The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-27

but redeemed on Democrsuc lines and IN
accordance with Democratic preeedents.
Pardon me for quoting wnat had the
honor OF saying in a speech IN the Senate
on April . 1894, as follows: The extreme
features OF the Mckinley pili must pc
eradicated In the outset ~ me peopie
mandate is obeyed. but patriotism alike
demands that extreme measures in the
opposite direction must pe asoioen:
'sSuhseauent events have justified the
proprlety OF that wernlng
"f.arqelv the same Influences. ultr? and
unreasoning' which obstlnateiy and blind
ly opposed the repeal or the sherman
silver bullion purchase law, succeeded IN
foistng this populistlc income TAX upon
ous a sarious a vital mistake. II put In
peril and greatly endangered the passage
of any tariff bill whatever II delayed
final action at peTio1 nrovoked w '' aiv,sIaS Tas
where unity was imperative.
IL had hoped that better and wiser
counSels would have prevalled, ana re-
gret that the present w ms
rut into which through unwise or mis-
taken leadership. IL has fallen, and place
IL upon a safe and defensibie position Tor
future contests. II we expect 10 w.n IN
the future. obstinate and short-sishted
bourbonism must go to the rear. 80
THE country Is now confronted with
a steadily growing dencIt IN tne treas.
ury. occasioned by a fault OF the recent
finincial legislation TO produce the neces-
sary results for the needs OF the Gov
eminent. II is hoped that this difiiculty
will prove but temporary. ~ IS DelleVei
that with the country gradually recover
ing from the recent depression with
every prospect Of returning prosperity,
with every likelihood Of increasing impor.
tations, with the additional internal
revenue provided for, but not realized,
there may be reasonably expected In the
next fiscal year sufficient revenues TO
meet the nations expenses.
But what Is TO be done In the IN
term? How is the credit of the Govern
ment 10 he maintained and Its Liabilities
liquidated?
MONETARY REFORM.
mo hostility to the present admins
tration; no present political grievances
and no factlonal differences should be
permitted to retard immediate leg Station
50 Indispensable at this time for the
maintenance of the credit and honor OF
the Government.
ITO arb. .trarily refuse such action now.
unless some legislation for silver shall
precede, accompany or supplement II, and
thereby compel the calling or an extra
sessen OF a Republican Congress, is the
height Of political folly. only equaled by
the opposition to the repeal OF the Re-
publican Sherman law in 1888, and the
foisting Of income tax upon the public
In 1891.
In urging temporary financial relief
do not forget nor underestimate the inn
pOrtance and desirability of some appro-
pirate legislation in behalf OF monetary
reforms. Neither do we forget the fact
that the Democratic party Is by tradition
and interest the hard-money party-the
party that believes in the money of our
fathers, the. money OF intrinsic value.
the party which. In the language OF the
National Democratic platform. holds 20
the use Of both gold and silver as the
standard money of the country and
insists upon the maintenance OF their
parity at all times and In all places;
for the full restoration and maintenance
of hard money, with nothing else as
legal tender and with all paper currency
made redeemabe therein, the Democratic
party stands committed. In the carry
ing out of that policy the gradual retire
ment and eXtingulshing of the United
states notes commonly known as green
backs Is an important il not a necessary
step in the right direction. They are not
money according TO the Democratic idea.
but only currency redeemsble In hard
money. Redeemable In gold coin when
demanded according TO the direction or
the statutes by the Secretary Of the
Treasury and according to practice, they
constitute standing menace to the
Treasury, constantly draining It's gold and
impairng the reserves, and necessitating
the issuing OF bonds TO supply the neces-
Il believe that legislation is demande.
from the present wrong providing Tor
gradual eXtinguishment of this currency
and thereby relieving the treasury from
the difficulties which have been men,
toned and will be constantly recurring.
so long as such currency Is in existence.
There is no time TO be lost. The money
necessary for such payment and eX-
tinguishment can be supplied through a
popular loan. with low rate of interest
and long time securities"