The times., 1899-12-13
wEDNEsDAY. pEcEMBER la. lsag.
The Republican Programme.

The Republican Programme.
The fact that the gold standard bill
presented by the Republican Administra-
ton in the House Of Representatives. is
as vicious as it is from either the polit-
ical moral, or economic point of view.
does not constitute any good reason for
Democratic sorrow. or ground upon which
to despair of the Republic. On the whole,
II is about such a production as a certain
historical character might have had in
mind when he exclaimed: "Oh. that mine
enemy would write a book"
Beyond anything in the recent annals OF
legislation, the OveTstreet gold bill repre-
sents the bold enrontery OF what its back
ers believe to be unbridled power It's
propositions are in direct violation Of Re-
publican party preteusions and pledges.
freely used TO gain the victory of 1896 So
hagrantly does this appear. that no con-
fession is needed to prove that the meas
are is offered in deliberate settlement Of
a secret deal by virtue Of which the Hanna
organization agreed with the money in
terests TO throw of the hypocritical mask
Of bimetaIlism, and appear openly in cham
pionship Of gold. in return for the millions
contributed 10 secure Mr.. McKinIey's cleo
ton
The terms OF the Overstreet bill demon
strate Administration confidence in the
extinction OF the American masses as
dominant factor in national politics. The
President knows. Mr.. Gage knows. Mr.
Hanna and everybody else know. that
nothing could be more offensive to a ma
jority Of citizens without distinction CT
party. than the enactment Of legislation
which would place the power Of irrezpon-
sible expansion or contraction of the cur
Tency in the hands Of those who deal in
money as the sole commodity Of their bust
ness. Yet that is what is now proposed
without the slightest effort 10 conceal the
purpose.
il does not require great education in
economies. or large financial experience. TO
understand that the scheme TO impound
the greeubscks involves d speedy reduction
Of the circulating medium to the amount of
the greaubaek issue. Il must be remem-
bered that these notes constitute a free cir
culadng medium not subject to withdrawal
when the banks choose 10 create panics, and
and by taking money out Of circulation
seize the property OF all debtors under the
hammer. What the Republican syndicate
offers by way Of Offset to this withdrawal
OF money Of redemption. merely aceenu-
ates The vickedaess OF the general plan.
In place Of national money-absolute money
lit is proposed TO provide means for the
enlarged issue Of credit money. Small ma
tioral banks are to be encouraged in the
villages which up to this time have kept
out Of the mouth Of the money shark by
reason Of his inability 10 reach them di-
rectly- We do rot sly that small banks
would not be boon 10 the farmers and
crossroads t1a5esmen OF the country. under
q scientific and equitable banking system,
conceived and organized to make the bank
other ghan pswnshop and its customers
something better than Judgment debtors
But anything like such 2 system is exactly
what the monomesallizt currency squeezers
desire to avoid.
They knew well enough how 10 set about
their work The Oversreet bill would give
national banks the power to initiate credit
money ia practice. almost without limit.
II they so desire. they can issue as many
national bank notes as they please. by de-
posting with the Treasury bonds OF equal
face value. Thus they would have unlim-
tied power to ruin their patrons and wreck
the prices Of all commodities, and the
value Of. all real property, by sudden CON
traction: for they would only have to
avail themselves of the redemption provis-
ion in this bin and by turning in law
ful money" retire their excess circulation.
Thus. the only lawful money being gold, or
a demand FOR gold, q huge volume Of what
the people must have for the payment OF
debts and taxes would be locked up, and
al equal volume Of bankers credits upon
which they had been doing business would
be wiped out OF existence.
II it be the policy OF the present Admin
istration to make record Of this kind
upon which to 90 before the country next
year. we do not see why Democrats or
any friend OF the people at large should
object. TIE scheme to fastcu not only
gold but a system OF hopeless financial
slavery upon the masses is so obvious that
its advocacy by the legislative leaders Of
the Republican party VIII do more than
anything else could 10 show voters how
foolish they were 10 trust to the promises
OF the same men and their political copar-
reHers three years ago. Perhaps at last