The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-04-23
rHE NEXT STEP or THE GOLD MEN

THE NEXT STEPOF THE GOLD NJ E--N
The opponents of t31e free coinage OF
silver are fond Of saying that more
silver Is in circulation now than ever
before. and that the policy of the OPP
ponents Of free coinage is to increase
the volume Of the silver in circulation
as rapidly as the conditions viii per-
NIT.
What are the facts@ Nearly all the
silver money and silver certificates in
circulation are circulated either over
the veto of a gold standard Pres
ident by threatened veto
The Bland-Allison act passed in
1878. which was in effect twelve years,
and the Sherman act which was in
effect something over three years, have
supplied most of the five hundred mil
lions of silver money, coin and certifi-
Gates. in circulation. Every dollar OF
this money, authorized by these acts,
is in circulation either over the actu-
Al or threatened veto of q Republican
President.
When the Bland-AIlison act passed
Congress in 1878. both Houses were
Democratic. President Hayes vetoed
the bill and it was passed over his veto.
In 1890, when the Senate had passed
a free coinage bin and an attempt was
being made to force it through the
House John Sherman, Thomas b. Reed,
and William Mckinley told the mem
beers of Congress that the President
would veto free coinage act, and by
means of the threat of a veto, made
trade with the Western Republicans
which secured the passage Of the Sher-
man law.
IF the men who are now opposing
free coinage had been able to control
Congress, not a dollar Of silver except
subsidiary coin would now be in cir
cuIation. If they win this fight, they
will not only retire the greenbacks,
but will also issue bonds to retire the
silver money, as some of the more
candid gold monometalists already adj
vocate. Mr.. Robt. S. Minot, in a re-
cent argument, says that the govern
ment should issue five hundred million
dollars worth of bonds and cancel the
greenbacks, silver certificates and
Treasury notes forever. The only
honest and strong way out IS to sell
silver for gold gradually, without UNI
due sacrifice"
The claim of the single standard
men that they want to retain the pre-
sent silver and silver certificates in
circulation is not 10 be believed, as to
those OF them who control the policy
of the gold men. Their ultimate OBJ
iect is to strike down all the silver
except the subsidiary silver. AS they
protested against its issue, and de-
nouneed as regulators Of honest debts
those who favored the Bland-Allison
act, what other conclusion is logical
than that they would replace II with
bonds if they had the power?
Inc desire 70 TURNER eHLalce inc
purchasing power Of the dollar, as well
as to secure more bonds by which the
wealthy could escape taxation, would
impel them to take the advice Of Mr..
Minot and other single standard adj
vocates. If it was a step towards fiat
money to coin the silver and issue sill
YER certificates, it would be both Iogi-
cal and right to retire both. and sub
stitute them with bonds.
The single standard man who say
he is in favor OF large use Of silver
IS either trying to deceive the people
or he hasn't been enlightened as to the
next step in the programme Of the
gold monometalists.