The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-12-08
THE GOLD FOR GREENBACK IDEA.

The talk about currency reform in the
present congress appears to have simmered
down, so far as the prominent Republican
leaders are concerned to the plan attribut-
ed some weeks ago to President Mckinley.
providing that after the greenbacks have
once been redemmed in gold they shall not
be reissued by the government except in
exchange for gold. This simple provision.
II is calculated, would break the endless
chain and amply protect the gold reserve.
There are some objections to it in some
quarters on the ground that it would re-
suit in practical contraction of the cir
culatlng medium; and 1t is suggested that
In order to enlarge the volume Of money
and infuse the element of elasticity into it,
larger issues of bank notes should be en-
couraged, either by permitting the nation
al banks to issue up to the par value of
the bonds deposited to secure their circula-
ton, or else by repeating the ten per cent
tax on the notes Of state banks. thus af-
fording field for state bank issues
1t is quite possible that some simple
measures of this kind might be passed
through both houses. They would improve
the situation and strengthen the feeling Of
confidence, and more exhaustive measures
OF currency reform could wait until after
the election of a new congress, or even I'M
til after the next presidential election.
1t is said that Speaker Reed who has
heretofore been opposed to any agitation Of
the financial question in the present ses-
lion. is now reconciled to attempt to
put through the Mckinley idea, and this
course has been advised by many leading
business men in all parts Of the country
II a bill could be introduced and promptly
acted on. there is no doubt that a wave Of
relief would sweep over the country, as it
would mean no more financial legislation
or disturbing agitation for two years at
Tribune.
AS an instance of how old party pa
pers one day blow hot and the next day
blow cold our readers will compare the
foregoing with an editorial from the
same pen entitled "a Significant Warn
ing" President Mckinley, in his mes
sage, has proposed a sort Of heads
win, tails you lose" currency scheme.
He realizes the people are watching him
and stand opposed to currency contrac-
ton and retirement of the gree,nbacks
He stands pledged to the banks to retire
the government from the banking BUSH
hess. In this dilemma he proposes that
after the greenbacks have once been re-
deemed in gold they shall not be reissued
by the government except in exchange
for gold" The trick in the, proposition
lies in the fact that not dollar Of gold
would ever be offered to the treasury
In exchange for the greenbacks, and as
result, the greenbacks would be Just
as effectually retired as the millions that
were called in and burned after the war.
This proposition has the same sneakfns
treachery about it as McKinleys treat
ment of the international BIZ
metallism when to deceive the
people he sent commission to
Europe and to please Wall street he ap-
pointed the gold standard monetary COM
mission. This blowing hot and blowing
cold and looking two ways for Sunday
illustrates what a Republican newspaper
will do under the corporation whip and
also, what Republican president will
do under the goad stick of Wall street.
E. A. T.