Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1898-02-03
A Pregnant Resolution.

The gold standard journals say OF
Teller's resolution, declaring
that it is optional with this govern
ment to pay the principal of it's bonds
in silver dollars, that it is useless and
as the government already
has the right to pay in silver dollars.
1t Is true that the government has
this right, but Congress after Congress
has had to reassert it by defeating
money power resolutions to make the
bonds payable in gold. It's last vote
on that point was to defeat that presi
Dental friend of Wall Street, Grover
Cleveland, who wanted to make his
bond issues payable In gold.
But the gold journals are mistaken
in thinking there is no reason for Mr..
Teller's resolution. There are several
reasons.
Tits an answer to Great Britain's
recent action with regard to bimet
allism. The British capitalists hold,
including government bonds, six thou
sand million dollars of evidences of
debt to be paid by this country, of
which not one-tenth is based on gold
payment contracts. This resolution
will set them to thinking.
1t will, also, by the vote it receives,
show exactly who in Congress are
ready to serve the money power. A
vote against it, the option being
already the law, will show exactly
what members are ready at the first
opportunity to repeal that law and
turn our finances over, without re
serve, to the money power Of thii
country and Great Britain.
There is many gold standard mem
Der of the House of Representative
earnestly praying that the resolution
will never get to that body, and force
them to show their hands.
Innocent as 1t appears, the Teller
resolution will make more vacant Re
publican seats in the next Congress
than have been seen since the memo
rable land slide OF 1890.
The alarm that Senator Teller's res
olution has created in money circles
on this side OF the Atlantic has mad
its first manifestation. Their plan
tool, President Mckinley, has bee,
hastily deputed to make speech TO
them. He spoke last Thursday nigh
at the Waldorf-Ast Hotel in NeN
York, before the National Association
OF Manufacturers of the United States
There were present such distinguish
manufacturers as NJ. E. Ingalls, Of tn
Chesapeake & Ohio railroad, job
Addison Porter of census taking FINE
G. P. Huntington, VIM. G. Whitney
and the like, with a banquet OF whic
it is said that Belshazzer's feast was
frugal lunch in comparison. Mr.. Nj
, Kinley said all that was expected {
him by his gold standard hackers. H
even went 80 far as to utter the II
markable statement that "WhateUe
mag be the language of the contract
, the obligations of the United State
= must be paid in gold. Tho phrase
which he concealed the word ''gold
was currency recognized as the bel
o throughout the civilized world" Eve
Cleveland could not have gone furtht
/, in the service Of the money power; Il
q there is not United States obligatio
= made payable in gold, and, as we hay
9 said Congress after Congress has r.
a fused to make them payable in gol'
@ Even the Language of the contract
. something hitherto regarded as sacre
!. in this country, is now to be disregar
i. ed in the interest of the money pow,
. on both sides of the Atlantic. tt
a bonds say they are payable in ''coin
a but what does it matter what Dor
- says, if our financial legislation is
be made acceptable to Wall Stree
- Well, this question and all such que
tions, will be answered in 1900 by tt
. people with VIM. j. Bryan in the lea
l. Since the above was written the re
70 olution, which passed tie Senate
y At to 50, was defeated in the Repub
Is can House of Representatives,, Mo
d day, by 1872 to 1872 We have not y
seen the Ayes and Noes.
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