Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-12-18

To be sure the Republicans who are
united in policy OF delay are not alone
in com planning of the shortness of the
time allowed for debate, some Demo-
Gratis believing that the subject calls
for more time, aud to quiet this opposl-
ton the time may be extended, though
there is no reason why it should be ex-
tended beyond the week at most. The
hearings before the committee have
shown only the immense variety OF
opinions and theories held by those who
are supposed to have the knowledge OF
experience on the subject, and the
hearings might have been continued
till doomsday with no other result.
Speedy action is now what is most re-
ouired and a weeks debate at the out
side will be ample.
The State bank feature Of the bill is
its danger. The house has already de-
feated a proposition somewhat similar
to that embodied in the bill and yet
without that feature the whole bill may
come to grief through the lack OF
southern support
Some plan, however, to stop the gold
drain from the Treasury will have to be
passed and no plan better than the pres.
ent bill can be devised that will have
chance Of becoming law. The present
hill also provides for q rational
system Of national banking and
more elastic currency in place OF
the old method which was
devised merely as means to sell gov
eminent bonds when the government
was sorely pressed for money and not
as a basis for currency TO meet the
great and varied demands OF the busi-
ness OF great and growing country
and is now insufficient out of all
proportion to meet our present require
ments. But great as is the reed for re-
form in this direction the need is
greater to put an end to that ''end-
less chain" as Mr.. Cleveland aptly put
it, that is drawing gold out OF the treas
urv through the continued redemption
of greenbacks in gold without ever a
penny's worth of our gold obliga-
lions being removed, since the
greenbacks must be Immediately
re-issued, to be again redeemed at the
pleasure Of the holders out OF the
Treasury's gold reserve, which can be
kept up and the governments credit
maintained only through the sale OF
bonds for gold, and the constant in.
crease of the public debt, and all for no
purpose and to no end but the enrich
ment OF the moneyed class, who make
great profits of the governments pre-
dicament.
The present bill, by allowing national
banks to deposit greenbacks in guar
antee fund, instead of bonds, to secure
their circulation will, tits estimated, re-
tire from circulation vast sum of these
notes, which are now threatening the
stability of our currency and
the credit Of the government
to boot and would relieve the govern
ment of great embarrassment until a
measure could be adopted for the per-
manent aud regular retirement Of the
greenbscks. A plan looking to that
end would have been summarily voted
down year ago, but 1t is now
found 20 be an imperative necessity
since the President has, with unmis-
taxable emphasis, stated that the gov
eminent would continue to maintain
the parity of all our money with gold,
and maintain the gold reserve by making
loans whenever more gold was need
ed. The present endless operation OF
pumping gold out of the Treasury with
the greenback pump simply means the
enrichment Of the bondholders at the
pump-handle, and the rapid piling up OF
vast public debt, without object or
anything to show for it. This
condition OF things, it is plain,
should not be tolerated Tor
day longer than is necessary to
put an end to it, yet plan aiming d.
rectly so retire the greenbacks without
providing for the free coinage Of silver
in place Of them would be defeated by
the silver Senators, while the plan care
fully formulated by Secretary Carlisle
with a view to gaining the support of
all sides may be defeated because OF the
State bank provision, southern mem
bers threatening TO withdraw their sup
port il it is not retained,
and split threatened among
other members il it is, although
the safeguards by which the issue of
State banks i hedged about in the bill
make it practically as safe as that OF
the national banks. 1t is 10 be hoped
that sufficient number of members
will take the common sense view Of the
governments predicament to make the
bill law as speedily as possible and in
a measure relieve the Treasury of the