The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1896-02-22
SENATORIAL oEsTRucTIvEs.
Cheap Money Agents Blocking Nationa
Financial Legislation.

Financial Legislation.
A Washington telegram to a news
paper which has rendered itself notori-
Gus for its free silver espousals says
cit seems to be the determination OF
tie free rilverites in the senate to make
every effort on behalf of free coinage,
and TO impose their favorite PROPOSE
ton upon every measure brought be-
fore congress-" 1t adds: IF they can
bring about condition in the treasury
by which the gold reserve would abso-
lutely disappear and the treasury be
placed upon a silver basis they would
be quite satisfied with the result of
their (eviD work."
Of course they would be satisfied with
that outcome and its disastrous conse-
quences. That is what they have been
working for ali along. They have pre-
tended to be "bimetallists," but are de-
termined to have silver recommendation
with gold expelled if they can bring
it about by any means open to them.
They may clearly perceive that with
the gold dollar having q purchasing
power of 100 cents and the silver in a
silver dollar only so cents it is utter
nonsense to talk about bimetallism.
They know that the haif-value dollar
will drive the full-value dollar out of
circulation just as soon as free coinage
is adopted, which they ardently de-
sire to bring about, and that is why they
SO desperately resist every effort to
maintain the gold reserve for the re-
eemption of the greenbacks and the
Sherman treasury notes in 10o-cent dol
lar money. They see that if the gov
eminent should be compelled to redeem
those obligations in nothing better
than half-worth silver the silver GER
;ificates at once would be recognized
rs having none but half-worth back
ing, and the national bank notes follow
suit. So they think they would have
great cause for rejoicing, as it would
be over complete success of their
cataclysmic scheme if they could stop
the gold supplies so as to bring the
gold redemption fund down to the zero
point, when the paper obligations of
cent silver dollars or not at all.
1t hardly can be supposed possible
that these enemies of the country's
prosperity could carry their nefarious
point; but If they succeeded their sat
isfaction would be short-lived. 1t may
be they would gloat over the financial
ruin of hundreds of thousands and the
industrial paralysis that would reduce
millions to want. But the terrible pc
cuniary stringency that would follow
the expulsion of gold and the fall of
the remaining currency one-half in
value, thus reducing its working power
one-half, would bring out clamorous
demand for an immense issue of paper
currency to fill the void, and the prob
ability is that the populist element
would prevail SO far as to make the
paper SO ''fiat" in its character that it
would drive out the silveras effectually
as the free silverites had driven out |
the gold. This evil would be corrected |
In the course of years, but more prob |
ably by a return to the gold standard |
10 the utter exclusion of silver, except |
for subsidiary currency, than by adopt |
ing the free silver crankery which had |
the mischief upon the peo-
pie. Then the silver maniacs would |
curse their own folly in not having suffi- |
cient sense to let well enough alone.-l
Chicago Tribune.