The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-08

for the redemption OF the notes, and yet pay tue
banks one and one-half per cent per annum for
tsuing them. Clearly, II would'be much cheaper
for it TO issue the notes itself; and not paw the
banks for doing it
When leading Republican organ can
be found TO speak thus clearly and fear
lessiy in opposition to what ii must under
stand to be the kernel OF the Administra-
ticn purpose. there is ground for belief
that the minority amendment. which will
be offered for the purpose Of preventing
absolute control of all money from pass
ing into the hands OF a syndicate, will
have the support not only of Democrats,
but Of all other citizens who do not wish
TO see the ultimate power to dictate the
wages of labor and the prices of all com
modties, and practically 10 hold all ameri-
can enterprise and property at its mercy.
conferred upon financial monopoly.
What is proposed is that the Government
shall issue two hundred million dollars OF
notes, to be held and used only Cor the
purpose of exchanging them for bonds.
The Senate Finance Committee scheme is
one to enable the banks to lock up car
rency at will. The alternative is intend
cd to make it impossible for them to do
SO. Under its terms. when money became
scarce. the holder of Government bonds
could take them to the nearest subtreas-
ury and exchange them for notes. When
the situation eased, he could exchange
notes for his bonds again. But interest
would be suspended on the bonds while
they we're held by the Government against
the outstanding notes. So the Government
would save that much on its bond inter-
est. and be able to count the saving as
interest on the note circulation.
The remedy is SO simple and equitable,
and in operation could be so convenient and
automatic. that we do not believe the Nd
ministration will dare TO oppose It serious
Is. II we are wrong. so much the worse
for the Administration. Mr.. Gage has
freely and repeatedly deplored the rightly
OF our currency system, which permits
personally conducted raids, corners. ara
panius. q Here We have presented an ef-
fective means OF relief. How could the
Standard Oil or any other combination
a.. sn o.
York If holders of bonds to the extent oil
two hundred million dollars could walk
around the corner and get currency to the
same amount? Under such conditions ii
would never become necessary for Seere-
tsry Of the Treasury to give the free use OF
a million dollars a day of public revenue to
a private banking syndicate either owned
by or owning the Administration True,
the aims and purposes OF the present move
ment. to establish the standard of bank
credits and to make bank promises the
only currency in circulation, would be de-
feated; but this is Presidential year, and,
aithougn tbe ADMINISTRATOR may
itself pretty thoroughly entrenched- II IS
apt TO think twice before encouraging fur
Their disclosures suggestive of trust part
nership arrangements. or of it's willing
ness to assist the greatest consolidation OF
on earth to crown career oil
plumber by securing absolute and ire
sponsible control over all the money and
all the financial agencies and facilities OF
the American people.