The San Francisco call., 1899-12-03
SOUND MONEY OPPOSED.

n
IA where no good exists the task is easy.
TX Invention can always be substituted for fact,
and if others are msled thereby the purpose is ac-
compshed The Chronicle is opposed to the sound
money measures which il is hoped this Congress will
speedily pass 1t has seen in those measures viola
ton OF the Republican platform OF 1890, and new
departure in what is really full return TO we'll
seasoned policy. The platform OF 1896 promised an
effort 10 secure international bimetallsm whatever
that is The experiment was tried in good faith by
the President A commission OF silver men, nclud
ing Adla Stevenson, former Vice President and
Senator Wocott OF Colorado, appointed and
made a comprehensive canvass OF every European
Cabinet and discussed the question with the finance
Ministers OF all the European Governments which
might useiuly cooperate None was found friendly
the proposition tolerant OF another coinage and
ratio congress after the failure OF all that had been
held. There being prospect OF any international
action should the Republican party ignore the pos
session OF majority in Congress- elected specifically
upon pledges in the several States to pending
legislation, should it go ahead in line with the
victory it won on sound money in 1896?
II it refuse TO use its present majority to redeem
the pledges which secured it, what will it do next
year? Will it project international bimetallism into
the next campaign or redeem its promise OF sound
money by making another and raising against itself
issue OF frivolity and bad faith?
The Chronicle is void OF advice to what should
be done year if this legislation fail 1t, like the
very few party papers which stand with it, does not
make any promise to support perfectly sound money
plank in the next platform They will all probably
appear advocating plank to the effect that pro-
tectve tariff has settled the money question, and that
therefore the issue is eliminated from the campaign
As the Chronicle denies the need OF financial
form its policy is to the reformers OF creating
necessity. To this end it says that the recent re-
demption of $ISoooooo OF bonds by the treasury to
put money in circulation and relieve financial strn
gency is plot of the sound money men, intended TO
manufacture the appearance OF necessity for estab
fishing the gold standard This is a harmful
ton against the Secretary OF the Treasury and the
President himself since the Secretary would not as
to redeem to issue bonds under any existing
law without the approval OF the President.
But is il true that such redemption OF bonds can
have any relation whatever the endless chain
to any financial legislation better existing condi-
tions? Obviously it is not Our statutes OF finance
complex and veXatious bear no relation to the re-
demption OF bonds at all. They ahict the treasury
not through its bonded obligations, but by OF
the floating debt, in greenbacks proximately and
other forms OF currency medatey for the redemption
OF which the treasury is obligated. II any one had
wanted TO lay plot, such as the Chronicle charges
would have been in the form OF presenting SIS,ooo-
600 in greenbacks for redemption, which under
istng law would have 10 be reissued and not in re-
deemng that amount in bonds which imme-
diately and finally Cancelled and forever paid
Such presentation OF greenbacks would have set the
endless chain in motion drain the treasury OF gold
without the cancellation OF dollar OF the public debt
The Secretary OF the Treasury has simply paid for
the people that much OF the interestbearing public
debt and has saved them the interest thereon. Had
he redeemed greenbacks for immediate reissue he
would have paid no debt and saved no interest
More than this, he would have probably entered upon
process which would have reduced the gold reserve
to a point at which the sale OF more bonds would
have been required 20 replenish it, as was contem-
plated by the Harrison administration and was twice
actually done by Mr. Cleveland maintain the sol
vency OF the treasury and uphold the national credit
That the Chronicle should make such charge Or
imply nsnuate it is evidence OF the length to
which the unsound money faction in the party is
willing to go to prevent the reforms which it has
always opposed.
The proper place for that faction is with Bryan
and Hogg