The times., 1897-12-08
NO CURRENCY LEGISLATION
Continued from first page.

and other circulating notes. In other Woftis,
S346,000,000 OF grcenbacks, when re-
deemed in gold must be held in the
Treasury, thereby contracting the currency
TO that amount, and these grecnhacks be-
ing reissued only on condition that like
amount of gold be deposited for the green
backs ressued. La either case, $346,-
100000 III gold or sreenbacks would be
locked up in the Treasury aud permanently
out OF Circulation.
fortunately for the country, however,
the President testitates TO put this scheme
in operation until the revenues received
by the Government are sufficient 10 pay
current expenditures, 50 that we may
be assured that under the Dingley bill
the Presidents plans of retiring green
backs will be indefinitely postponed. lis
recommendation that natianal banks he
perm tied to issue notes at the par value
of bonds deposited and that tie note,
shall be made Tedeemable in gold VIII
not do. If 1t is great strain ana bur
den upon the Government To maintain
gold redemption fCT So i6 coo, 900 of green
backs, how eau the banks possibly Cb-
tain gold To redeem their notes? If all
the wealth and power OF the Government
finds it hazardous 20 maintain geld re-
denlptior, how could part of that wealth
invested i'll banking institutions procure
gold? Hank would he forced to surrender
their notes and thus WORK disastrous CON
! traction of the currency. No scteme can
be devised that is worse than this.
1t does not occur TO the President that
silver is redemption money, tGe same as
gold, ana that our currency system can
be maintained on a bimetaiiic basis with
out aIy forced contractions of our cur
rency The country, however, need take
no alarm, for the Republican party finds
Itself wholly unable to legislate upon the
currcHcy question. The Republican party
in the House viii not adopt the scheme
of the President, nor will they give at
tentlon to the plans of the Secretary OF
the Treasury. The program marked out by
Mr.. Reed. Speaker of the House, is to do
nothing on the currency question. For
this, ttc country can be congratulated.
NO doubt tins policy OF doing nothing
VIII ia this session, az in the last, be
religiously adhered to. The Democrats
warned the country in the last campaign
that the Republican party would do moth
ing for the relief or the people ia their
financial affairs. This warning is coming
ever, that the outlook for Democratic re-
lief is bright, and the time for il to some
is fast approaching.
The Presidents labored disser tation
upon the necessity for currency reform"
said Mr.. DocHeIy, "discloses the ever
present perliS or gold standard. He
adrOtly attempts u conceal the effect Of
the recommendation that United states
ri
be- paid out except IA exchange Tor gold,
| although it is manifest that legislation con
| ferring upon the Secretary OF the Treasury
such power would result in impoun,ling
| the greenbacks and other Treasury obliga-
tons, and thus still further contract tie
volume Of money in circulation. With the
| limited amount or gold which Constit ties
tho only money or redemption, the tiov-
eminent must either retire the obligations
which call for guild or else now and then
borrow gold by increasing the Interest bear
| ing debt. With a Treasury deficiency
under the Dingiey bill, amounting III four
months to nearly fifty millions OF dollars,
the menace Of Lond issue to replenish
ths gold reserve is imminent.
''Tne President seess to a old this danger
| by a recommendation which in effect du-
thorizes the Treasury Department to retire
| a large part ofour pa per money. The people
viii not be deceived by ythisrecommeudation
| It's purpose is obvious; but the President :
| logical, If not frank, III desiring to retire
| the Treasury obligations, which, by Treas
| ury construction, are pa yable in gold alone,
/ rather than to hire more gold by another
/ bond issue. TIE Presidents policy pratt
cally retires the grenebacks while co.a-
Intending the system Of national banks. 1t
viii be disapproyed by the people"
| Discussing the message in general, Ch amp
Clark, of Missouri, said, yesterday: The
| Presidents message will be a disappolnt-
| ment TO the country. The bulk Of the
| American people are heartily in favor of
! grantipg z bNIigerent rights to the struggling
| Cubans Immediately, and of recognizing
| their independence at no distant day, and
| they VIII not take kindly to Mr.. Mckinley 5
suggestion of doing nothing to help then.
There are Gwo reasons for this: First, be-
cause the love of freedom is thoroughly
| iLgrained in the American character; and
lastly, because the Cuban war is cauSilg
| great losses to us in the way ottrade.
''In the last campaign, Democrats every
| where charged that the intention of the
| single gold standard advocates was to
| retire and cancel the gIeenbacks. This
was denied vehementIy by the Republicans.
Now comes the President, and by his mes
| sage proves that we were right. Hi:
| recommendation as to greenbacks is d
thinIy disguised proposition to retire them
| Nobody will be deceived as to the rea
| intent.
The vast majority of the people art
| opposed to extending and perpetuating tht
national banking system, which the PreSi
| dent proposes. He suggests that their
privileges and opportunities for making
money be increased by 10 per cent, while
| their taxes are TO be reduced by one-half
A tremendous revolution in public opinion
must take place or the Democrats viii
win or that proposition.
The scheme TO popularize national hanks
by diminishing the amount of capt. al neces
sary to establish them in small tow MS
would be great thing for the Republic an
gold standard partyif it would work, but II
will not. The people are not desirious u
the gold gang having a recruiting sta ion
In every neighb0rhood.
''OI. the whole, the message will be a tir
top campaign document for the democrat
THE first and general impression abou
the message said Mr.. De Al