The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-05-01
NO REASON TO REcANT
His Views Since He and Hen
derson Voted Together.
HOPE ONLY IN sIMETALLIsM
There 1t Has Been a Progressive Step
to Gold Mononetailisnn
All Along the
Line.

go to "a, is here to argue several cases
in the Supreme court. He argued two
cases yesterday and will argue another
to-day.
Mr.. Crawford is one of the strongest
men in the party in the State, and rec
ognized among the ablest of the young
er school of public men. His record
in Congress marked him as man of
solid ability. Knowing that his views
on the current political situation
would be interesting and valuable, a
reporter called to see him yesterday
Mr. Crawford is confident that Demo
cratic principles will prevail if the par
ty is true to itself He believes the
party should make no compromise
with any, and go nowhere. "There is
no place." he said ''for free coinage
Democrats to go. I believe the princi-
pie is fundamental, and Democratic,
and will prevail
what do you think of Mr.. Hender-
sons letter." a reporter asked Mr..
Crawford.
81 served with Mr.. Henderson in Con-
gTess two terms, and was astounded
at his declaration. We voted together
on the money question, and / am sur
prised at his saying that he has been
for ''sound money" all the time, if he
uses that term in the sense that the
gold standard men use it. We voted
together in the special session of Con-
gress, and always on all financial
questions. His letter was the first i'm
timation / had that he was not for
free silver"
HAS there been any change in the
situation that would warrant you III
changing your position?" he was ask
ed
Mr. Crawford said: II think it has
been clearly demonstrated that the
gold standard has failed to meet the
expectations of its friends, and until
recently they have admitted that the
financial system ought to be changed.
We are on the gold standard now. and
if it was the ideal policy claimed for
it, we ought to be prosperous and hap
py. There is only one way to maintain
the gold standard. and that is to sell
the bonds of the government and buy
gold IN the open markets of the
world We have already involved the
government in debt to the amount
of two hundred and sixty two million
dollars in order to maintain the $780,
100000 gold reserve in the Treasury,
which has been constantly depleted
by the redemption of Sherman notes
and greenbacks in order to meet the
demands of the gold Spectator. And
to-day there is in the neighborhcod of
S125, 100000 of gold in the Treasury,
having lost about forty million since
the last bond issue. 1t is only ques-
ton of time-and short time at that
when another issue of bonds will
have to be made in order to strength
en- This ideal hundred millions which
John Sherman Set arsart, as q treasury
policy. when he was Se6feralv. WIN
out any authority of law. So, within
a few years, we may issue a thousand
million of bonds to get gold and still
have only the hundred millions in the
Treasury. These bonds and the In
terest must be paid by the people with
out having derived a particle Of bene-
fit in return, for not a single dollar
would he added 10 the circulating me-
dunn thereby for the gold is drawn
out by the paper money already in cir
culation, which is then reissued.
IN 1895, when the President called
Congress together to repeal the Sher-
man law, some of my friends petition
ed me to support the BILL / then gave
nv views in an open letter in the Ashe-
vile Citizen in which I said / would
never support a proposition OF that
sort unless it was accompanied with a
provision for the free coinage Of sill
YER. I was of the opinion then that
it was a progressive step to the gold
standard.
The Sherman law gave the Secretary
the discretion to suspend the coinage
of the silver after July 1st, 1891, and
Secretary Foster did suspend il and
declared that the, notes issued for the
purchase of the silver bullion were
Dayable in gold The repeal OF the
Sherman law stopped the purchase of
the bullion, and the issue of Treasury
notes. / insisted that the next step
would be to redeem the silver and silver
certificates in gold. My prediction is
that if the gold standard idea prevails
this wear that the new Secretary of
the Treasury will announce the poIcy
of redeeming all forms of money in
gold. and this viii add six hundred
million dollars to the $3.50, 100000 now
redeemable IN gold and instead Of is
suing two hundred million dollars OF
bonds a year it viii require four hum
bred millions to keep up the John
Sherman reserve. Also that gold
bonds viii be issued by authority OF
law. the Treasury notes retired, and
the coin bonds now outstanding will
have 10 be funded and made payable
in gold.
American people will not stand such
q system.
II have seen no reason to change
my convictions. On ffle other hand
am more firmly convinced that the
whole financial system is radically