Daily Kennebec journal., 1894-12-20
IT,. Latest Democratic Issue.

Large exports of gold today mean some
thing Every shipment is the result Oh
orders passing between here and Europe,
md represents determination to remove
capital from this country. 1t is idle tosly
that a shipment is the result OF sales OF
;tocks, for the sales themselves are mada
tor the purpose of taking capital out OF
American Investments. 1t has beer
Noticed already that exports of gold began,
Is it happened, just when the state bank
scheme was announced by the president
md the secretary Of the treasury, ana
they naturally grow larger as it appears
probable that this revolutionary scheme
may be favorably reported. The effort
yesterday by Representative Walker of
Massachusetts,, a known advocate OF what
aas been called the Baltimore plan, to de-
Ter action in committee on Secretary Car
isles scheme until it could be fairly con-
,idered, was defeated by a party vote. 1t
IS evident that Democratic partisanship
will be employed to the utmost to push
through this half baked plan which, as
Mr.. Walker says, was so hastily drawn
that it does not represent the opinion of
chose who were expected to be its most
earnest advocates.
The explanation lies behind. The Bal
;irnore performance was used for par
sisan purpose Men of practical sense are
able now to see, as they did not when the
the Baltimore convention was held, that
The object was to commit as many reputa-
Die bankers as possible to any sort OF plan
for the issue of notes without any sub
,tantial seburity behind them, in order to
pave the way for the favorite notion OF
Democratic partisans, which was en-
bodied in the Democratic platform for the
repeal Of the tax on issues of state banks.
The revival of wildcat banking, the de-
struction of national banks, is the object
which lies under all these movements.
The plan submitted by Secretary Carlisle
has been so completely exposed, as re-
spects its tendency to destroy the national
system and to open the field to unlimited
state bank issues, that there is no longer
excuse for good banks to give it counte-
nance.
1t is not worth while here to argue
against the issue of A distinct kinds of
paper notes, each pretending to have the
,ountenance of the government, and
claiming currency as a form of money
authorized by the nation. At bottom the
whole business is q fraud. 1t is intended
30 put out notes of state banks, no matter
whether decently protected or not, as If
5hey were substantially the kind of cur
.ency to which the people have become &C
,ustomed during 30 years of Republican
safety Tho Democratic belief is that the
people are stupid enough to accept such
notes without question, and thus to sub
stitute this heterogeneous style of paper
t.,t, pt.aI I,xy
the United States. 1t is needless to speak
Jf the injury which would be dono to
workingmen. and to all others who may
receive such notes in ordinary payments
for wages or for products. The people
lave right to better currency than the
various states, acting each for itself, will
ever provide, and the Republicans will
not be true to their duty If they do not re
sst to the utmost every revolutionary step
in the direction of a Democratic currency
1t pleases Mr.. Cleveland to think that
he has been able to reconstruct the tariff,
and before he goes out of Office will be
able to reconstruct the national monetary
system. His change of tariff has thrown
out of employment many thousand men,
and subjected others to general reduc-
ton of wages, amounting at present to 70
per cent for those employed. Nobody can
tell what the effect of his monetary scheme
would be if it could be passed, but it is
hoped that in the senate, where debate
has not yet been suppressed, there will be
ample opportunity to show exactly what
Democratic wildcat banking means II
the people once get a fair idea of the differ
ence between the currency they now have.
and have enjoyed for 80 years. and the
currency which the Democrats propose,
the majority in 1894 will be eclipscd by
the majority in 1S96.-[New York Tri.
bune.