The times., 1899-12-14
The Too-Hnnest nrerstreet.


There is a very raw spot on the Re
publican body which cannot be touched
without the inliction of excruciating pain,
indicated by loud roaIs from the subject.
It was this spot which Mr. Oversreet
scraped mercilessIy in his speech in Con-
gress on Monday when he confessed thai
the only basis for the present gold stand
ard" so often and feelingly referred to by
Air Mckinley and other recent converts
TO the credit money faith. exists only by
virtue Of Secretary Cages willingness TO
run the Treasury agreeably to the desires
and designs Of the gold dealers.
It gave us great pleasure to call atten-
tion TO this frank exposure of the mendac-
ity involved in Republican claim that the
country is on a gold basis. which it is moi,
and cannot be, legally. until so placed
by affirmative legislation. We were not
alone in appreciating the humor of the sit
uation. It also appealed to the New York
sun journal dividing with the New
J ork Tribune" the honor of doing most of
the thinking for the party in power. The
Sun, while holding up the too honest
member TO ridicule for his slip of the
tongue, We fear, does that individual an
/ injustice by endesvoring to cover the sug-
/ gestive tracks he has made Thus the
sun" scolds him for assuming that Mr.
Gage, by a single order, could cause the re-
dempuon of public obligations in silver
bullion. a proposition of which we are sure
not even an Indiana bill writer would al
low himself to be guilty.
4 What Mr.. Oyerstreet did freely and truly
admit was that there is nothing in the law
/ at present to prevent the Secretary of the
Treasury from repulsing gold raids on that
/ esteemed institution by calmly handing
/ good American silver dollars over the coun-
/ ter in exchange for notes or bonds, or any
/ thing else not gold demand on its face.
I The Republican position is that when Wall
Street chooses to indulge in a bold-up, the
/ Treasury must issue bonds and buy sold
4 with which TO feed the raiders; thereby in
/ creasing the national debt needlessly. and
/ violating the spirit if not the letter of the
statutes enacted for the protection of the
/ peoples strong box.
This. Of course, is a delicate matter
which, We viii concede, it was alarmingly
! indiscreet for monometallist leader on
the floor OF the House to bring under dis
cussion. For several years it has been the
/ policy and effort of the Administration and
its financial partners to keep from public
attention the fact that its personally
fabricated and conducted gold standard is
nothing more than an executive usurpation
Of control over the currency, if not in de-
fance, at least in open and obvious evasion
Of law.
Naturally, reflections of this kind are
! uncomfortable for those who have large
sense Of irreguIarity amounting to guilt,
concealed in their bosoms. They. are pain
/ fully conscious that they have long kept
the Treasury living in a condition of sin
/ with the gold standard, and in a way TO
make the Edmunds law turn green with
rage. While they are working in Congress
to mend this disreputable status, by secur-
ing a gold marriage license, they shy
/ wildly at references and illusions. The
counterfeit presentment and the image and
/ superscription of Overstreet, therefore, are
not likely to appear upon issues of the new
bankers poker chip which, according TO his
1 lights, he is striving to establish as the
1 only American money Of redemption.