The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-06
SATURDAY. JANUARY c, 1899.
To Clip the yuItrre,. Claw.

Zip tlaws.
We can probably say without much risl
of successful denial that none OF the Re
publican and Rockefeller leaders in either
house OF Congress has felt at any time
quite sure that the fun programme Of the
money trust could be accomplished during
the present session This state OF opinion
among the trust agents at both ends OF the
Capitol has been rather more in evidence
since the bombshell of the Gage disclosures
exploded although it was well enough
known to exist before.
But the scandal has emphasized the dif-
fculty which the Administration is bound
10 encounter in carrying out the bond.
bank, and currency contraction deals which
evidently it is trying TO consummate with
jammed- through legislation economically
vicious and morally outrageous. Now,
that an impression has been sown broad
cast over the country, that high officials
of the Government and recognized leaders
of the party in power are syndicated with
the Standard Oil magnates and their as
socates TO run the public debt, the reve-
nues. and generally the finances of the ma
tion, for the sole benefit and profit of the
combination, il will be much harder for
Mr.. Allison, Mr.. Aldrich, and the other
teachers OF politico- economical false doc
trine, heresy and schism to cram anything
they like down the Threats Of the Amer
lean people by appeals to their assumed
ignorance of finance and to their patriotic
appreciation of Mr.. McKinley's honesty
and Americanism on the question of ex-
pansion.
So it is not only probable but practically
certain that the Standard Oil programme
will not get through Congress without
radical change in some of its numbers, or
without bitter disappointment to the
monopolists who have hoped at enc swoop
TO place the whole fabric of American
property, industry. and business activity
n their mercy. The 0verstreet bill has
passed the House. II might as well have
Deen the Doe or the Roe bill for all any
body in the deal cared about II. The real
measure desired by the combine is in proc
.ss Of incubation in the Senate where the
Iblest Of all trust statesmen live, move.
md have their innings. Representatives
" Justice and the people are there in a
marked minority, but the righteousness of
heir cause and the open and unblushing
sickedness OF their adversaries' PROPOSE
ion give them a strength out of proportion
o their votes. And we are much mis-
aiken If they do not succeed in blocking
Inc intended crime against the country
At least to a considerable extent.
AS far as the House Is concerned, no
matter what course the Financial bill OF
the Administration may follow, any at
tempt at amendments in that body would
be futile, in the face Of the Reed rules.
and probably none will be offered even
should technical opportunity occur But
the Senate is still deliberative organiza-
ton, and several important amendments
will be there presented to the measure now
under discussion. One OF these will be Ct
character TO place the Standard OIL party
on the defensive, and will have to be &C
cepted in principle. for any reason that
Ean now be conceived TO the contrary.
II Will be proposed that for the purpose
Of relieving the occasional rigidity of the
money market the Government shall issue
two hundred million dollars of notes, to
be paid out only in exchange for bonds.
When there is strinsency and money is
scarce, holders Of bonds can take them
TO the Treasury and receive currency.
While the bonds are held by the Treasury
interest upon them Will be suspended. but
will begin to run again from the moment
Of redemption. This simple and effective
device will create automatic relief FOR the
market and in effect will give the Govern
ment interest on the special note circula-
ton provided for. equal TO its saving of
interest on the bonds held for exchange
against the same currency.
This plan will not please the Standard
Oil magnates nor their friends in Congress.
II will render impossible such a sudden
and destructive contraction Of the cur
rency as the Administration bill is intended
10 make possible for the combination at
will. 1t does not involve the UNLIMITED
coinage Of silver at sixteen 10 one." nor
propose TO demonetize gold. 1t only pro-
vides for insuring the Treasury and the
people from a sudden raid by the syndi-
ra:ed money sharks, with the certain con-
sequences OF panic, demolition OF values.
and general foreclosure of property and
earnings. We rather think that It will
win. once the masses understand 1t, even
the Republican majority in Congrers may
well hesitate 10 reject IL.