Daily independent. [volume] (Elko, Nev.) 188?-1915, 1899-12-12
THE MORALITY PARTY.
Tricks and Schemes OF theRepubllcan
Method Of FinancierinR.

Method OF EinancierinR.
1t has come to light that the Cod
and morality party is not in perfect
accord with itself on a question of
high financial Importance. There is
agreement upon the general PROPOSE
ton that there can be no real imam
cial morality without the gold stand
ard,but after that there is divergence.
The nature of the difference can best
be understood from statement of
the facts:
In accordance with the general
principle that the honor of the nation
its credit and its financial well being
demand that all obligations of the
United States shall be paid In gold
unless otherwise expressly stipulated
in the contract, and that all possible
doubt upon that point shall be re-
moved, the House caucus committee
has framed bill declaring plainly
that gold is the sole standard Of value
in this country and that all bonds
and other pecuniary obligations ex.
cept rs above stated are payable in
gold.
All that looks very correct and
strai.s htforward. Upon the general
principle laid down there should be
no objection to it. But we hear that
the thirty Republicans of the Senate
do object very strenously to it. They
say that if they should concur in the
passage of a House bill containing q
radical gold standard provision they
would destroy one of the best means
OF refundrng the debt at lower rate.
Therefore they propose to apply the
gold standard to future issues and
provide at once for the gold bonds at
a lower rate OF interest which could
readily be exchanged for the present
high rate, short time, coin bonds. So
the House will virtually pass the gold
standard bill and the Senate will
prudently modify it in such wise that
the holder Of existing bonds will
think it prudent to exchange them
for new ones expressly payable in
gold,
That is to say that it is very immor-
al and dishonorable to pretend that
the existing bonds may be payable in
silver and in order to establish the
national credit and remove all sus-
picion OF disposition to repudiate
the just obligations of a nation it is
necessary to pass bill declaring that
all obligations are payable in gold.
At the same time it ID entirely moral
to 30 frame the bill as to make hold
ers of tn ,se bonds think that they are
liable to be paid in silver, and there
fore the best thing that they can do is
to exchange them for the new ones
which are expressly payable in gold
In other words the Republican posi-
ton ID that the existing bonds we're
intended to be Layable i'll gold and
that this is go certain that in can be
grossly immoral 30 much as to sug-
gest that they can be paid in silver
without dishoner; yet it is entirely
moral to scare holders into surrend-
ering them in exchange for others
bearing lower rate Of interest, but
expressly payable in gold by playing
on the fear that the old ones will be
paid in silver.
1t would seem that, taking this posi-
ton, the Republicans give away their
case rs matter or morals Ialtogether
and take their stand on the lower
level policy. II the existing bonds
are unquestionably payable in gold
then it is morally wrong to pretend
that they are not in order to frighten
holders into giving them up for less
than bonds so payable are worth and
tx they are not 80 payable all the Re.
publican cutlery against those who
have proposed to pay them in silver is
mere hypocrisy. II the Senate scheme
is to DO adopted it will then be in or.