The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-16

pie of this enormous debt and every cent
of accumulated interest had been paid
by the labor of the United States, the
holders of the bonds still hold a claim
for more of the labor of the people than
they held before these enormous pay
ments had been even begun. This cruel
confiscation of the lives and liberty of
the labOring millions of this country is
the most stupendOuS crime that has been
committed in the annals of civilization.
Unless IL government ''Of the people,
by the people and for the people" has
perished from the earth, surely the pre-
sent boldly avOwed scheme, not only to
continue, but to increase these evils, will
not be permitted. In addition to this
purpose of more thoroughly establish
ing the gold standard, the plan of the
administration is to retire the paper mon
ey of the government, to issue gold
bonds, and to increase the power, priv
ileges and profits of national banks.
The retirement of the government
paper money must reduce the volume
OF circulation and while the Secretary
admits that the contraction of the cur
rency would be more ruinOus in two
years than interest on a like amount
of bonds for forty years would be, he
calmly informs us that the national
banks will probably issue a sufficient a.
mount of money to prevent this enOr-
nous suffering.
The national banks are not to be re-
quired to redeem their notes in gold, but
it is arranged that the United States
government shall do so ON demand; and
after having done so the government
must be content to have the national
banks reimburse it in ''any kind of legal
tender money, at the option of the
banks" We are frankly told that law
full money will be made relatively scar
Ger than it is n0w," and that it is i'll
tended that under the operation of the
bill it will be easier to get gold than
lawful money" Practically all of the
money in the hands of the people now,
| us the Secretary distinctly admits, is
silver, chiefly in the form of silver certi-
ficates. The ayowed purpose of the bill
is to make it hereafter more difficult
to get these than gold.
'1lhe Monetary Commission" select
ed by the Executive committee of a
Splf-cOnStituted indianapolis convention,
which assembled for the express pur-
pose of establishing the gold standard,
have also made a report and prOmulgat-
so strikingly like the propositions of the
Secretary of the Treasury. i'll all ma
tCrial particulars, as to suggest that they
were compared and harm0nized before
either was given to the public. This re-
| port and bill are somewhat more bold
| in the assertion of the purposes enter
taned than is even tie proposition of
| Mr.. Gage. These distinctly propose
that silver dollars shall not hereafter
be coined; that standard silver dollars
shall bc redeemed in gold; that tire sill
yer bullion on hand ut present shall be
sold. and suggest that silver. dollars
may also he melted down and sold as
bullion. We are assured that the notes
of the banks cannot fail to be safe,
because being based upon all the re-
| sources of all the banks issuing them,
they are based upon. the whole business
of the country" Certainly no bank viii
become liable for the notes issued by
| another bank over which it has no con-
troll or supervision: hence this scheme
must contemplate the establishment of
some central bank authority, having the
absolute control of the issue of all pa
per moncy-a great bank trust, pool, or
syndicate, with powers such as not man
has ever before had the audacity to sug-
geSt. This committee has called upon
commercial bodies all over the country
to assemble and endorse their report
Thus. the people are put upon full notice
of what is intended, and of the means
of its accomplishment.
TO STIFLE FREE OPINION.
Considering all this, is it any wonder
that the Spectator, one of the great
English newspapers, should say us it
did some months since: Being audaci-
Gus beyond any old world experience.
the great capitalists of America are de
tcrmined to capture free opinion and to
prevent criticism. They subsidize pull
pits. they buy the press. they seat their
well paid attorneys in the United States
Senate, and at length they stretch their
hands over the colleges, which it is
easy to capture by examples of generosi-
ty. Thus their design is to prevent any
effective action which shall in any way
weaken their authority or undermine
their position Their object cannot be
mere wealth making, for they already
enjoy wealth beyond the dreams of
avarice. Apparently their intention is
first to convert the United States into a
powerful oligarchy over other lands. 1t
is reserved for the free" west to dis
miss from academic service tried and
competent teachers at the bidding of
rings of millionaires who will not hear
one single criticism or questioning of
the justice or necessity of their doings, or
of the character and tendency of the
trusts they have built up with land at
the expense of the public. The divine
right of kings is to be succeeded by
the divine right of milli0naires. who are
to run everything, including thc Ameri-
can Senate and the conscience and in
tellect of university professors. 1t is
none of our duty to say how the Ameri-
can people shall deal with the porten-
tiouS growth of that money power
which OverShadOws the institutions of
the republic But we think that the
rich men of America are revealing such
IL deadly plot against all genuine public
freedom that unless we are mistaken,
the opening years of the new century
will witness an outburst in the west
which will amaze the civilized world"
In view Of the great principles involv-
ed, and of the danger SO close at hand,
we urge the people everywhere toI
uralICA fla s,4J NJ ouoO 70 lyoI