Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-21
WHAT ARE THE RESULTS

If the currency bill become the law,
1t will
1st-MAKE ALL DEBTS. PUBLIC
AND PRIVATE PAYABLE IN GOLD,
OR ITS EQUIVALENT. Now all our
debts are payable IN coin, or legal-ten-
ders, which include coin. In February,
1895. President Cleveland, In a special
message to Congress. stated that he had
sold S62,315,435 thirty-year COIN bonds
at a per cent. year. which rate, how
ever, the purchasers had offered to re-
duce to per cent, If the bonds We're
Here we have practical basis for find
ing the difference between debts con-
stracted in coin or currency, and paid in
gold; for, rs Mr.. Cleveland told Con-
gress. the offer for gold was equal to
$3.50, 1859 year on the sum of s62,3l5, 435,
I or S16,174,77O OH that sum for the thirty
years; and on that basis it is estimated
that this currency bill adds $4,000, 600
year to the value of our total
outstanding public debt of 81 300, 000, 900;
and If the other indebtedness OF States,
counties, cities. citizens. &c. estimated
Mt principal of $4,000, 900 900, be en-
hanced in value a the same ratio. the
bonus to the creditors Is not less in
value than S125, 100000 year more. This
is most unjust and stupendous in
crease of the burden on debtors for the
benefit OF creditors, and Ia an increase
OF the annual value of an Indebtedness,
public and private, contracted ON coin
basis. by 3i,Oo0,o00, If made payable in
gold. or on the single gold basIs,--;he
creditors themselves furnishing the es-
innate
2d.-1t will contract the currency al
ready much too small for our area, pop
ulation and multiplied transactions.
Tor. though 1t does not say so distinct
~, all currency and money except gold
coin and so-called national bank notes,
are to be more or less rapidly with
drawn from circulation. on the pretext
of exchange, redemption or the main
tenance of parity" and impounded in
the newly created division of the Treas
ury, called "the issue and redemption
division" sort of purgatory for the
condemned silver dollars, greenbacks,
treasury notes, &c, amounting to over
$1,000 100000. whence they will tissue"
(under Republican rule) only to full In
to the melting furnace, or into the
flames OF final destruction! Thus.
nearly one-half OF our money and cur
rency Will be taken from us by the very
act that increases our debts; and both
are to occur when business is demand
Ing more money and credit than ever
y before and when the trusts are enor-
mously raising the prices Of all ma
terials and productions under their con
troll and monopoly.
The gold standard having deprived liz
of all money save gold coin, and all
& currency but national bank-notes and
subsidiary coin (small silver, nickel
Z copper and bronco, the govern
s ment and people and their affairs fail
4 into the hands of the banks, bondhold-
ers and their trusts; because,
3d.-Undcr the pretexts Of breaking
the endless chain" which has so often
B depicted the Treasury of gold, and of
maintaining "the parity of our various
existing mediums Of exchange with the
single gold standard, "the endless
aschain"" is mad e, longer and stronger by
Y ma king every hing payable, exchange
red selna II, ur gold coin, of
yhieh Sba III the Treasury $780,
81 saoI and lllon. as