The daily Caucasian. (Raleigh, N.C.) 1895-1895, 1895-01-30


President and his dunder-headed
Secretary Of the Treasury had stood
upon the law, and had paid all of
those obligations, that could have
been thus pad, in silver. it is certain
that those obligations would have
furnished no part of the drain upon
the gold reserve of the treasury.
The plain truth is, this incompetent
administration insisted upon con
verting those silver obligations into
gold obhgatlons, without any com
mand of law, or any reason in the
nature OF things compelling such a
course. And now this same incom-
petent administration comes to Con
gress, and asks it to ratify It's stupid
II not criminal act ion, by issuing
gold interest bearing bonds to cover
and redeem these rain obligations.
But the feature Of this bond prop
osltion, which we have Just men
toned, is not more criminal than the
feature to be mentioned now.
The issuing of bonds rscommepdsa>
by the President is1iRo Gn., re
demption and 'ne una, ''
cancellation Of these
ing treasury obligations
o9b1Igations which are now in, and
are Il part Of, the circulation of the
country. The proposition Of Mr..
Cleveland is, therefore, simply to
contract the currency by the with
drawal of some 800, 900 900 from
the circulation. 1t is true, that the
President wants the banks to be al
lowed to increase their circulation
up to the face value of the bonds on
deposit to secure it-that is, the
Presidents proposition contemplates
an increase of the bank circulation,
which will be exactly ten per cent.
of their bonds in the Treasury. This
is his proposition, stripped of all the
pompOus verbiage, for which the
President is so celebrated.
But it may be argued that the new
bonds would go into the Treasury and
circulation to the extent Of their
face value would be given to the
banks, and go into the hands of the
people Those who argue in this
way are either ignorant or dishonest.
Millions of the new bonds would seek
foreign investments: and there IS not
a shadow of provision IN existing law,
or in any pending proposition, to
compel those bonds to 60 under any
circulation whatever. Let no one be
deceived. Mr.. Cleveland simply pro-
poses to secure to the money holders
a further appreciation OF their hold
ings, by taking $5OO,OOO,OoO out of
the circulation of the country.
The message is an adroit attempt
to secure legislation, under the plea
of an immediate necessity, that will
certainly fix the whole vicious ma
tional banking system more firmly
upon the people, than it is now. The
Congress cannot adopt, with safety,
any proposition that will put greater
power into the hands of those bank
ers than they now hold.
We cannot believe that the silver
3 men in Congress can be induced tO
let any bill pass. that will embody
+ Mr.. Clevela ads recommendations In
1 this message. The plain duty Of the
silver men is, to stand to their posi-
! ton. and let Mr.. Cleveland bankrupt
. the Nation, if he will. There is grave
danger ahead in these recommends
S tions; and the only right course IS
resistance to the end.
STILL At THEIR OLD TRICKS.
il, When certain Democrats IN the
, House protested innocence of any IN
tention to obstruct legislation by nj
, clustering, The CAUCASIAN gav'
them the full benefit of their dis
I claimer, and reported their remarks
on the question of personal privilege
2 so accurately that one of them ha
purchased thirty-fve copies OF tn
o naper to send home to his Democratic
t constituents.
g We hoped that there would be n
need of any further suggestions iron
: US along this line; but the conduct o
certain of these gentlemen on Mon
4! day and Tuesday calls for anothe
g warning. The proceedings OF tn
O House on Monday show no
: only that filibustering has begun
J. again, but that some OF thes
same innocent lambs are frlsklnI
Q about the House and delaying tn