The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1900-01-04
THE BOY ORACLE.

The boy oracle has opened his lips
and told the American Senate what II
ought to do with the Philippines. With
| the eNuberance OF youth and the self
| confidence of precocity, young Mr. Bev
| eridge of Indiana has appeared before
| lawmakers old enough to be his grand
| father, and given what few enthusi
| astic Republican newspapers call 'eX
| pert testimony. Beveridge became an
| expert by taking summer vacation in
the Philippines and looking as much OF
| the ground over as the insurrectiOnary
forces would permit. That is to say,
he stayed for few weeks in Manila
and its suburbs. This is supposed to
have inspired him with a profoundef
knowledge OF constitutional law and
limitations and firmer grasp on the
principles embodied in the Declaration
of Independence than mere stay-at-
homes like HOar and COckrell and
Berry could ever acquire.
Beveridge Is 81 years old and has been
Il member of the Senate thirty-tive
days. Had he followed precedent he
would have kept his mouth shut and
looked things over for at least one ses-
sion. But boy oracles never follow
precedent. George Frisbe HOar is "A
years old, just twice the age of Bever-
he knows about half as much. He has
been in the Senate twenty-three years.
The Indiana Senator's views are set
forth at such great length that we can
not spare the space to print them, but
we can tell what they do not represent
by quoting from Mr.. Hoar: What l
want the American people TO do is TO
do in the Philippines exactly what We
have done, are doing and expect to do
in Cuba. We have liberated both from
Spain, and we have had no thought-at
least l have had no thought-Of giving
them back to Spain. New York News.
National Debt and the Banks.
If the refunding scheme which the
Senate Finance Committee has recon-
mended for adoption becomes law, then
the United States will be saddled with
debt of nearly a billion dollars, no
part of which it will be able to call in
for redemption until thirty years have
passed. For thirty years the people
are to be taxed to pay the interest on
the bonds in order that the national
bank system may be kept in existence
for the same length of time.
This is part Of the Republican plan of
currency reform. The interest bearing
debt is to be perpetuated in order to
give the banks something to do business
on with profits coming in from both
ends of an ingenious transaction which
only the governments loan of its credit
makes possible.
The obligations which the Senate
Committee is in favor of refunding will
all become due In less than nine years
The greater part of them will be pay
able July 1, 1907. 1t is proposed to ex-
tend them twenty-three years more. to-
gether with others that fall due in 1904
and 1908. Practically the government
will not be able, II this plan goes
through, to redeem any part of its deb,
for almost the lifetime of a generation
unless it goes into the market and pays
the holders of the bonds any price they
may demand for them.
This refunding scheme ought to be
fought earnestly by every Democrat in
Congress. The Republicans should no,
be allowed to fasten this national bank
incubus on the country for at least
thirty more years without a protest so
strong as TO rivet the attention of the
voters and hold 1t there until next cleo
ton day.
Democratic policy has never sane
toned the plea that a national debt Is
a national blessing. The perpetuation
OF the present debt for the benefit of
the bank trust is something to which
the interests of the masses are particu-
larly opposed. The interest on these
bonds, which it is proposed to keep on
paying for thirty years to come, can be
saved very largely by stopping the is
sue of bank notes and putting those Of
the government in their place.
NO perpetuation Of the national
debt is good Democratic slogan, and
NO perpetuation Of the bank trust" is
another. A third is: Put the banks
out of the government business of is
suing money"