The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1900-02-19
The Republican Currency Bill.

thursday the republican congress
passed the god standard bill-a meas
ure which formally places the repub-
lican party on an entirely new plat
form That party has repudiated the
St Louis declaration in favor o. BIZ
metallIsn1. and I'm this bill has admit
ted that the plank which committed re-
publicans to an effort TO secure interna-
tiOnal bimetallism was a subterfuge IN
tended 70 deceive the people. Il did,
in fact. deceive thousands OF voters.
especially among the IabOring classes,
who took II for granted that platform
so warmly advocated by republican or
atOrs and editors. and by the republic
an candidate himself. meant what It
said.
Having won the election on this plat
form. though a large majority of the
Intelligent white voters OF the country
placed themselves on record in oppose
tion 10 the party. she republicans now
think themselves 50 well intrenched
that they can afford to abandon the st.
Louis platform and take the response
bility OF advocating the gold standard.
The republican leaders all along have
been advocates OF gold mOnOmetalllsm,
though. until now. they have never had
the haTdihoOd 10 ayOw their belief.
Almost without exception, they have
placed themselves on record as adj
vocates OF the restoration OF silver to
IT'S old place in our currency system.
Mr.. Mckinley. the republican president,
has spoken and voted in favor OF the
restoration OF silver. and every prOmi-
nent republican who has been in public
life during the past fifteen years has
declared over and over again that god
mOnOmeJaIIism would he q bad thing
for the people.
That IS why We say that the pass
age OF the financial bill marks an
entirely new departure IN republican
legislation. Senator Chandler charges
that this IS an abandonment OF republic
en- principles. and Senator Wolcott put
on a new purple neCl1tie 20 make pref
" much tie same remarks. But such
protests IS these amount 10 nothing.
They are not expected or intended 10
have any effect Under the some
what gay auspices % 3fr. Hanna the
party has gone into q new camp with
new equipments.
We are OF the opinion that the re-
sui. VIII not be what the republican
leaders anticipate. The party has
not only repudiatei is pledges in re-
gard 20 bimefallism. but * has indorss "a
a MEASURE for the benefit OF men who
have capital enough 20 start q nation
a. bank. and not for the benefit Of the
people. Il proposes 10 retire a large
part % the money issued by the peo-
pies government. in order 10 make
room FOR national banbno,es based.
not on cold. hu- on n large Increase Of
the national debt. involving additional
taxation That s. the aim and object
Of the measure which has been adopt
ed 10y tie republican congress.
When this bill becomes a law. the
national banks viii control the entire
volume % circulation. They viii have
the entire field Of operation 10 them
selves. Their only competitor VIII be
gold. and the output az this metal is 50
small. as compared with the demand
az the people for money, that those
interested either in the contraction or
expansion OF the currency can easily
control f. Under the constitution the
power 20 crate money and 10 regulate
the value thereof-tha- is. TO control
and regulate the volume OF circulation
is placed entirely in the hands OF the
banks. And this IS the result Of re-
publican craftsmanship in finance. just
as the Porto RiCan tariff-the inhu-
mainly Of which IS appalling-is the
result OF the wisdom % republican
economists
Senator John T. Morgan. OF Alabama,
made an admirable summing VI OF
the republican financial programme.
He calls attention 10 the fact that the
endless chain" which was put in
operation under Cleveland's ignorance
or scorn for the law. IS carefully pro-
vIded for and perpetuated BY tho pro-
posed republican legislation Though
the republican editors and orators
pointed 20 it in 1896 as a continual
danger and a constant menace. repub-
lican legislators are careful 10 main
tain the power OF a few New York
banks 10 deplete the gold reserve when
ever they desire To force the govern
ment TO issue more bonds.
One OF the features of the proposed law
IS that the gold reserve shall never be
moro than S15OO0O.OO0 and never less
than 100000, 900. The New York banks
can make II less by presenting curren-
cy for redemption. and thus compel an
issue OF bonds whenever they choose to
do so. Under the law as il stands
the law which was ignored by Cleve-
land and which is ignored by the pres
ent administratiOn-gOv notes
are redeemabIe in both gold and sill
yer. The proposed legislation makes
all forms Of money Issued or coined