The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1895-09-12
CURRENCY QUESTION.
GAN THE COUNTRY STAND A CONTRAC-
TION OF THE CURRENCY1
mat Is What the Gold Standard
Heans-Movement to Restore the
ureenbacks-OoId Buyers Opposed
to State Banks of Issue.
| Atlanta Constitution !

Whether the people carry the day
and restore silver as part of the
standard money OF the country, or
whether the shylock class succeed in
heading off the silver movement, the
money question will not De settled.
1t IS yet to be settled, and this is a
matter for the future. In any event
matters cannot remain as they are.
There must be change. If the people
think the British gold standard is
good thing and we are willing to make
It permanent, they will have to go a
great deal further along the road to
currency contraction than they have
yet gone. The greenbacks and the
Sherman notes OF I8So-issued 10
purchase silver, but made 1edeemable
IN gold by Mr.. Cieveland's treasury
ruling-will have to he retired. That
much is certain. The single gold
standard will not bear the strain OF
our present enormous volume Of paper
money. The volume is not too large
for the needs of the people; indeed,
1t is not large enough; but it is entirely
too large for the hundred millions of
gold which is all that we have avail
able for redemption purposes. Conse-
| quenlly, the greenbacks and the treas
| ury notes which were issued under the
law Of 1890 will have to be retired and
cancelled. This will be serious con-
traction Of the currency, and will in
juriously affect valuables and prices,
but the people will have to stand it if
they propose to indorse the British
gold standard. There is no help for
it and no escape from it.
We are not coniuring up imaginary
troubles. That the goldbugs do not
propose to let the currency question
remain where it is, we have ample
evidence, The so-Galled "Haltimore
plan" was sn illumination of the pur-
poses and desires Of the banking fra
ternity. Mr.. Cleveland's last message
to Congress suggested the retirement
of the greenbacks, and presently, ifthc
silver movement is defeated by the
Vaccinations OF shylock and the mon
ey power, we shall see the scheme OF
greenback retirement take definate
shape. All those who are opposed to
the free coinage of silver will be in
favor of it, and their position will be
perfectly logical. # we are IA have
the single gold standard--if the mints
are to remain closed to silver-the
greenbacks and the treasury notes
should be promptly retired. The peo-
ple's interests will be hurt by it, but il
they are going to indorse the single
gold standard they will have to take
the whole dose with all its trimmings.
With gold monometalsm, we shall as
suredly haye ia cut down our paper
currency to fit our stock Of redemption
money. There is no escape from it.
OF course we hope and believe that
the people will rise superior to the
plottings Of the money OF redemption,
but if the movement fails and gold
monometallsm wins victory our
paper currency will have to be re-
duced to fit our small stock of1edemp-
ton money. SUCH reduction will
be absolutely necessary, and oppo
si,ion to it would be illogical and RI
diculous.
We observe that some of the cuck-
oos are beating the bushes in favor OF
State banks Of issue, but it would be
absurd to retire the greenbacks and
treasury notes. What would such
notes be redeemable in? Not in gold,
certainly, for the gold bug demand
for the retirement of the government
notes is logically based on the claim
that there is not enough gold in
which to redeem them. The Consh-
mtioa is in favor Of State banks OF
issue, but it wants the potes OF these
in:titutions to ts sound and redeem
able. Otherwise the people will be
made the victims OF swlndle.
No; We cannot have State banks OF
issue under the single gold standard.
Nor can we have greenbacks and
treasury notes. We can only have a
limited supply Of national hank notes
issued only by the banks that are able
to keep on hand sufficient amount
redemption money.
The point we desire to impress on
the minds OF the people is that it the
British gold standard is made perma'
nent, there will have to be vast changes
in our currency system to fit 1t. There
will have to be a contraction OF our
paper currency to get the small stock
of gold that is available for redemp
ton pufposss
The Sun says Durham colored
pastor was recently preaching to his
| people about Heaven. 81 tell you,
said he. "what Heaven is. 1t is a place
where you can always have plenty to
eat and no work to do. There Is
plenty of fried chicken, collards, fat
meat and" At this juncture one OF
the deacons in the church, yho al
ways occupies a seat in the "amen
corner" yelled out, "fa-as, Lord, !
smell 'em now"