The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-10
WEDNESDAY. JANUARY 10. 1900.
The People aud che National Banks

A distinguished college head who pre-
sides over one of Waehingtons great edu-
cationai institutions. in lecture, review
ing the history of political world move
ments, called attention TO what he termed
the strategy of Providence" as an impor-
tsnt but little recognized factor in the evo-
Tuition of modern racial and national or
ganization We are reminded of this sug
gestion by the development of the Treasury
and Standard oil Bank scandals which
have shocked the country during the past
few weeks
Surely, if we eoncede the presence and
activity of such an influence, the strategy
of Providence has been actively at work &c
bring before the American people an object
1esson teaching them of the dangers they
face IN the subtle efforts of a great trust
of trusts. backed by and owning the Ad-
administration. TO gain control Of the money
function OF the people and, through stat
utory endowment, to secure complete power
TO issue. Withdraw. dictate the volume OF,
and manipulate in its own interests The
entire circulating medium OF the nation.
The exposure OF the deals between the Adj
ADMINISTRATION and the organized trust COM
bination TO which we have referred 1t is
safe 10 say. has done more in twenty days
TO show the country its peril at the hands
of a grasping persistent and all but ir-
resistible organization determined upon its
Hnancial and economic enslsYen1ent than
all OF the scientific exponents Of sound
finance and economy could have accom-.
plished in twenty years.
Through the precipitate rapacity Of the
trust now controlling the national bank
interest we are able to unmask the by
pocrisy and criminal designs of its political
agents in Congress and elsewhere who pose
as single gold advocates. in order that they
may cover the real designs of their masters.
which is TO reduce the American people TO
the acceptance aud use Of a single-bank-
credit-standard currency Thus the meas
ure which the Senate Finance Committee is
pushing in Congress provides for the im-
pounding OF all the national paper money
extant. for the impounding of all the avail
able gold through a "pig-iron storage" pro-
viso: for the creation of q refunded debt Of
eight hundred and fifty million dollars.
against which it is made feasible
for national banks to issue notes for
the fun amount and to withdraw any or all
OF such notes from circulation at the viii
and pleasure of the trust. Incidentally,
the operation of the bill, should it be-
come a law, win be TO retire and suppress
the silver certificates, am uniting TO four
hundred and FIVE million dollars, and then
all the paper money and the coin of the ma
ton win be out OF the way; there will be
nothing upon which to do business but the
volume OF bank credits. which, as we have
said, may be large. restricted. or nothing
according to the interests Of the trust 70.
the time being; and, il a citizen must have
gold-the only recognized money OF re-
demption-with which to pay debts, taxes.
or customs duties, be will be compelled
10 buy from bank pig-iron gold warrant
to the amount OF his necessity. This, IL
short, is the true intent and meaning OF
the bill which is being championed by the
messrs. Rockefeller and their associates
and publicly for them by Secretary Gage
and Senator Aldrich.
The tendencies, designs, and inevitable
consequences OF the Administration meas
ure in the Senate have become so notorious
Of late and mostly through the Treasury
scandals, that even advanced gold-stand-
ard opponents and leaders of Republican
opinion like the ''New York Sun" have
taken fright and are calling halt. A new
alignment of public opinion is thus estab-
lished. There have been many advocates
OF the gold standard in this country who
have differed from bimetallisis only on
scientific grounds. Accepting the qnantl
tatiye theory Of money In principle. they
have believed tha; the volume of gold in
existence. with current production added.
would be sufficient 10 maintain the integ-
rity of values and prices and to preserve
the equities between debtor and creditor
Bimetallists have challenged this view.
holding that the volume Of gold, present
or prospective, cannot be assumed as ade-
quate TO make the worlds exchanges and
to prevent the fall OF prices and wages or
the continual menace OF pan!cs, due TO
the ease with which commodity in rela-
lively small supply can be cornered BY
those who deal in it-especially under the
modern conditions and organization OF
finance
Al the present time there Is common
ground upon which honest gold raono-