People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-03-17
A SETTLED PURPOSE.

President Cleveland seems deter
mined to secure the complete suprem-
acy of gold as a coinage metal
Though for fifteen years successive
Secretaries of the Treasury have
adopted the policy of treating the
public debt as contracted to be paid
in gold, the pretense has always been
maintained that bimetallism was OF
itself desirable, and would be gladly
made the policy of the government
but for the necessity to maintain a
high national credit.
In the administration Of the gov
eminent, however, it seems that Mr..
Cleveland is the only President who
has had the courage to declare that
silver coinage was intrinsically bad
and must cease. So strong was his de-
termination upon this question that
eight years ago, before he had been
inaugurated, he wrote a memorable
letter to the chairman of the COM
mittee on coinage of the House, set
ting forth his wish, practically IN the
terms of demand, and endeavoring
to influence the course Of Congress
while yet his predecessor possessed
the patronage and the power,of Veto
Again this year has he endeavored
to secure the same result by sending
his emissaries to lobby with a Con-
gress with which he has no official
connection, holding out the threat
that the patronage of his high place
would be distributed to reward or
punish as the record should disclose
the positions of members upon the
question Of silver coinage.
The failure Of Mr.. Cleveland in
his effort to override the Fifty-second
Congress, has caused him and those
who are in his confidence to cast
about for a scheme that will effect
his purpose by indirection. Failing
to drive the silver men from their
position, and discovering that the
next Congress would probably be
less amenable to his wishes than the
las the division of administration
pa, onage having preceded its meet
ing and organization, the friends of
M. Cleveland have formulated a
compromise. A most ingenious de-
vice for accommodating hoard Of
gold, and making every form Of debt
and currency turn on gold redemp-
ton, has been invented. An appar-
emily secondary effect by which bonds
will be issued a@ H6jtaA7a and a0
9aau8oana is blandly presented as a
part of the scheme, though evidently
the main purpose.
By reference to the third page of
this paper, the reader can study at
his leisure this diabolical oontrivance
of plutocraoy. It contemplates the
redemption and retirement of every
species Of paper money, by convert
ING into bonds and the substitution
of silver instead-the silver to be
tokens redeemable in gold, and valu-
able only as gold is held in reserve
for their redemption. To guarantee
the tokens the Government must sell
bonds whenever there is an apparent
decrease in the quantity Of gold in
the Treasury. Thus the provision
is made for perpetual public debt.
All over Christendom the combi-
nations of capital seem to be working
toward perpetual debt. Here, in
the United States, it is apparent that
the scheme is as much under consid-
GRAFTON as in England or Austria.
A perpetual debt bearing interest
means a settled aristocraoy. No
construction is tenable which omits
this fact, and in permitting its impo-
sition the American people would
secure the overthrow Of the Re-
public.
But notwithstanding the fact that
Mr.. Cleveland's personal friends are
said to urge the scheme here dis
cussed, in that they will be disap-
pointed, as they have been disap-
pointed in their efforts to secure the