New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-22
THE "SOUND MONEY" CRUSADE.

That the Administration is desperately in
earnest in its crusade in behalf OF what Presi'
dent Cleveland styles Sound Money every
body must admit and to the extent that II is
a fight in that behalf he commands the sympa-
thy Of mutitudes Of his countrymen who are
not members of the Democratic party. They
recognize the fact that he Is engaged in On up
hill fight against large ma ority of the rank and
file Of his party in the Southern and Western
States and that If he wins he will owe his sue
cess to the same means which turned the scale
in favor of the unconditional repeal Of the bullion
purchase provision of the silver act OF 1870.
The fact Is also recognized that he then enjoyed
an advantage through the almost unanimous
support of the Republican party in Congress,
which he cannot command in this tussle between
the factions of his own party Moreover, there
are strong and controlling reasons which forbid
Republicans as we'll as other friends Of Sound
Money" to indulge in enthusiastic or gushing
expressions OF sympathy with the Admnstra-
tons crusade.
The plain truth is that the Administration is
not sincere, and that its Sound Money cam
paign is weakened TO great extent by false
pretences. Everybody must remember that the
scheme Of Currency Reform" proposed by the
y
was warmly approved by President Cleveland
and strongly supported by the partisans Of the
Administration in Congress, included PROPOSE
tons which were regarded as dangerous in the
extreme by nearly every man who was qualified
by lifelong study and experience TO express an
opinion. One Of these propositions meant the
gradual but sure determination OF National bank
notes by crowding them out Of the channels OF
general, everyday circulation among the people
Another feature Of the scheme II adopted, would
have deprived nine-tenths Of the people Of the
privilege Of handling legal tender notes, by re-
firing all such notes Of denominations lower
than ten dollars. So eager and determined was
the Administration TO carry out this scheme
that the Secretary OF the Treasury persuaded the
Appropriations Committee Of the House OF Rep
resentatiyes TO omit from one of the general APP
preparation bills a provision that had been re-
enacted, year after year, for many years, and the
bill as thus amended was passed by the House
Of Representatives. The provision, however.
was restored by the Senate, and so that game
was blocked. II the Administrations Currency
Reform" scheme had been adopted these con-
sequences would have followed, sooner or later,
and the worst Of them sooner: First, the country
would have been flooded with emissions OF State
bank notes which would not have been current
at par a hundred miles from the place Of issue,
or redemption, and large proportion OF which
would have been wild cat" notes, worthless
anywhere and everywhere; second, within
short time there would have been no legal ten
der notes in circulation Of lower denomination
than ten dollars; third, all notes Of smaller de-
nominations than ten dollars would have con-
sisted Of silver certificates and State bank notes;
and fourth, National bank notes would have
been driven from circulation. first, because they
would have been subject TO taxation while no tax
would have been imposed upon wild cat and
other State bank notes. and second because no
National bank note Of q lower denomination
than ten dollars could have been issued.
Now. that was the Sound Money" scheme OF
the Administration proposed less than eight
months ago, and urged upon the LID Con
gress as long as It continued to exist The
most eminent, competent and conservative finan
cial authorities In the COMMUNICATING many
State bankers-opposed IL as unsound and
dangerous, and Congress refused to adopt It,
There is not the slightest ground to believe or
hope. however, that the views or policy of the
Administration have been modified in any essen
tal degree. 1t is simply fighting the majority
Of its own party on the silver question and try
ing to engage the sympathy OF the country by
loud outcries in favor Of Sound Money" with
out defining what IT means by that phrase. This
is a fact which 1t may be as well for the real
friends Of sound money to keep in mind 1t is
not even a question whether the Administra
tons scheme would be better worse for the
country than the scheme Of the free silver faction
for no true friend Of sound money can consist
emily countenance or encourage either Of them