The times., 1899-12-12
TUESDAY, DECEMBER p 1893.
The GoId stnndnrd niIl.


The long threatened attempt Of an Ad-
ministration which could not have secured
power except on the pretence of bimetal-
lsm. to fasten the monometalIic gold stan
dard upon the country. has now been in
augurated by consideration in the House Of
Representatives. Of MI Overstreets bill II.
r. No. l.l To define and fix the standard
Of value. 10 maintain the parity OF all forms
0f money issued or coined by the United
States and for other purposes" debate
upon which began yesterday.
AS This first episode in the legislation OF
the Fifty-sixth Congress has been long
discounted, it does not can for extended
comment The sweeping success Of the
Republican party in November, due TO the
un-American stand OF certain Democratic
STATE leaders and platform makers on the
subject of national expansion, made it at
once certain that the triumphant Repub-
licans would throw off the mask of pre-
tended friendship for the money Of the
Constitution by international agreement"
and take advantage Of their easily Won
prestige 10 dare all things in establishing
gold as the sole money standard Of the
Republic while the time should be propi-
tious- Their present movement is not there
fore unexpected. and that It viii be sue
cesslul as far as the House OF Representa-
tives is concerned, does not admit Of any
reasonable doubt
Thac The Administration viii be abe 10
jam the same or an equivalent measure
through the Senate, as easily at least, is
open TO some doubt. There are still Re
publican Senator'S who have not foresworn
allegiance 10 the bimetaIlism. profession Of
loyalty 10 which gained for Mr.. Mckinley
his election 10 the Presidency. and the Sen
ere is as yet a deliberative body, lot sub
5ect TO the power of closure by executive
order. 50 the resistance to gold legislation
i'll the upper house is likely TO be strong,
while we axe not prepared TO preli-t that
ii wiz Le ultimately effective. Probably in
The end the single standard. which its ad-
voCatss have represented as a panacea for
all financial Ills, including violent currency
contraction and manufactured bank panics,
VIII De tried for awhile without let OF him
drsnce. and the country viii have an op-
p0rtunity TO see and realize the alleged
beauties and benefits OF the system.
But The fmmlnence If not the certainty
that the collar is 10 be riVetei on the ma
ton does not tend TO change our previous
conviction that the single gold standard
Wiu b. g bad thing for all Americans,
limited class Of capitalists and dealers in
money alone excepted. The House bill,
under consideration, is so vicious in some
OF its aspects that it is practically sure TO
be amended materially on the initiative Of
Administration members of the Senate.
For example. the Oversreet bill provides
for the redemption in geld Of outstanding
coin obligations AS this might raise
serious legal question, Senator Allison and
others Will doubtless present the refund
ing scheme as a safe alternative.
In his opening speech in support Of the
House measure yesterday Nj OversTeeJ
exposed the mistake if not the insincerity
OF the Administration in referring TO and
treating the single gold standard as If il
were already an accomplished fact. He
plainly declared it to be so far otherwise
that the whole system. as II has been
sought 10 be established and maintained by
executive power, rests solely upon the
willingness Of any Secretary Of the Treas
ury TO distOrt the law into authority TO
outlaw one OF the money metals Of the
Constitution. The maintenance and en-
forcement" Of silver demonetization, he
explained, rests with the Judgment or ca
price OF the Secretary Of the Treasury,
who. by a single order directing the use OF
silver in the discharge OF our obligations,
may establish bimetaIllsm under existing
Eaws.
It Is to avert the frightfuI danger that,
some time, there might be a man al the
head Of the Treasury who should respect
the Constitution and the statutes enough
TO obey them in letter and spirit that il
now becomes necessary 10 enact afirma-
tive and drastic legislation in favor Of the
banks and gold dealers. As showing that
the party ia power is utterly Indifferent to
The voice OF interests Of the plain people
Of the land 10 the matter. these confes-
sions and these movements openly stuitify-
ing Republican platform announcements
and pledges he 1896 are Of exceeding inter
st Manfezrly the wolf VIII have his
lamb for dinner and stGruly insist on gold
En- mint sauce along with ii.