The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-02-08
THEY ARE SEEING THE LIGHT.


Belmont is an old and honored name
in New York. For generations a mem
Der of that family has been among the
successful bankers of the metropolis and
among the wisest leaders of the Demo-
cratic party. Perry Belmont, who serv-
ed with distinction in Congress, has
recently printed in pamp!rt form II es-
saw on 1.-THE Money of the COnstitu-
tion.' He shows that the Democratic
party has always been favorable to gold
and silver as primary money, and that
the gold standard was put upon the
country by the Republicans. We have
not seen the pamphlet, but from the
criticisms of the gold bug press we take
it that Mr.. Belmont's argument was
a centre shot.
Mr.. Belmont has asa recently made Il
strong defense of Senator Murphy's vote
for the Teller resolution, showing that
in that vote NJ. Murphy was carrying
out the contract and thus preserving
the honor and integrity of the country.
Whenever banker like Mr.. Belmont,
trained in the business from his youth,
makes a study of financial operations
from the standpoint of a statesman, he
is immediately called politician by
those who desire the system by which
they have their wealth perpetuated. 1t
is rare thing that a rich man, whose
future wealth depends more on increas-
ed values than upon an enlargement of
his business, can be induced to look at
the money or bond questions from the
standpoint of the producer and laborer
as we'll as the coupon clipper and hoard
er. When he does, he finds as Mr.. Bel
mont has shown, that the pretense of
honesty" in the bond-holdes is but Il
plea set up to tax the people for their
own enrichment. t4
Mr.. Belmont is not the only rich New
Yorker who is coming to see justice in
it's true light. Mr.. Arson Phelps
Stokes, many times a millionaire, has
surprised New York fnanciers by n re-
cent communication in a New York pa
per declaring that Republican monomet-
aiists are deliberately breaking their
platform pledge. Referring to the Re-
publican policy, Mr.. Stokes says:
THE honorable Senator and the head
boss of the Republican party, having re-
formed the custom+house in New Or
leans and the legislatorial system of
clecting National Senators from Ohio,
is now taking the lead in trying to re-
form the currency go as to make BIZ
metallism forever impossible. This boss
and the Republican administration are
engaged in promoting schemes to per-
manently establish gold recommendation
for the permanent advantage of Nation
nj banks and other corpora ti0ns, capital
lists and spectators affiliated with the
party, and to so arrange matters that
when the Democrats come again into
power they may find their hands tied so
that if the President be a Democrat
not susceptible to monetary influences
he may be bound by law to conform to
the views of the present administration.
THE plans proposed have the simple
objects above stated. Their complicat-
ed forms remind us unpleasantly of the
decentralization act of 1873. which was
ostensibly an act of II sections to regu-
late details ''relatiye to the mint. assay
offices and coinage" etc.
"These elaborate schemes show how
badly frightened the gold party bosses
and bankers are by recent elections and
other evidences of popular weakening"
There will be may more expressions
as the question is studied by the thought
full men of the country. There arc not
few rich men who see THAT, while
their money on hand is doubled by the
gold standard, the prospect of making
money in manufacturing or in business
enterprises, grows less all the time. They
prefer less doubling of the purchasing
power of the dollar and return to a
day when productive enterprises are
more remunerative than lending out mon
ey.