The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-13
A POLICY OF CoNsUMMATE DE
rrRAKAT,


After months OF travail the republican
g administration evolved It's monetary reform
bill The party's pretension of friendliness
to bmetallism was boldly pushed aside
and its critics invited to do their worst
Ranks had been consulted and the COM
hines heard from. These. in the repub-
licsn view, control the money supply OF
the country and make presidents and
statesmen. Why consult anybody else?
The banks are here to stay. They pat the
administration on the back and the ad-
mlnistration jollies them, by way OF re-
ciprocity, in turning treasury money over
TO them as free deposits when they shall
have tied theirs and their customers
money up In securities, collateralized at
| fictitious values, and come to need assist
ance with the arrival OF the hour OF
liquidation. Tho combines are fixtures,
too. Legislatures have failed to retard
their formation. limit their existence or
check their rapacity. Quo warranto pro-
ceedings they have dehed and supreme
! court decisions they have either laughed
!, at ur shameessly evaded.
We are told that the single gold stand
ard is the money OF the world; that all tho
great nations employ It and that as we
aspire TO ho world power we must there
fore come to the single gold standard or
dismiss our dream OF empire. The fact
that the cutting off OF less than $500, 900 900
from the worlds supply of gold by tho
a South African war. and the consequent
struggle of every government OF Europe
4 80 keep it's gold at home and locked up in
its vaults. has taught this administration
. dominated by the banks and the trusts
neither wisdom nor honesty.
The republican party says in effect We
J will ignore silver and steadily depreclatc
5 1t in value by observing the law OF supply
: and demand and through the observance o.
I the same law we will appreciate gold In
: value, but, while we admit the deprecia
: tion OF the one. we will not admit that To,
= appreciation OF the other. going steadily
forward under our benehcent system o.
:, proposed currency reform. must constant.
!, " widen the breach between the CONNER.
cial values or the two basie moneys
Gold mcnometslllsm is the determine
= ton OF the republican party IL must Sc,
that there Ia not enough gold in the word
/, nor 10 prospect OF production TO meet tho
demands OF expanding business and popu-
lation This makes no difference. however
a for somewhere In the hitherto UNEMPLOYED
n field OF financial necromancy we propose e
s find the wondrous science by which money
Q can be contracted, when its flow Is al
= such dangerous hood as to invite wild
i speculation and turn II loose, when legiti
n mate business demands its employment
No government has ever yet found thi
undiscoverahle power nor been able to pre-
vent alternate periods of depression an,
imitation, incident TO receding or ADVANCING
speculation. The best and most that gov
y crnment can do Is TO provide a system Q
finance that will meet the demands o.
legitimate business operations and TO dis
! courage the organization OF enterprises
that stun the markets with stocks ant
bonds predicated on fictitious and initiate
values. The republican party has not at
tempted 20 perform either OF these func
- tions OF honest government. On tn
~ contrary, 1t has sought and is nov
~ seeking to turn our financial system
over to the determination and resula
= ton of tho National banks and leave It I
70 the trusts, and to the brokers in thei
a. paper. to say how high shall rise the VIII
~ tide OF speculation and when liquidation
ie and panics shall ensue.