The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-07
When Will tho Folly Stop?

"a "Ao W.
lowed blindly in the train of the bankers
seeking to abolish the greenbacks and to
obtain for the banks the monopoly Of issu-
ing the national currency, is amazing
indeed. The report Of the Indianapolis
Convention Committee upon the matter
Of currency reform calls for renewed
wonder IL not alarm at the reckless and
inexplicable fanaticism, which during a
very serious national crisis has been per-
mitted to swallow up the habits of logical
thought, of honest statement. and Of politi-
cal common sense pertaining to a consider.
able number of citizens of more than the
average amount Of worldly information.
Less than two years ago the country
was politically terrified and commercially
staggered by the knowledge that Its stand
ard Of money, and with that Its credit
and good name before the world, was
threatened by the Democratic party,
backed by powerful and intensely pas
sionate allies. Since then, although the
cause of honest money triumphed, the
State has raised the dishonest-money flag
again in defiance of the victors. The
elections Of last year were more satisfactory
to the cause Of Reputation h to its OPP
p~onents. And to cheer the repudiationists
further, numerous signs have appeared that
even within Republican lines the weakness
in the gold-standard cause, instead of stop
ping at mere vagueness of understanding
of its merits, or Indifference to its fate.
reaches positive hostility to it.
For example, one anti -Republican demon
stration has been made by Senator VOL
COT of Colorado. whose loyalty to the St.
Louis platform during the Mckinley cam
paign was like a brand plucked from the
burning. Half of the strength of the con-
spiracy to defeat HANNA, the sound
money Senator seeking reelection in Ohio,
is doubtless free silver. And lastly. one of
the Republican Senators of New Hamp.
shire, the Hon. WILLIAM E. CHANDLER.
has said bluntly, through the Concord
Evening Monitor, that he is "against the
single gold standard and in favor Of the
restoration of silver to its old position as
standard money"
But what during the whole momentous
and difficult controversy has a well-mean-
ing but bewildered and desperately anxious
country been made to hear from the Mug.
wump.C Cuckoo Banker wing Of the sound
money forces, regarding our money
standard and our currency, or, in other
words, gold and greenbacks7 The pecu-
liar people aforesaid, beginning with
the Cleveland Administration and clos
ing, up to date, with the representa-
tives of the Indianapolis Convention, have
brought against the gold standard an &C.
cusation better calculated to destroy it
than any inspired from within the regularly
organized army Of impoverishment and
socialism. They have reiterated steadily the
complaint that, as a matter of fact, the gold
standard has cost the Government hun
dreds of millions Of dollars, and that, If 1t
is to be preserved longer, the g~reenback
system, to which the country has been
accustomed for upward of thirty years, and
under which 1t has seen its most mag
nifcent prosperity and expansion, must
be sacrificed, at a further cost of several
hundreds of millions more.
Blindness and dishonesty must divide be-
tween themselves the responsibility for
this astounding misstatement. so baseless,
and so persistently repeated.
1t began with a gross attempt at decep-
tion on the part of a President of the United
States, GROVER CLEVELAND, who, in order
to cover up the Wilson bills failure to
provide revenue equal to expenses, de.
clared that the bonds Issued during his
Administration were caused by the need
of providing gold enough to redeem the
greenbacks offered at the Treasury, or,
In other words. to preserve the gold
standard, and mot to supply insufficient
revenue" This was the calm assertion of a
to,;f N raforp, DraoiIapt nrior RI yubooa ~
auguration the deficit In the revenue
had become apparent; before whose eyes
was the evidence that the new tariff of his
making was steadily increasing the deficit,
instead of diminishing 1t, and at whose
very elbow was the letter of the Secretary
of the Treasury, written less than a year
before, saying that money was urgently
needed "to enable the Treasury Depart
ment to continue the payment of pub
lie expenses and to supply such de-
f~iciencies as might occur in the revenue -
the net balance in the Treasury being then
but little over eleven millions of dollars.
More than a hundred and fifty millions of
the bond money was used In settling the
Governments ordinary debts during CLEvE.
LANDS term. Some of 1t Is yet in the hands
of Secretary GAGE to meet drains upon the
Treasury surplus incident to a still deficient
revenue. But no matter what its originally
intended purpose, every dollar of 1t, sooner
or later, will do a common dollars work
in paying common Government bills. Even
If the statements of the currency reformers
were true, the ~greenbacks couldn't be held
accountable for a dollar of the cost of the
Cleveland loans to the Government over
and above the interest.
Thus President CLEVELAND began falsely
and selashly charging the gold standard
with the increase in the public debt during
his Administration, which had been neces.
STATED by a deficient revenue. All the
cuckoos and bank currency reformers, led by
Comptroller EcKELs, kept up the Cleveland
cry. They nearly elected BRYAN with it.
Misrepresentation has eliminated In the
assertion. ON the part Of the experts aD,
.LH.e U.aaNaE EHaa..