The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-23
THY sl5 NE HAM Hs,OwF'''Ss On The

New York Times. and other papers, MOI
| avowedly Republican, that supported
| Mckinley for President because Of his
| gold platform, are very earnest u adj
vocacy of the Gage bill or some other
| financial measure to be passed by this
Congress. They do not .hesitate to say
| that if some measure is not passed Civ
ing a better system of currency, the
neople will demand the free coinnge Of
silver at the next election. That is the
inspiration to their zeal!
There are no doubt many men who
honestly favor broader currency legiSla-
country's prosperity, hut Mr.. Gage in
presenting his bill was frank enough to
say that it was introduced "to commit
the country more thoroughly to the
gold standard" In the face of that
declaration and the body of the bill, no
man who claims to he even a moderate
or countenance to a measure that is to
saddle the country with the gold
standard "more thoroughly" than we
have that curse now.
If this Congress will authorize the
coinage of the seignorage and provide
other direct methods Of increasing the
volume of money, it would be helpful.
but noho' opposes it will do any
hinge To retire any portion
t tic and increase the al
~eady to powers Of the national
aanks-the only propositions that are
considered in financial circles''-would
e to do positive injury to all interests
nxcert national bank interests which
have too long dominated the currency
legislation for their own enrichment
The truth rs that the election last
,'ear, was bought and paid for by three
.lasses: l. The trusts to secure higher
.ariff taxes and exemption from prose
1ition for violation of Federal and
State statutes; 2. The great political
7ailroads to be Permitted 10 gpbble up
he Pacific railroad, to nuilify the Inter
tate Commerce Commission. and TO
control the Federal judiciary: and. 3
The money syndicate to prevent any
legislation that took the regulation Of
he volume of money out of their hands.
The trusts have already secured what
they paid for; the political railroads
have gobbled up the Pacific railroad, had
their man appointed on the Supreme
bench. and the courts have about knock
ed the last straw of power out of the
Inter state Commerce Commission: and
now comes the money syndicate, which
furnished most of its money demanding
the pound of flesh nearest the heart.
It's present demands call for more bonds,
the retirement of the greenbacks, and
more power and profit to national
banks. If the Senate stands in the
way of Hanna's carrying out these
pledges, the money syndicate will ac-
cept for the present continued direc-
Ition of the operations of the treasury,
with power to issue more bonds when it
decides it is prudent to do so.
There will be no financial or currency
legislation during McKinley's term. The
men in office do the bidding of J. Pier
pont Morgan and the others of the
money and bond syndicates. 1t is idle
to expect these sharks to permit any
legislation that does not bring fish into
their net. If they cannot reduce the
volume of currency or control further
issues, they will let matters stand as
they are in the hope of buying up the
Senate as they own the House and the
Chief Executive. Those who believe any
legislation such as the business men,
farmers, bankers ard other thoughtful
men Of the South and West would gladly
welcome, do not appreciate the position
of the men who dictate the financial
policy of the administration. They will
have the pound Of flesh nearest the
heart or nothing. And no Democrat or
member of other party, who is not in
favor of the gold standard, viii vote
with them to pass another dishonest
repeal Of the Sherman act, or other
measure that win further tend to de-
press industry and destroy successful
agriculture.
The Republicans and their allies have
seen the handwriting ON the wall. They
know that unless they can concoct some
other scheme of deception, the people
will rise up and destroy them without
mercy.
The Raleigh Chamber of Commerce