The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1898-12-24
o TIGHTEN THE STRINGS.

d. ID. Hanna, chairman OF Lne eA-
ecutive committee of the Indianapolis
| monetary convention, has in an inter-
view, outlined the plans OF the cur
rency tinkerers, which are to prevail
| upon the president to call an extra
session of congress early next year,
| to firmly fasten the gold standard
| upon the country SO that it cannot be
| budged until the opposition to it snail
have elected president and secured
control of both houses of congress.
His idea of currency law that should
be passed is that the treasurer shall be
required to redeem all money pre-
seuted to him in gold; that is, that
whenever a greenback. treasury note.
silver certificate or silver dollar is pre-
sented, gold shall be passed out over
the counter Tor it, thus irrevokably
fastening the gold standard upon the
country.
Mr.. Hanna urges that this should be
done at at early date, by special ses-
sion, for two reasons. One is that the
opponents of the gold standard may, at
the next election, elect either the
president or the lower house of con-
gress, in which case currency reform"
would be impossible. Another reason
is, that in case of the election OF
democratic president in 1900, he could
thwart the plans of the goldites by
the appointment of secretary of the
treasury who would pay out silver
from the treasury in redeeming paper
money.
From Mr.. Hanna's statement it is
evident that his associates are deter
mined to tighten the hold of the bond
holders upon the treasury while they
have control of the administration, for
they forsee a Reputation of their
theories by the people in the near
future. The scheme is an innocent
one on its face, but a pernicious one
when stripped of it's clothing. If en-
acted into a law it would place the
national treasury wholly at the mercy
of the owners of gold, or those who
can control gold, at least so long as
there is any credit currency or
silver in circulation, for whenever any
such money were presented the treas
urer must pay out gold for it, regard
less of the gold at his disposal. And
since the government cannot refuse to
accept any class of money of its own
issue for debts due the government,
the only certain method it has for OBJ
tanning gold is by the sale of bonds,
therefore the gold in the treasury
would be in Danger of being depleted
whenever bond buyers should decree
that an issue of bonds was necessary
to swell their Golfers. 1t would make
no difference what amount of money
there was in the treasury, if the stock
of gold were inadequate to meet de-
mands, the government would be
forced to go into che markets and buy
it. This was the condition that ex-
listed when Cleveland was forced to
make the bond sales. While the rev.
enues of the government were made
quate, still there was a cash balance
in the treasury of several hundred
million dollars, but Secretary Carlisle
had decreed that all credit currency
should be redeemed in gold, and bond
buyers took advantage of the situation
by presenting credit currency for re-
demption. The same thing may oc-
cur at any time should Mr.. Hanna's
plan succeed. Whenever the money
market becomes dull, and loans are
not sought in commercial transac-
tions, all the owners of money have to
do is to buy UP a few hundred millions
of paper money and silver coin, pre-
sent it to the treasury, exhaust the
gold stock and force bond issue. The /,
scheme is not so much a desire to
make more substantial currency, as
is claimed for it, as it is to place the
more firmly in the grasp
of the money lenders. 1t is little
wonder that Mr.. Hanna and his crowd |
want it worked through congress at
an early date, before it is understood |
by the people who might influence
their Representatives to vote against
such dangerous plan.