Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-21

Fse u = ~ -
the Secretary of the Treasury now res
ports. and parity. or! equality, made
impossible by elevatlng gold to q grand,
gloomy and peculiar solitude as the
only primary and final money Of pay
mcnt and redemption! All this Is self
evident and the bondholders. banks
and trusts can any day sweep the
Treasury clean OF gold by rushing in
silver dollars and silver certificates, or
greenbaclks and Treasury notes, or ma
tured bonds and other non-interest
bearing obligations OF the government
amounting to s39o651. 953.92). besides
redeemable fractional currency out
the gold coin and bullion in Treasury
subject to raid being only SPAS. G2514.92.
ith.-The Treasury thus swept, or me-
naced. this bill clothes the Secretary
with discretionary power to issue bonds
ad libitum and increase the interest
bearing debt at will, Ito protect the
gold reserve" which Is to be now es-
tablished by law Think of it: this ire
mendous power of Issuing bonds be-
slowed upon an appointee OF the Pres
ident. q chief clerk OF the Treasury, an
eS-banker Of Chicago; a man by educa-
ton and practice. as well as Interest,
identified With the banks and bondhold-
ers, and who. like all his tribe, holds
government and people made for his
benefit: to be plucked. The bill itself
makes the issue OF many millions OF
new bonds necessary; but where will
the issue end. if left to the discretion of
banks and the money-trust? Or to
their accomplish in the Treasury?
5th.-With all this contraction of
money and currency to meet expand
ing Indebtedness and liability, public
and private. we are assured that we are
now to have an abundance Of the best
money. But which is it to be: gold coin
(the dearest possible money BECAUSE
of ITS SCARCITY. and the most costly
because of Its softness), or paper
promises to pay. Issued 10 us by the
banks. who are supplied with 1t for no.
thing by the Treasury and charge us
from to 70 and 20 per cent a year on
usurious mortgages. to use as our only
currency? MIR. Gage. after congratu-
lating us on the increase OF the gold
reserve (small as it is). says:
Yet urgent appeals for notes and sill
yer certificates have been frequently
addressed to the Treasury regardless of
THE LEGAL INHIBITION OF ADDI-
TIONAL ISSUE" But he at once be-
comes bank-touter. and says:
mot as a matter of disposition or
convenience, but OF STATUTORY OBJ
LEGATION, THE TREASURY COULD
GIVE NO FAVORABLE ANSWER
1t constantly went to the limit OF its
powers.
There was then, however, and is
now. source from which S. and $40
notes could be provided In abundance
IL those to whom the law gives authori-
ty to put them out chose TO do SO. THE
EXISTING NATIONAL BANKS OF the
United States have the right under
their charters to add s345, 020, Alb to their
circulation"
And yet this currency bill removes
the tax on their circulation. authorizes
them to issue the notes given them by
our Treasury to the par value of their
interest bearing bonds deposited in the
Treasury. awards them the monopoly
of our paper currency in the face OF
their recent trcachery to duty, and for
all this exacts only tax of one tenth
of one per cent. semi annually on their
capital, reserve and profits!
The Philistines are upon usi