The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-05-29

are now almost confronting a curren
cy crisis and money panic.
Not because the industries of tho
country are not in good shane TO
move forward, not because there Is
mot sufficient demand for everything
we are producing, but because there
is not sufficient currency to be dis
| tributed throughout the land to COM
kpensate labor with fair wages and
maintain the progress We are now
| making.
Where is the money to come from
! The money speculatOr in New York
believes it is to come from this little
| cloud, vet thin as a Vapor that has
made it's first appearance on the hori-
| ZoH. which is known as the propOsed
asset currency.
These money spectators and money
dealers can conceive of no way in this
prosperous time to force an additional
government bond issue, but are going
to seek legislation by which they will
be allowed to deposit municipal, State,
railroad, county and railroad and in
dustrial bonds with the government,
on which to issue a currency to meet
the requirements Of the country's bus
mess.
They can't see how they can afford
to leave the old groove, they want to
keep in shape to still receive what
ever interest their asset bonds may
be drawing, and at the same time
draw from the people, whatever inter-
est they can on the currency they
have loaned them, in order to secure
the double interest on the asset bonds
they have deposited with the govern
ment.
[ challenge the best financial brains
in America that has the interest of
the people at heart, to state a safer
policy or a better SYSTEM and a safer
one, than was provided by our fore
fathers in establishing the unit in the
bullion, and using bullion deposits
with the government, whether for the
national banks or the government it
self, on which to secure our currency
1t is the currency on which the
country should carry on it's business
a currency practically already redeem
ed with a fixed value, devoid of all
speculative features except in it's in
| drawing ability from those who
might want to borrow it.
Then our paper bills bearing the
government stamp would be face value
| the world over, and every honest man
knows it.
| There is not a sane man, that is
| a Just man, that would for a moment
contend that an asset secured curren-
cy, is safer than a bimetallic FULTON
secured currency, same as was pro-
vided for in the Constitution of our
! forefathers. AS l have said before,
| say now, Mr.. Cleveland sacrificed De-
mocracys opportunity to er-establish
| the financial currency system of the
| Constitution of our fathers, and the
| opportunity to immortalize Democ-
racy, if it is not already immortalized,
and give himself a home in the hearts
| and the memory of the people that
would have lasted as long as time
| lasted; when he failed TO have Con-
| press repeal the silver purchase law
and re-establish the honest unit in the
bullion and thus redeem our outstan1-
| ing obligations in the coin of the ma
| ton as Democracy had ever done. but
he forfeited the pledge OF the party
If an excess of gold contracts hdd
been entered into by the gOvernmert
an increase of the collections at the
custom house in gold, and the internal
revenue office sufficient TO meet them
at maturity was the course to have
followed. but instead of that he dis
graced himself, lowered the standard
of Ties party and called down on his
head the odium of the great majority
of the people that elected him.
Every man knows that ii is i'm the
power of this government to provide
for the collection of such percentage
of it's income as it required to meet
the mount of interest and principle on
it's different classes of outstanding OBJ
legations in the money or currency of
the same nature as is set out and
called for in the obligations, and levy
revenue or tax that will yield it,
Democracy elected Mr. Cleveland TO
carry out and maintain the Demo-
cratic principles of the platform on
which he was elected, which were the
principles of jefferson, financial and
every other way.
He betrayed his trust, sustained the
assassins of silver, when he cOulo
have restored it with credit to the
world and honor to the Democratic
party, and to the maintenance of the
soundest and safest and strongest cur
rency system on earth
Time that revealer of all secrets
| and rectifier of all wrongs, will re-
cord on the pages of history, that il
MIR. Cleveland was not willingly mis-
! led in his bond transaction he was the
| densest man on finance that has ever
been lifted to the high position he
! then occupied.
S. A. JONES.
Waynesville, n. c., May 20, 1904.