The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-10


gether they would not witness the disap-
pearance of all metallic currency from
general use and circulation and the sub
stitution for Il of the sole standard of bank
credit. which ultimately must be hired to
be available
With =. perfectly clear view of what the
present conspiracy portends for the coun
try economically and for the Republican
party politically. the New York sun"
calls upon the leaders of the organization
in Congress to abandon the national banks
altogether. and not to make the fatal
blunder of precipitaiing political revolu-
tiOn by handing the nation over to finan-
cial syndicate. In particularly able edl-
torial the Sun" declares that TO make
the pcrpetuation OF national-bank currency
part of the Republican programme. is to
raise, deliberately and unnecessarily. an
issue which the party of Bryan will be
only too happy to take up." If by the
party OF Bryan" the sun means all
Americans who do not wish to see the
money issuing function and all power TO
regulate the currency taken out of the
hands OF the Government and turned over
to an organized trust. then. no doubt it
is right. But we are not conscious Of the
existence of any party. whether political.
economic. ethical, or religious. that is sub
iect to the designation There is the
Democratic party. all OF whose members
in good standing are bimetalIists. and a
majority of whom are patriots and national
expansiorists. There is a faction in the
Democratic party opposed to national
progress the Louisiana Purchase, the
acquisition of Florida-generally to the
acquisition OF sugar or tobacco pro-
ducing territory and bitterly to any
thing TINT would tend to take America
out OF the provincial swsddling clothes
it has worn during two degenerations. This
faction. too, is in favor of bimetsllism. AS
whole, the Democratic party is as mucn
in antagonism to the single-bank- credit
standard as our contemporary announces
itself to be. II that is Organism. we
are all in excellent company. We qaote
from the sun"
These things being 50. the perpeluatiou Of the
NATIONAL bank system becomes not oRly unneccs-
sary, but source Of useless expense 10 the ma
tion. In the course oi the next two years, the
ohaTfdrs Of mos OF the nationSl tank expire aud
need not be eNten,ed. II their stockholders de-
sire TO continue in business they can rrincor-
porate under STATE laws, losing only the privilege
of Issuing circulating notes, which never should
have been given Them In place Of the rircula-
tiUn which Viii thus be retired, the Government
can issue an cqual amount Of its own notes IN
redemption Of an equal amount Of bonds and thus
BOTH prevent q contraction Of the currency ard
save considerable Interest
1t will be observed that the leading Re-
publican newspaper of the America me
tropolis not only agrees with MS in resist
anee to the single Standard Oil proposition
Of the Administration. but suggests its
adherence to the Democratic counter prop
ositiou to issue Government notes 10 be
held and used in exchange FOR bonds. and
thus to establish a safe. economical. and
automatic method for the relief Of tenn
porary stringeucles in the money market
It is already patent enough that such &
plan would romovo large share OF the
dangers which nov threaten national BUSH
ness and prosperity; but for that very
reason it is inevitable that it win be vio-
lently assailed and resisted by the single
bank-credit-standard trust. and. hence.
by the Administration. Nevertheless. the
handwriting on the wall is visible 10 homes;
Republicans In the inscr table ways of
Providence it may become also visible 10
the other kind and to their pastors and
masters. In short. the RockefelIer-Aldrich
bill stands little chance OF passage in its
present shape. and the Administration will
not dare to reject the minority amendment.
which would pull the teeth Of the dragon.