The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1900-02-13

1T Is O1ten suggested Dy BOlu DeHlOCTdlS,
by Republicans who oppose the trusts,
or by Republicans who oppose i'm
perialism, that the Democratic party
should drop the money question and
make the fight in 1900 upon a new issue.
That the money question will not be
dropped is now apparent to every care
full observer, but the reason for this
steadfast adherence of the Democratic
party to the position taken in 1896 is not
understood by all. 1t must be remem-
bered that for 20 years prior to 1896,
all parties had held out the hope of
the restoration Of bi-metallsm. At
various times a bill providing for the
free and unlimited coinage of cold and
silver at the present ratio of sixteen to
one, without waiting for the aid or
consent of any other nation passed the
house or the senate, but never passed
both houses at the same time.
The Bland-Allison act of 1878 was the
result of q compromise between the
senate and the house. and was passed
over the veto of President Hayes. The
Sherman act of 1890 was the result of
another compromise and was signed by
President Harrison. These two laws
have given us the silver dollars, silver
certificates and treasury notes now in
circulation. The advocates of the gold
standard would have prevented the pas
sage of both laws if they could have
done so. But what would we have done
but for the increase in currency furnish
ed by these laws?
Senator Sherman, in a speech made
in defense of the act of 1890 declared
that the treasury notes issued in pay
ment for the 54,000,000 ounces Of silver
to be purchased each year would not
furnish more than enough money to
keep pace with the population and in
dustries.
MCKINLEY WAS ONCE ANXIOUS
ABOUT THE PEOPLES MONEY.
Mr.. Mckinley, then member of con-
gress, defended the bill on the ground
that it gave the people more money.
And yet, the advocates of the gold
standard secured the repeal of the
Sherman law in 1893, without making
any provision for the necessary in
crease in circulation. The Republican
party in 1888 denounced Mr.. Clevelands 5
administration for the attempt to de-
monetize silver, and in 1892 declared
that the American people from tradition
and interest favored bimetallism.
AS late as 1896 the Republican party
pledged itself to put forth every possible
effort to secure international bimetal-
lism, and in 1897 the president sent
commission to Europe to secure foreign
aid in restoring the double standard.
In November, 1888, Secretary Hay
wrote a letter to Lord Aldenham,
director of the Bank of England, Cthe
letter being afterward published in the
testimony taken before an English COM
mission), and in that letter stated that
the president and majority of his cabi-
net still believed in the great desira-
bility of an international agreement.
In spite of this record in favor if BIZ
metallism the Republican party now
seeks to make the gold standard per-
manent by legislative act. The advo-
Gates of the gold standard have no plan
for securing the necessary increase in
the volume of standard money. Their
ultimate purpose is to withdraw from
silver it's legal tender qualities and
make gold the only legal tender money.
Then every dollar of the twenty or
thirty millions of debt will be paid in
gold alone, and every debtor will be
compelled to find the gold, no matter
how scarce it may be, or how difficult
to secure. Every disturbance in gold
standard countries will shake our finan-
cial system and the debtors will be
the first ones upon whom every disaster
will fall.
AN UNLOCKED FOR INCREASE OF
GOLD.
In 1896 the Republicans did not
promise an increasing supply of stan
dard money, except by international BIZ
metallism, but since 1896 we have secur-
ed large amounts of unpromised and un-
expected gold from the discoveries in
the Klondike and also because Of the
famine in Europe, which created a
demand for our breadstuffs at increased
prices,
The secretary of the treasury an
nounced that the supply of gold coin
in the United States is some two hun
dred millions in excess of the supply in
1896, and yet, Notwithstanding this un-
expected and unpromised increase In
the supply of gold, and Notwithstanding
the increase in supply of silver dollars,
due to the coinage Of the seigniorage
(the coming of which was forced upon
the administration by the opposition)-
notwithstanding, / say, this increase In
the volume of standard money, both
gold and silver. in the United States
the SECRETARY OFTHB TREASURY
EXCUSES THE LOANING OF
GOVERNMENT MONEY, WITHOUT
INTEREST, TO NATIONAL BANKS
ON THE GROUND THAT THIS Is
NECESSARY TO PREVENT AN IN
FURIOUS CONTRACTION OF THE
CURRENCY.
II, with this increase, the secretary
is afraid to keep the revenues in thu
treasury for the fear Of disturbing busi
ness conditions what would have beef
the condition but for the unpromiseC
addition to the money supply ant
what would be our condition II an!
European disturbance caused an out
flow of gold?
How can the Democratic party avoi'
the issue without confessing the gol