The times., 1897-06-15
The Greenhack Conspiracy.

For some days past Administration cir
Giles have been what one might term audibly
silent in regard TO the second great llqui
dation OF campaign debts which Mr..
Hanna early must face, for reasons too
notorious to require discussion at this time
1t only is necessary, for present purposes,
to revert TO the universal belief that. be
fore the gold aud bond syndicates OF the
East and Europe consented to give up
their enormous contribution to the sixteen
niIlion-dclar Republican campaign fund,
they exacted and entered into binding
agreement with the dominant influences Of
the party to the effect that, il it should
be successful at the polls, one of the first
cares of the Mckinley Administration
would be a reform of the national cur
rency, which at least must amount To ,he
destruction of the greenbacks and Treas
ury Notes then andnow outstanding.
A huge amount OF grumbling has BEEN
noticeable III and about Wall street, be-
cause the tariff interests OF the Sugar
Trust and otier monopoIies have been
given precedence over those of the gold
and bond people. who loudly claim tbat
they are preferred creditors to quite as
great an extent as the others. This impa-
tient sentiment and the pressure accom-
panying il have much harassed the ''busi-
ness manager of the Administration. ana
for some time he has been trying to ar
range.a scheme TO meetit in form and imam
ner satisfactory to these powerful and in
sistent campaign creditors
Secretary Cages Cincinnati speech was
notice to all concerned that Hanna thought
he saw a way to early action, and the
trap has been set ready to spring as sCon
as this Republican dictator shall find him
self safe as regards the tariff. The scheme.
in all its details, has been cut and dried
for months; but it never would do To bring
ii before the public as noninally an orig
inal proposition fIom President Mckinley.
BE has been Instructed by his pastors ana
masters to strike the attitude or wanting
Congressional and eminent expert fiuan-
dal advice; and so. If be can do 1t with
out prcc:pitatine a binetallic debate In
the Senate, he viii send in message
recommending the appointment OF such
currency commission as MI Gage has ad-
vocated and predicted He viii suggest
that this commission shall sit dnring the
absence OF the Congress and report at the
regular session next winter.
1t need not be supposed that the labors
of thelnquest WILDE arduous. Theindivid-
uaIs VINO will constitute or dictate its
personnel already have sat upon the sub
lect. and the formulated results or their
studies and Investigations are in the ''bud
ness managers upper left hand drawer
at this moment. What they amount to is
not only easily surmisable, but, as to es-
sentials, positively known.
It goes without saying that the gold
and bond interests do not believe that the
single gold standard slavery can be per-
manently fastened upon the American
people, while the pres ent volume IF
national, on-interest-hearing paper IS
out. Their determination to get rid of
| the greenhaeks, amounting to S346,000,-
600, and OF the coin notes, OF $50, amount
ing to 81 151. 600 900; in all, S497 900. 900;
is undeniaile and unconcealed. The entire
willingness OF the Administr IA ton to Join
In the deal is undoubted, because ii IS
under specific contract to do Just that.
Supposing the project to work in the
way Wall street and Mr.. Hanna expect
some of the Immediate results will he in
teresting, il rather unpleasant The only
feasible way in which this paper can be
retired is to issue Government bonds for
the purpose. That would necessitate a
bond issue of 100000 900 The gold
would have to com e from abroad, and the
bonds would go where the gold came from.
In this way our foreign debt would lie
augmented $500, 900 zoo, and our foreign
interest burden increased $4,000 900
annually. In one way or another we
already owe III Great Britain and Europe,
not less than Sc, 900 ,O00 900, upon which
we have to pay yearly interest amounting
to at least S240, 100000.
The retirement" operation would estab-
lish a new and serious demand for gold in
the worlds markets, In competition with
boarding nations like Russia, Austria ard
Japan, which could not fail to greatly
enhance the value of the metal, and depTess
vaIueso of aIlother commodities, everyw here,
and particularly in the United States. After
the disappea rance of the greenbacks and
Trea sIry notes, and before the Government
and the banks could arrange for the latter
to replace them by an additional issue
| Of national bank notes, there would be a
| positive contraction of the currency, equiva-
| lent 10 the whole volume retired, L. e.,
| Sl97 900 900
To people of the most ordinary inteIli-
| gence the disaster and ruin which would
| Immediately follow on the heels of such a
| contraction must be evident But the
| Administration and the gold and bond
| syndicates are able to discount the pros
pect with equanirnity. 1t would finish