The Louisiana populist., 1897-09-03
CURRENCY REFORM.
HON. c. J. .HlLLYER ON THE
SITUATION.
The Tariff Not for Protection but for
Reward-COntraction VIII Reward the
Contributors 20 Mark Hanna's Cam
paign Fund.
(By g. J, Hillyer.)

| Is IL possible that the tariff bill is
TO be permitted to pass the senate
without provision for checking the
accumulation of currency in the treas
ury? If a majority of senators were
IN favor of a gold standard 1 could
understand such action or inaction. A
gold standard requires a contraction
CT currency volume and a correspond
Ing reduction Of prices, otherwise, ex-
cept by perpetual bond issues, it can
not be maintained. A senator, there
fore, who believes in a standard of
gold can consistently and should logic
ally seek a curtailment of the volume
or money in circulation. But only a
small number Of senators profess to be
sold monometallists. A majority pro-
Tess to be in favor Of free coinage, and
yet 1t seems, judging from the record
OF debate, that these silver senators
are about to accept silently or with
| feeble protest the most stupendous
scheme OF money contraction which
since 1873 has been proposed as an ap-
proach toward a gold standard.
/ see it constantly asserted by Re-
publican and Democratic senator's
alike that this tariff bill will not pro-
duce surplus of revenue, and many
even prophesy that it will result in a
deficiency, but l have never seen
any figures upon which this opinion
is based. Those that are given are all
ID the other way, and point, not mere
ly to surplus, but to a surplus of
most significant proportions-suficient
to swallow up by sequestration in the
treasury the entire volume of our
United States legal tender currency.
Consider first the fact that the present
surplus is two hundred and thirty
seven millions, while in March last it
was only two hundred and twenty-five
millions, showing an increase in three
months under the present tariff Of ff-
teen millions. Take next the figures
OF Mr.. Dingley, showing an annual in
crease OF revenue of one hundred and
thirteen millions under the house tar
if bill.
Take then the figures of the experts,
upon which the house committees es-
tima;es were predicted, and also the
latest expert OF the senate finance COM
mittee showing an increase of one hum
dred millions. and against all this OBJ
serve that you have nothing but the
opinion Of Mr.. Aldrich and Mr.. Alli-
son, without support of any detailed
statement and expressed in such loose,
general way as to screen them from
any responsibility for its accuracy. I
assert that no intelligent man, let
alone senator Of the United States,
can carefully consider the calculations
and estimates wlich have been made
public, and upon which the finance
committee profess to have made their
recommendations, and entertain a rea-
sonable doubt that on the first day of
March, 1901 (before which no repeal
OF the proposed legislation is possible)
all ct our greenbacks and nearly all
OF our treasury notes will be safely en-
tombed in the treasury and as effectu-
ally retired from circulation as by a
law requiring their cancellation.
This is not only the effect, but in
my Judgment the design of this tariff
bill. Two classes of contributors to
the Mckinley campaign fund were to
be rewarded-one, the manufacturers
by a monopoly in the sale of their
products, and the other the money
loaners, by such contraction of the
money volume as would enable them
to confiscate the property of the debt
ors. AS to the first class, it is fair to
concede that the people, saying moth
ing as to the methods employed to in
iiuence them, declared in favor Of a
protective policy. Therefore. let
protective tariff be enacted. But there
was no vote for a contraction of the
currency, except, perhaps, the few
cast for Palmer and Buckner. Had
such an issue been openly made Mr..
Mckinley would not have received
respectable minority Of votes. Here
and there some gold organ demands
recognition for the support which Sc
cured to the President his election by
positive direct action towards the
money contraction essential to the es-
tablishment Of gold standard
But these clamorers. if sincere, have
no political sagacity. The shrewd
managers Of the gold standard scheme
know better than to ask for i'm
possible direct action. They want the
greenbacks retired, but they have no
squeamish sentimentality as to the
method of retirement. If it can be
done under the disguise of tariff legis-
lation that will be satisfactory and
they will hold Mr.. Mckinley equally
discharged of his obligation as If he
had been able to procure direct affirm
ative congressional action.
So We have this tariff bill, nominally
for protection and revenue, but con-
cealing in it's schedules a scheme for
currency contraction vastly more i'm
portant than any of its professed pur-
pocnc u;ch to t,ttor noto of ,,,o.