The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-05-20

banker to 10th eat his cake and keep 1t.
While others must be content to use their
money, or IL they invest in bonds must be
satisfied with the interest on the bonds,
the national banker can, by investing in
bonds, enjoy the interest upon the
bonds, and then by Issuing notes enjoy
the use Of the money also.
Il have referred TO the fact that gold
may be Withdrawn expressly for the pur-
pose Of purchasing bonds. The records Of
the treasury department show that $lS,-
900, 900 were withdrawn for the purpose
Of paying for the frat $50, ,O0O, 900 Of
bonds issued, and the proportion has
sometimes been greater than that. No
one except gold standard hnancier has
been able 20 see the wisdom Of poliuy
whereby bonds are issued to buy gold,
and then gold furnished &, the purchaser
to be returned to the treasury in ex-
change for the bonds. If the Dingley
bill, as flnally passed, Yields consider
able surplus over and above the expendi-
lures of the government, that surplus
can be converted into greenbaoks, and the
greenbaoks withheld from circulation,
but II the surplus is used to purchase and
retire government bonds the green
backs will 60 into circulation again. In
other words, the grsenbaoks can only
be kept in the treasury by contraction
of the currency, unless bank notes are
increased as rapidly as the grseubacks
are drawn in
1t is true that when gold is exchanged
for greenbscks the gold so replaces the
greenbacks in the circulation, but IL
bonds are issued for the purchase Of gold
the proceeds lie idle in the treasury If the
revenues exceed the expenditures. II the
secretary of the treasury continues to
pay gold on demand and stands ready to
replenish the gold reserve by bond issues,
it will be possible for the national banks
to lock mp all the governne ent pepper ip
the treasury vaults, making if they so
desire, corresponding increase in the
volume of national bank notes.
"The national banks want to retire the
greenbacks. The question is: Will they
demand the passage Of a law providing
for the retirement of greenbacks, or will
they use the power which they now
have to lock the greenbacks up in the
treasury and burn them afterwards
'It is to be regretted that the Kepubl,-
cans do not announce their policy upon
the currency question. There is no
doubt that many Of the leading Republi-
cans favor a retireme nj of the green backs,
and the presidents inaugural address
hinted at that policy, but there has been
no formal announcement of it, 1t would
be better if the people were advised in
advance Of the policy to be pursued SO
that they could be considering il; but it
has been the almost universal custom to
rush through, with limited debate and
with as little public discussion as posi-
BILE, the measures which are part of the
gold ld-standard policy,
Mr.. Cleveland urged through congress
the unconditional repeal of the Sherman
law, although no party had advocated
that measure before the people. After
the unconditional repeal had heen secured
he recommended the retirement of
greenbaoks by an issue of gold bonds.
That, too, was measure which was
never discussed by the public.
From the present indications the Re
publlcans intend to appoint a com
No ission to consider the currency question
and then push through, If possible, a bill
providing for the retirement of the green
backs, after a comm 'sion of eminent
lnanciers, selected for the purpose, has
reported in favor of such plan"