The herald., 1897-06-15
TUESDAY, JUNE IS, 1907.
THE PENDING CONSPIRACY

It is given out at Washington that
President Mckinley will before long
send in a message to Congress asking
for the passage of a little BILL before the
adjournment, authorizing him to ap-
point a commission to revise the cur
rency. This bill will be prepared in ad-
vance, or, which is more likely, has al
ready been prepared, and will be sub
mitted about the same time with the
message, for the ratification Of the two
houses. 1t will direct the President to
name a number of-perhaps seven
party affiliation." From a remark
dropped in the inaugural address Il
would seem likely that these men have
already been concluded upon; but if not,
and Hanna after consultation with J. p.
Morgan, Belmont and other prominent
Wall street gentlemen.
The bill will direct the commissioners
to meet and devise currency system to
be submitted to Congress at its next
session, in December, for ratification.
The report Of these commissioners will
be accompanied by the draft of a new
bill to revise the currency. This bill
will provide for the retirement of the
greenback, the treasury certificates and
all forms of paper money except national
bank notes. 1t will also authorize the
- lou, ;,,+o rc+
bearing United States bond to serve as
security for national bank circulation.
1t will provide for the free coinage of
silver for subsidiary uses, but not for its
restoration to its former character as
legal tender money. Gold will remain
the only redemption money as at pres
ent; but national bank currency will be
invested with certain new functions, and
be made to take, to some extent, the
place of the retired greenbacks.
This bill will greatly enlarge the power
of the national banks. They will be al
lowed to issue circulating notes to the
full extent of the face value of the bonds
deposited by them, and the tax upon
their circulation will be reduced to nom
inal rate. Such will be the work of the
commission and Congress, when it meets
next winter, will be urged to ratify it
quickly and without cavil.
No one need be told that this is deep
laid scheme of the money power to cir
cumvent the will of the people; nor that
= ;- -S,,A,-
render its constitutional authority over
the money supply to an unconstitutional
board to be organized by the money
dealers. In plain language Congress will
be asked to abdicate in favor of Wall
street.
1t is hoped that the audacity of this
movement, though supported by the ma
tional administration, will result in it's
defeat. 1t is the baldest and boldest
conspiracy ever hatched up in this re-
public.
The demonetization of silver was a
long step towards investing the money
power with dominion over the national
finances, but this currency commission
device eclipses that entirely. Silver de-
monetization in this country was ac-
complished surreptitiously, but the
money changers, emboldened by former
successes, now approach this new plan. in
a roundabout way, to be sure, but never
theless before the eyes of the world
Hard times have been brought about
and will be continued with the expecta-
tion that sufficient leverage will be af-
forded thereby to put their plot upon its
feet.
The American Bankers association
have had this plan in contemplation q
long time, and during Mr.. Cleveland's
term it cropped out once in a while, bui
not till the success of the Hanna partS
did they see the light Of triumph loon
UP before them. The first grand move
ment was the Indianapolis convention
and the appointment of a committee OF
eleven to work up a favorable sentiment
in Washington during the extra session