Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-06-02
TURPIE AND GREENBACKS.

War Revenue bill. Our correspondent
ia Democrat, hut he does not approve
Of Mr.. Turpie's position on the cur
rency question, which ia that of a
Greenbacker, pure and simple. "Yhe
proposed issue of legal tsnder notes, "
said Mr.. Turpie, sis itself alone, of all
means of borrowing, tho most patriotic
and the least expensive TO tho taxpayer.
1t 10 loan, voluntary loan, without
interest, by the people to the govern
ment, of $50. 600. 900 during ths next
fiscal year, for an indefinite period, de
termihable by tho incident OF redemp-
tion or retirement"
There ia perhaps more politics" in
this speech than appears upon the sur
face. Ii was made very plain by the
movements OF Mr. Bland in the llouse
that the leaders of the Democratic
party are planning change of the
financial Issue from silver to green
backs There Is evidence also to die,
corning eye that IL silver cuts any con.
siderable figure in tho next national
platform of the party IL will not lie in
the rigid form Of unlimited coinage at
Iii to !, but rather in the shape of
bimetalliHm at some indBterminRte
ratio that is, IL the leaders of the
marty in Congress can control tho con-
vention. They want to make a plat
farm upon which all Democrats in New
York, add in the Fast generally, can
unite. and they know that this can
never be done on the platform Of 1G TO
/. 1t ia necessary, however, to hold
together the great army OF opponents Of
trusta and monopolies, who voted for
Bryan and FREQ silver because they con-
sidered them the most nauseous possible
doHe to the money power. What is
more likely 10 satisfy these people than
a prOpUsal to issue greenbacka to pay
tho expenses of the present warY
Coupling this with proposal to "coin
the seigniorHge" gives the color OF silver
to the whole scheme, and tho color 10
all that is necessary for popular con-
sumption. But, in fact, coming the
seigniorage Is only another name for
issuing greenbacks II bears no more
resemblance to free coinage OF silver
| than 1t does to three card monte. To
discerning miuds, however, greenbacka
are to be preferred because they are re-
deemable ut 100 cents TO the dollar,
while silver under the terms of free
coinage is redeemahle only In itself,
which may he 90 cents per dollar, more
or less.
senator Turpie's speech in favor OF
| greenhacks as method of financing
| the present war IA perhaps part of the
Hcheme to reuDite the democrats in the
next Presidential campaign by modi-
~ ing the silver issue ami laying Mr..
Bryan on the shelf. The question
whether the party will accept green
backs 10 place of silver. ann whether
tho Gold Democrats will come back to
their allegiance when the platform OF
| -. t. -,
than doubtful. The questions presented
are extremely subtitle. The proposition
| to Issue greenbacks for war expenses ia
not coupled with any suggestion that
specie payments BIS suspended. Nor ia
it accompanied by any means for main
tanning redemption. The tendency OF
fresh issues OF gresnbucks to cause
suspension ia obvioue, but the law re-
quires that redemption in gold shall
continue, and nobody has been hold
enough TO propose a change of policy
in that regard. The present Secretary
OF the Treasury has the same power TO
replsnish his Golfers that Secretary
Carlisle exercised. The coin purchass
act 10 still in full force. Nobody hHs
proposed to repeal it, and we may lie
sure that Secretary Gage will exercise
his powers under it il other measures
shall fail. That act is not the hest pua-
sibs means of administering tho
finances Of n war. 1t is awkward,
round about and expensive. 1t tends
to produce temporary panics. and it,
causes the government TO pay highar
rates of interest than are necessary.
Congressman who are making plans for
political campaign are indifferent
whether the government pays per cent
or 3 or TO- What concerns them is not
the rate of interest actually paid, but
the rate apparently paid. II IL can he
made to appear that greenbacks are a
cheap method of carrying on the war,
because they draw no interest, and il
the operation by which the Treasury
redeems them can either be obscureu,
or treated as reprehansihle las was the
case during the Cleveland administra
tion), then the fact that they are this
most EXPENSIVE means of obtaining
money either in peace or war will give
the Democratic politicians no concern,
Sanator Turpie's plan received a
severe rebuff from Senator Lindsay of
Kentucky, who made it sufficiently
plain that tho Gold Democrats are not
to he attracted to one scheme of depre-
ciated currency by tho withdrawal of
another. lie showed that the green
back currency issued during the Civil
War was the most expensive form of
debt incurred by tho government, since
it led to IN initiation of prices by which
tho cost of the war was swollen un-
necessarily by hundreds of millions of
dollara lie showed that tho issue of
new greenbacks would be temptation
to speculRtorg to ''raid the Treasury, :"
which they would avail themselves OF
aa long RS the fresh supplies lasted, or
until the government was compelled to
suspend. Asked by Senator Tillman
what would happen il the war SHOULD
continue two or three years nun ii
European Powers should become en-
gagged in 1t, no replied:
1.-THE war will not go on for two or
three years, unless We break down our
credit at the outset of the war, and
that | AIN opposed to doing. We will
sell bonds and get money for them.
Dur credit will be as good as gold. and
we will pay our debts in gold, and at
the end of the war We will have con-
Quoted il on the very cheapest possible
basis. We may become involved with
continental Powers, and the time may
come when we cannot 60 further on
coin basis, either gold or silver, and
when We will be compelled to come to
the issue of greenbacks When that
time Comes We will do il. Whatever
necessity demands will be done. 1t
will be done without complaint And
those who are alive at the end OF the
| rvar I'M III ba aharon5 nm with the dailf