Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-21
THE DEMOCRATIC VIEW.
Analysis of the House Currency Bill
by Mr.. Ball of Texas.

The most compact analysis and criticism
of the finance bill of the House from the
extreme democratic point of view was
made by Ball of Texas. This was prepared
and printed in the Record after the debate
closed, and consists of eight paragraphs,
within which the democratic view of the
matter is compressed. Mr.. Ball says:
First This bill is intended TO and does
completely demonetize silver, destroys in
effect the legal tender function of silver,
abandons the use of nearly one-half our
redemption money as such, and permanent
~ commits this country to the single gold
standard.
Second. 1t is a complete sell-out of our
government and people to the bondholders,
national banks and creditor classes in that
1t makes all debts, public and private, here
tOfore and hereafter contracted, which are
now payable IN coin or lawful money of
the United States, payable in gold. As
the bankers offered to take the &iXty-two
and one-half millions of coin bonds issued
by Mr.. Cleveland if made payable in god.
at an interest rate which would have
saved S16,o00,000-a proposition against
which nearly every prominent republican
then wholesome idea can thus be formed
of the enormous bonus to be Teaped by
the holders of United States bonds by this
provision. Certainly ii will amount to
nearly 500 OO0,OD0. This sum is but a
bagatele compared to the harvest provided
for the holders of other debts, OF which
there is accounted for in this country. in
round numbers, $2o.To,o@,ovo. Private
debts not estimated therein will certainly
double that amount.
Third. The three hundred and forty-siv
millions of greenbacks, now at par for hay
ing so many years served us, are to be IN
pounded in the treasury when received and
only paid out for gold, not reissued by
law now required.
Fourth The division of redemption pro-
vided for will retire from circulation a large
percentage Of the money now available foT
business.
Fifth The silver dollars and silver GER
tificates as well as the coin certificates now
outstanding. representing more than half
our circulation, become simply demand
gold debt due by the government, they
are made redeemabe in gold by this bill;
Sixth. The privileges of the national banks
are ineXcusably and consciencelessly sX-
tended. They are permitted to organize
small banks in small towns, while the
larger banks are relieved by its provision
from competition in the cities, small banks
being prohibited. By reducing the tax now
levied the national banks now organized
heretofore paid by them.
Seventh. The bill abandons the right TO
issue paper money by the government, ana
surrenders to the banks that power. AS
the coinage Of silver, except for change
has been already stopped, the power to
contract or expand the circulation is thus
vested in the moneylending class as their
interests suggest, regardless of the rights
or necessities of their debtors.
Eighth. The power to issue gold bonds in
war or peace is vested in the Secretary
of the Treasury, and the discretion of that
bankers agent is the only limitation upon
the amount to be issued.
Had such a measure been admittedly the
policy of the republicans in 1896, Mr.. Nc
Kinley would not now be President