The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-12-01
THE GOLD STANDARD.


an enlargement OF national bank currency up par
OF the bonds deposited 1t. and it lowers the
minimum capital OF such banks to $4,000 As the
present minimum is $4,000 1t viii be seen that this
valuable provision viii extend banking facilities
localities row deprived OF them and will put the
loan fund OF the country where more people will have
access IT, and their credit readily and
oheaply than now And greenbacks paid in for gold
are only TO be paid ont Tor gold
Ii would seem that measures so desirable would
hardly be treated party question: bur they are not
only so considered. but there IS already evidence
that they viii be regarded as actonal issues Within
the Republican party itself.
The San Francisco Chronicle. which was thick
and thin free silver organ from 1892 until the national
convention Of 1890 seems inclined TO turn back to the
position il held then least to oppose all cur
renoy reforms that then advocated by the sound
money men
Il was proposed by the latter that the greenbacl
endless chain, by which the treasury could be drained
OF rs gold reserve should be cut This is done BY
holding all greenbacks redeemed in gold subject to
reissue only ior gold As this may lock up paper cur
rency, such an emergency IS provided for by permit
ting national banks issue up par OF their bonds
and by increasing the number OF such banks by lower
ing their minimum capital And as the firm founda-
ton OF all reform the gold standard is embedded in
the the final basis OF the public credit The
Chronicle says: The question may arise in the minds
even OF the sold monometallsts whether il is neces-
sary At the present time 10 make any declaration
whatever; or II not necessary what gain is expected
from IT, Il is certainly a radical departure from the
platform OF 1906 in which the specific declaration was
made that the Republican party favored bimetallism
and upon which II its Presidential campaign
There are few who viii believe that campaign could
hoe
favor OF a gold standard. or who will not doubt the
wisdom. from a party standpoint OF dragging
the country into an unnecessary monetary discus
sion. The magnificent success OF the Republican pro
lection policy has made all currency questions for the
time being. dead issues
Il Is strange that such utter misconcepton OF the
situation should be found in an inteigenty conducted
newspaper. The international bmetalic plank in the
Republican platform OF 1890 was put there as sop
Republicans OF the Teller stripe. II failed as an
overture 10 them. which was It's sole purpose and i
became obsolete when they spat upon it and seeded
from the party. The President has acted upon it By
sending abroad commission TO treat for another
congress with Europe upon the subject OF the coinage
and ratio OF the metals and everywhere met with
refusal TO further consider the subject as OF in
ternatonal interest. Again It is not true that the
party would have been beaten except Tor that declara-
ton It was indeed among the weaknesses OF the party
in 1890 since did save nor call back the vote OF
any appreciate number OF free silver Republicans and
it gave to Mr.. Bryan the only strong argument he had
In his campaign, argument indeed that Repub-
leans were compelled 10 answer by ignoring It. The
gold Democracy put the proper estimate on that plank
and met Mr. Bryan squarely in discussion OF it,
The strong hold that sound money had taken in the
Democracy since the reputation platform OF 1868
shown by the fact that nearly 800 counties in the
United States with unbroken record OF Demo
cratic majority for twenty-five years gave McKinlev
popular majority OF nearly 10000 votes. The rec
ord OF 1896 shows that McKiney lost votes in the
strong Republican counties and gained votes in the
strong Democratic counties This could only mean
that free silver Republicans fell away from him and
that sound money Democrats went to him, each in
spite OF the platform declaration in favor OF that myth
and makeshiit, international bimetalsm" Yet the
Chronicle says that party leaders owe their positions
their pledges support the platform OF 1896 and
until ley receive mandate there may be peril
in the attempt to place the party ground"
No one proposes to place it on new ground, but
to put it back on It's old ground. as the friend OF
sound money and the defender OF the public credit
Nearly every State platform made since 1896 has taken
position exactly in line with the measures which the
Chronicle opposes.
What would the Chronicle have? Would it next
year prank OF 1910 continue 10
bush behind international bimetallism, continue to
paer, shuttle and evade or will it have the party
say that, bmetalism being good to have this country
liking good things. will have it without international
agreement? That IS the logic OF the Chronicles posi-
ton Between it and Mr. Bryan there is only the dill
ference OF an unmeaning adjective.
As for this issue being dead killed by the success of
protective policy that is analysis that even the
groundings will not believe, though it is shouted into
their split Money panics find the treasury re-
serve the specie payment policy OF the Government
and the public credit all in peril together under our
present system, which the proposed measures will re-
form. To deny that money panics come and rage
and destroy under all tariffs, protective or otherwise
is to deny facts embedded in history Therefore the
proposed legislation is upon issue independent OF
the tariff and is intended to place the public credit
and the treasury reserve and specie payment out of
reach OF panics that in spite of protection