The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-09-10
MR. BRYAN WILL SPEAK lN RA GH THURSAY SEPT 17T AIT PM

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fearing the tendencies toward centrali-
zation, as well as the dangers of dis
guarded against both, and
national safety, as well as Democratic
security, is to be found in the careful
observance of the limitations which
they impose. 1t will be noticed that,
while the United States guarantees to
every State republican form of gov
ernment and is empowered to protect
each State against invasion, it is not
authorized to interfere in the Demo
cratic affairs of any State, except upon
application of the legislature of the
State or upon the application of the
executive when the legislature cannot
be convened.
This provision rests upon the sound
theory that the people of the State,act-
ing through their legally chosen rep
resentatives, are, because of their more
intimate acquaintance with local con-
ditions, better qualified than the Pres
ident to Judge of the necessity for
Federal assistance. Those who framed
our Constitution wisely determined
to make as broad an application of
the principle of local self-govenment
as circumstances would permit.
Since governments exist for the pro-
lection of the rights of the people
and not for their spoliation, no ex-
penditure of public money can be JUS
titled unless that expenditure is nee
essary for the honest, economical and
efficient administration of the gov
Ia yls,N
priations are necessary the interest
of those who pay the taxes should be
consulted, rather than the wishes of
those who receive or disburse public
monies.
THE ISSUE OF BONDS.
Increase in the bonded debt of the
United States is, at this time, entirely
without excuse. The issue of inter-
estsbearing bonds within the last few
wears has been defended on the
ground that they were necessary to
secure gold with which to redeem
United States notes and Treasury
notes, but this necessity was imagin-
ary. rather than real Instead of ex-
ercising the legal right vested in the
United States to redeem it's coin in
/
branch of the government has follow
ed precedent established by former
administration and surrendered the
option to the holder of the obliga-
tions. This administrative policy
leaves the government at the mercy
of those who find a pecuniary profit
in bond issues. The fact that the deal
ers in money and securities have been
able to deplete or protect the Treasury
according to the changing whims,
shows how dangerous it is to permit
them to exercise a controlling inhu-
ence Of the Treasury department. The
government of the United States, when
administered in the interest of all the
people, is able to establish and enforce
it's financial policy, not only without
the aid of syndicates, but in spite of
any opposition which syndicates may
present. To assert that the govern
melt is dependent upon the good will
or assistance of any portion of the
people, other than constitutional ma
jority, is to assert that we have a gov
ernnent in form, but without vital
force.
NATIONAL BANKS.
The position taken by the platform
against the issue of paper money by
National banks is supported by the
highest Democratic authority as well
as demanded by the interests of the
people. The present attempt of the
National banks to force the retirement
Of United States notes and Treasury
notes, in order to secure a basis for a
larger issue of their own notes, illus
trates the danger which arises from
permitting them to issue their paper as
a circulating medium. The National
bank note, being redeemable in law
ful money, has never been better than
the United States note which stands
behind it, and yet the banks persis-
tently demand that these United States
notes which draw no interest shall
give place to interest-bearing bonds in
order that the banks may collect the
interest which the people now save.
To empower National banks to issue
circulating notes is to grant a valua-
bic privilege to a favored class, sur
render to private corporations the con-
troll over the volume of paper money,
and build up class which will claim
a vested interest in the nations fnan-
cial policy. Our United States notes,
commonly known as greenbacks, be-
ing redeemable in either gold or silver,
at the option of the government, and
not at the option of the holder, are
safer and cheaper for the people than
National bank notes based upon in
terest-bearing bonds.
OUR FOREIGN POLICY.
A dignifed but firm maintenance Of
the foreign policy first set forth by
President Monroe and reiterated by the
Presidents who have succeeded him
instead of arousing hostility abroad,
is the best guarantee of amicable re-
lations with other nations.
1T is better for all concerned that
the United States should resist any
extension of European authority in
the Western Hemisphere rather than
invite the continual irritation which
would necessarily result from any at
tempt to increase the influence of the
Americas which have been dedicated to |
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