The Topeka state journal., 1897-12-07
MAN WITH A MILLION
Could Retire All the Green
backs in a Few Hours
If the Recommendations of the
Message Are Followed.

maintain gold redemption.
This he said, lis a mere assump-
tion. We have not a single obligation
which is not explicitly redeemable in
coin, the word gold being mentioned in
none of Them
Senator White, Democrat of Califor-
mia, and member of finance committee,
was disposed to take the message jocu-
| larly. He said:
''1'he message is very Ella borate,
| though it's conclusions are somewhat
! yelled. I regret that 1 cannot agree
| with the presidents Hawaiian notions
| and that he has failed to inform US
| what we ought to do concerning Secre-
/ tary Cages currency reform plan.
| Views of Republican senators were
| expressed as follows:
! Senator Allison-I do not take the de-
| Spalrlng view concerning our currency
| which the president presents. While
| there are some improvements which
| should like to see made, 1 think we
4 shall be able to get along if we do not
get any currency legislation and as the
| situation presents itself now, it looks as
| if it might be impracticable to secure
| legislation on the lines of the presi-
| dents recommendation. The recOmmen-
datfOnS in regard to Cuba are humane
| and considerate.
| Senator Hale-The recommendation
| in regard to Cuba is in all respects ad-
mirable and one with which l am
much pleased. On the subject of the
finances the president does not press
for immediate action and as for myself,
do not believe that would be possible
under the circumstances.
Senator Chandler am especially
pleased with the presidents evident in
tentiOn to maintain a policy in the in
tereSt of international bimetallism.
Senator Hanna-It is a StateSmanlike
and American paper; impressive and
convincing, and one which Will confirm
the confidence the country has in the
president.
Senator Smith, CDem.)-While some
of the presidents recommendations re-
| ferring to the currency may be we'll
enough, it must be evident to him that
at the present time they are impossible
of enactment. His reference to bonds
is painfully suggestive of the made
Quacy of the present tariff law, and
while his policy in regard to Cuba
seems moderate, 1 hardly think 1t is in
line with the supposed policy of the Re
publican party.
Senator Teller, (Silver Rep.)-I do not
believe that any legislation will be en-
acted authorizing the retention of the
greenbacks in the treasury until some
body is willing to pay gold for them.
The radical advocates of the gold stand
ard will not be willing to accept this
suggestion, nor will the silver men, so
far as 1 am informed, favor this dispo-
sition of the financial question. 1t may
be that the administration will be will
ing to go on further to meet the de-
mandS of the SOcalled currency reform
ers, but, judging from the utterances
of the secretary of the treasury he will
be willing to make further concessions.
L 90 not DGIlGN6 IndC the suggestion IOT
the tieing up of the greenbackS will
meet the approval of the people as such
a course would inevitably result in
great contraction of the currency In
deed, it looks to me as if the sugges-
tions of the president would not satisfy
any great number of people of any
party. The president is certainly mis-
taken when he says that the govern
ment is obliged to redeem it's obliga-
tions in gold. 1t has been the policy of
the administration to so redeem, but
there is no compulsiOn on this point.
Senator Pettigrew, (Silver Rep.)-The
president proposes to retire the green
backs, and in doing so he tries to dis
guise the method by which it is to be
accomplished. 1t is plain that if the
presidents plan is adopted no more
greenbackS can be in circulat tiOn than
there is gold in the treasury. Thus the
greenbacks virtually become gold GER
tificates and will be Immediately retir-
ed.
Representative Walker (Rep Mass.),
chairman of committee on banking and
currency, said as to the financial fea-
lures of the message:
4 fear the message is not sufficiently
specific and does not go far enough to
relieve the situation. 1t does not rec
ommend that anything shall be done
until the revenues exceed the expendi-
lures of the government which may be
many months in the future, and is far
from immediate action. Secondly, the
recommendation that greenbac cks be not
paid out except for gold, when once
redeeIaed in gold, if enacted into law
would enable one man with 81 900 600 of
greenbacks demanding gold of the
treasury and then depositing the gold
in the bank for greenbacks and re-
peating the process 346 times, to retire
the whole $346 000. 900 in the time it
would take him to oscillate between
the sub-treasury in New York and his
confederate foreign broker. The rec
ommendation that banks be required to
redeem their notes in gold, with no
other provisions of law, would cause
every bank in the country to surrender
it's circulation, and then what agency
would keep the country on a gold
basis? %
Representative Bland (Dem., MOI,
the recognized free silver Democratic
leader said:
The presidents proposition to retire
the greenbacks by holding them in the
treasury, except for gold deposits |
means a contraction of the currency to
the amount of the greenbacks so i'm |
pounded. His statement of the situa-
tion as to international bimetaIlism |
will not be accepted in earnest by any |
body. There are few serious inteTna- |
tional bimetallistS, but among them I |
suppose the president may be classed |
as one. The message on all subjects !
sounds apologetic and like an affidavit |
for continuance
the ranking Democratic member of the !
committee on banking and currency
said:
THE message in regard to the cur
rency, in my judgment, is an utter fall |
ure. If the policy advocated was car
ried out into law it could only result in
the contraction Of the currency. I'm
dent it would be the duty of the govern