The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-24

sion, but not until the recent message
was sent to Congress has the gold stand
ard been clearly and unequivocally rec
commended. 1t indicates that in the next
campaign the Republicans will make an
open fight for gold recommendation.
Heretofore all parties have advocated
the double standard differing only as
to the means of restoring it. Now it
will be a clear-cu issue between the
double standard and the single gold
standard. If the gold standard is ac-
cepted by the American people it will only
be question of short time when sill
yer will be denied legal tender qualities
and reduced to the level of subsidiary
coinage. Then the increasing volume of
debt will be dischargeable in gold alone,
and the creditor class will be given a still
larger control over the property and live
lihood of the debtor and producing
classes.
FEARS GOLD WILL MAKE US
SUFFER FROM FOREIGN PANICS.
If we chain ourselves to the
gold standard alone our fnan,
cial system will be disturbed
by every panic in the coun-
tries using the gold standard. Our ma.
ton will become more and more depen-
dent upon foreign fnanciers and less
and less able to have an independent
American policy on any question.
The Presidents recommendation that
the greenbacks when once redeemed
shall only be issued in exchange for gold
is a covert method of retiring them and
substituting gold certificates. The plan
has all the force and effect of retiring the
greenbacks without the candOr required
for the open method. When the Presi-
dent is compelled by law to redeem
greenhacks in gold, and then authorized
to issue bonds and buy gold for that
purpose, the Treasury will be placed at
the mercy of those fnanciers who have
for some years been seeking to drive
the Government out of the business of
issuing money, in order that they might
make a profit out of the issue and con-
troll of the paper circulation.
The proposition to increase the priv.
leges of national banks is part of the
gold standard plan. A review of none
tary legislation for the last twenty years
shows that the advocates of the gold
standard, instead of boldly proclaiming
and defending their scheme, have moved
with slow and stealthy tread, hiding he
hind one pretence and then another, and
never taking the people into Their con-
fidence In the last campaign 80 rer
cent. of the people voted for>candidates
pledged to the double standard as against
the gold standard, and yet the Republi-
can party is endeavoring to make the
gold standard permanent.
GREENBACKS TO BE RETIRED
BY INDIRECTION.
In the last campaign neither the Re-
publican platform nor the Republican
candidate limited at the retirement of
the greenbacks. and yet greenbacks are
to be retired by indirection, while the
national banks in return for campaign
contributions are to be given authority to
organize a paper money trust.
While thGPres;dent gives to the money
question priority in the order of treat
ment. he devotes far greater space to the
Philippines question. The keynote of
the Presidents policy is to be found
in the assertion that Providence has
brought the Philippines within our juris-
diction. 1t is to be regretted that the
President did not explain whether he re-