarations that the Tariff Is
unconstitutional and is to be destroyed
our prosperity will return. If they do
not so declare the people will destroy
them, unless Republicans run off in
Il wicked and suicidal movement to
demonetize silver and make gold the
sole standard. With money thus
made scarce and dear, there will come
such II fall in prices and such w1de-
spread insolvency and poverty as this
country has never yet seen. No one
denies that "as money rises from Il
low valuation TO higher one wages
are depressed, prices fall, trade stag
mates and bankruptcies become num-
erous". This is our present actual
woe, from whatever cause ii may come.
Are Clearing House certificates based
upon nothing any better money with
which to relieve the crisis than United
States Treasury notes based upon
silver bought at the market rates
Why should the first be issued and the
last diminished as remedy for eH-
listing evils?' | see no satisfactory
reasons for such anomalous cour SEES,
but am willing to be enlightened.-W.
r. Chandler III New York Tribune.