The news & observer., 1897-01-10

it has been this year. TO use a common
hen is always disturbed |
ii she has in her brood a few ducks which |
insist upon padding in the water, while |
the chickens are content to scratch upon |
the land. The Democratic party viii, in |
like manner, be i'll at ease IL it has a few |
webb-footcd members who insist up |
on crossing the ocean for their |
IDEAS while the great majority |
OF the party are willing to find |
their political food upon American soil. |
Not only is this separation between the |
gold standard Democrats and free silver |
Democrats q necessity. but it ought 70 be |
desirable to both sides. II the gold stand |
ard Democrats are as bad, politically, as
we think they are, we ought not to care |
10 aiiiliate with them, and If those who |
supported the Chicago platform are half
as bad as the gold-bugs say they are, they |
are 8pt 20 contaminate all who associate |
with them. In my opinion there should |
be no compromise Of the issues involved |
in the late campaign and no terms short
of absolute surrender offered those to |
who have deserted US
II any Democrat becomes convinced
that the gold standard IS necessary or
becomes a defender of trusts. he can leave
Gratis a. the Republicans. If any boiling
Democrat sees the error of his way and
is willing to endorse the Chicago plat
form and labor with those who seek to
carry it into effect. we will welcome such
a Democrat back into the fold
We are engaged in just such contest as
that through which Andrew Jackson
passed. and we do well on this occasion
to take encourag cement from his devotion
to the cause of the people He gained
his greatest victory in his fight against
the National bank.
We have the same fight on hand to-day
The National bank is seeking to force
a retirement of the Greenbacks and then
nlonopolize the issue of paper money.
The Republicans, during the campaign
just closed, avoided this subject and re-
fused TO declare themselves either for or
against the retirement of the Greenbacks.
But when they come to apply their ideas
TO legislation, they must disclose their
views.
A statement issued by the Treasury
Department, near the close of December,
showed an available cash balance, in
Guiding gold reserve" of more than S225,
100000 or this sum $4,000, 900 were
in Greenbacks and about S36, 200, 900
in treasury notes. This money is either
good or bad. IL it is good it ought TO be
in circulation among the people instead
OF locked up in the vaults at Washington
To keep balance of S225,OO0,OO0 in
the treasury when the money Is needed
among the people is inexcusable. The
only way to get this money out among
the people is, first, TO have the taxes
less than the expenditures, in which case
the amount of the deficit being saved
to the people in taxes, is virtually paid
10 them in the proportion in which they
pay taxes: and second, 10 loan it out
through banks or other agencies, we
have now a surplus of about $125,OOO,- |
600 above the reserve. or the fiscal year
ending June 30, 1895, the expenditures
exceeded the receipts nearly $4,000, 900; |
for the year 1896, a little more than
$25. .OOO,O
Ii the Republicans attempt to increase |
the reserve they must expect either to |
increase the expeditures Of the surplus in
the treasury / think we are safe in as
Stunning that they are hostile to the Green |
back, not because it is inferior TO the
bank note, but because the National
banks desire to retire the Greenbacks
with bonds and then draw upon the
bonds the interest which the people, as
a whole. now save on the GreenbackS.
While the Republicans have not yet
had an opportunity to write their policies
upon the statute book, we have proceeded
far enough to discover that the mere an
nouncement of Republican success does
not restore prosperity. If the advocates of
free silver had won, every bank and busi
ness failure would have been attributed
to their success and the gold standard
papers would have been loud in their
wailing. But the Republican organs, al !
though compelled TO chronicle an increas- |
ing number Of business failures over the
period of last year, never
connect these failures with Republican
success.
During the month of November, 1895, |
seven National banks failed, and in the
month of December eight more, closed
their doors. l find upon examination of
statistics that December witnessed the
closing of more National banks than |
were closed in any other month since Jan
uary /, 1898, excepting the three months
of the panic Of that year.
One bank announced as the cause Of
its failure, Inability to realize 612 upon
assets" The notice was "a confession |
of the argument made during the cam
paign by the advocates of free coinage.
We have all along insisted that the gold
standard was dstroying the value of as
sets With money rising in value and
property falling in value, hard times must
continue. That this is not due to local
causes is evident from the fact that the !
complaint comes from other nations |
The press dispatches state that the holi- |
day trade in Germany was a disappoint- |
ment to the merchants.
The fact that Senator Wolcott, of Col |
orado, has been sent abroad by the Presi |
dent-elect as an ambassador most extra |
ordinary. to bring Europe to bi-metallism |
is an evidence that the gold standard is |
still concealing its blessing from the !
American people.
If the gold standard is the standard of |
civilization why should we risk return |
to barbarism by chasing after interna-
t;onal hirnafaI Ilismf If Senator Wolcott !