St. Paul daily globe., 1895-12-28
AN INIBECILE PERFORMANCE.

AN INIRECILE PERFORMANCE.
The Republicans of the house have
surrendered to the greenbackers. They
have, to be more accurate, moved over
to the graenbackers' position. The &C
ton which they have taken on the
proposed bond bill makes 1t hopeless
hereafter for the Republican party to
pretend that it is sound on the money
question, and pledges its allegiance to
the worst form of financial heresy.
The bill, as originally formulated, was
bad enough. 1t proposed, according
to the notion of Mr.. Reed in the last
congress, the issue of a per cent
coin bond This, as we have already
explained, and as is demonstrated by
the letter of Secretary Carlisle In an
other column, is Of more than doubt
full efficacy. 1t remains to be seen
whether a "coin' bond, bearing that
rate of interest, can be fioated at par
In any market. 1t is proposed that we
degrade the credit of the United States,
and bring ourselves one step nearer
to the silver basis, in order to serve
the ends of Republican politicians who
are catering to the cheap money vote.
But this is far from being the worst
of it. At the instance of Mr.. Hopkins,
an amendment to this bill was adopted
which completely emasculates it and
renders it's passage worse than use
less. The house has already pretend
ed to provide, according to its notion,
sufficient revenue. The only possible
purpose of this bond bill would be to
take care of the treasury reserve. That
reserve is endangered by the presence
of the greenbacks in our currency and
the necessity of redeeming them, on
presentation, in gold. These bonds,
then, are to be sold, and the debt of the
people increased, only in order that
the gold reserve may be replenished
and kept above the danger point. How
is this to be brought about? The first
condition Is that the bonds are "coin''
bonds, which does not assure the pay
ment of gold, but squints toward the
silver standard. Then 1t is provided,
by the amendment of Mr.. Hopkins,
that the greenbacks are not to be
held in the treasury after redemption,
and SO cannot be retired without can
collation.. This Republican financial
measure then. which is. to protect
the gold reserve of the treasury, is
not calculated to bring in +, one dollar
of gold in the first place; and. if it
should, it is ordered that this gold
shall not be protected against future
drafts, because the greenbacks are to
be paid out and redeemed over and
over again, as at present, until re-
demption in gold is no longer possible.
The Republican party has declared
itself. It Is tinctured with the green
back heresy through and through. 1t
would enact that the bonded debt of the
United States shall be Increased for
no other purpose, even if the bonds
can be placed at par, than to accumu-
late in the treasury fund not one dol
lar of which can be used to swell the
reserve or to prevent the drain of gold
which has been the cause Of all our re-
cent difficulties and Of the wavering
of public confidence. AS a party per-
formance, this is imbecile. Regarded
in it's relation to the public welfare
and the necessities of the treasury, 1t
Is an ennptier mockery than any of
which even the Populists would be
guilty. The majority of the house has
shown its hand. Under the guidance
of Mr.. Reed it has declared itself the
enemy Of the public credit the oppon-
ent of every principle Of sound finance.
The tariff bill which the Republicans
have passed is recantation of all
that they have professed in the past.
The revenue bill, as it now stands, is
a humble confession of error and a
proclamation to all the world of ad
hesion to the faith of the greenbacker.
Now is the opportunity of Democracy.
The people of this country are for
sound money. Let the Democrats OF
the nation raise that standard, and the
day, which has seemed so nearly lost,
is theirs almost without a battle.