Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1896-11-22
uANNA,s FINANCIAL SCHEME.

Mark Hanna will probably not be a
member OF McKinley's cabinet. but he
has evolved a scheme for the adjustment
| of our financial difficulties which will
probably be urged by at least portion
| of the republican party. Briefly stated,
it is as follows:
Retire the greenbacks and treasury
notes by an issue of low interest short
term bonds, sufficient to cover the en-
tire amount of this paper currency, about
$500 900 600; these bonds would natural
ly be taken by the national banks, at par
as the basis for their note circulation
which is to be permitted to the par val
lie of the bonds instead of so per cent.
as at present; as protection against too
great and sudden contraction OF the cur
rency at the will of the banks, Mr.. Han
ma would buy silver bullion and issue
treasury notes similar to the sherman
notes against the cost price of the metal.
These treasury notes would pay for the
silver, and would have, according to Mr..
Hanna's plan, the same quality as the
present Sherman notes, to be retired,
however, as fast as regular silver certii-
Gates could be substituted therefor by
the process of redemption or exchange.
Mr.. Hanna has two points in mind,
says the New York Journal, with his
silver purchase proposition. He thinks
| first, that it will break the backbone Of
resentment of the silver republicans in
the mining states and, secondly, that,
by furnishing q market for $3.50 900, 900
worth OF silver, it may stffen the price
of the white metal and make easier the
pathway to the international agreement,
for the seeking of which the republican
party is platform-bound
1t is hardly probable that this scheme
by which several hundred millions of sill
yer dollars or their paper representa-
tives would be added to the currency.
will find enthusiastic favor with the "sa-
gacious and patriotic financiers," who
have been unfolding the honor and cred
| it of the nation while rading and bank
rupting it's treasury under Cleveland's
administration, and who are quietly
awaiting still further opportunities for
more bond deals and the shylock profits
arising therefrom.
Mr.. Hanna's plan does not seem to
contemplate any relief to the country
| from the dishonest So cent dollars"
which have given such mortal offense to
| lne SupeI-SSilSlllNe COHSClSHCeS VI the
sound money advocates-it would only
aggravate the evil and the more offend
| these rigidly righteous gentlemen. And
| If this scheme contains the germ of q
substantial suggestion of international
bimetallism Mr.. Hanna and his friends
| had as we'll abandon il at once and for
ever. for the gold bug proprietors of Nc
| Kincy's administration will have none of
| It. They have not been deceiving the
people before elections, scheming and
working, sending their money to buy
party conventions and elections, corrupt
| ing congressman, and purchasing venal
officials in order to establish the single
gold standard in the United States, SIM
ply to surrender the advantages they
have gained and the profits they have
in sight, and sacrifice their booty upon
the altar OF patriotism. Not they.
The truth is. its latest platform COM
inits the republican party to war upon
silver and all other kinds OF money ex-
cept gold and the promises to pay" Of
| national banks. Its pledge to 'main-
| tain the existing gold standard" until