Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1900-01-10
THE NEW FINANCIAL BILL.
APanic ..Breeder.-A Revolutionary
and Unconstitutional Exercise of

and Unconstitutional Exercise of
Power.
Mr.. EDITOR: The so.called finan-
cial bill, lately rushed through the
lower house of congress, is of charac-
ter which ought to arouse the country
to action. tbs 30 violent and revolu.
tionary both in its character, and in the
manner in which it is sought to be fore
ed upon the country that it should
awaken every element Of opposition to
Its final passage. Ina body composed
in at least third of its membership of
men who have never previously served
in congress, it was decided at a party
caucus to make its support test of
loyalty to the party, and without wait
ing for complete organization of the
house, holding the important places on
committees untitled, that all unfaith-
full to the caucus could be marked, and
under rules which permitted no fair
debate on the measure, Il hitting all the
time given to its consideration
to much less than half that taken BY
single speakers upon measures of far
less Importance to the country, in times
past, this bill is rushed thr ough to Its
final passage.
The title of the bill is deceptive and
misleading, and undoubtedly intended
to deceive a. the infamous bill of Feb'y
IL 1873 did. Entitled "a Bill to Define
and Fixing the Standard of Value, te
Maintain the Parity of all Forms OF
Money Issued or Coined by the United
States, and for Other Purposes"
1t having been broadly published,
that 1t was the demand of the country
that full declaration of law be made
to establish gold standard, which they
declared existed already, much curiosity
was felt to see what was to be submit.
ted.
Let the title be analysed. "Fix the
standard of value" The thing cannot
be done, for there can be no standard of
value. Our supreme court has SO de-
cided in famous case saying, "Con-
gress cannot fix value, for value is
ideal"
A standard implies fxity, and value
is subject to thousand changes. Then
ITO maintain the parity" of money, "all
forms issued or coined by the United
States as though the law creating the
money did not provide for that.
During President Clevelsnd's admin.
istrs alton the Mexican Herald CRITICS.
ing our management of our national
treasury said it was managed by SGT
of chsrlatans who knew no more of the
science of money than school boys. In
stead of shaming the manipulaters of
the discreditable policy pursued into
maintaining the parity of all our money
in the only possible way-that OF
equally honoring all of it, in the re-
ceipts and disbursementso the treasury;
the public dishonor of the nations
money-its public measure of value
was openly invited, by Offering to swap
dollars for other dollars of equal value
under the lawl Think of it. BY law
all this money was receivable for all
dues public and private-the treasury
notes and silver dollars, and gold coin;
the only exception being that silver
dollars were barred, where provision
had been made In contracts for pay
ment In other forms of money. The
absurdity of trying to maintain the par
ity of money equality by openly inyit-
ing discrimination, and providing for
disparity was seen, and Secretary Man
ming stopped the raids upon the treas
ury, by announcing that partial pay
ments of silver would be made. That
did not suit the powers In Wall Street,
and for q lasting shame we had an sd-
minis tration, which at one time issued
bonds, payable by law In coln-gold or
silver, at about par. To buy gold, after
having bought In unmatured bonds pay
lug as high as Is per cent premium.
What was the purpose? The establish.
ment of what was called an endless
chain (mole properly, an eternal shame)
to compass the repeal of the Sherman
silver pur hasing act
If the title CT this bill now under con-
sideration had been. bill to increase
the public dett, and to give to National
Banks supreme control of the currency
of the country, with full power to ex-
pand and to contract as their interest
dictates, and to make all obligations of
the United States payable in gold, It
would more clearly prNnert thu noal mr..