The Hawaiian gazette., 1904-08-12

politicians point Of view, brilliant poll
tics, nevertheless, there remains the
silent testimony of the Democratic plat
form, with the inferential logic that
large portion of the Democratic party,
principally West of the Allegheny, Is
not in sympathy with the present cur
rency system.
WHAT ONE MAN SAYS.
To auote one of the financiers Of New
York. Judge Parker is all right him
self. although I'm my view he IL not to
be compared with Olney or with Cor
man. but when / think of what was
represented at st. Louis and of Bryan's
unquestionable triumph with the plat
form / cannot help feeling that we are
not yet out of the woods and Will not
be until all political parties are pledged
to the maintenance of the gold stand
ard"
Ii would be impossible to go into the
Directors room or private Office of any
of the institutions in New York where
finance is a practical vocation and is
understood to its most delicate detail
without hearing comments of this kind
to be done before we can feel that Judge
Parker was correct in saying that the
gold standard is irrevocably establish
ed. There must be larger accumulations
of gold and there should be a specific
declaration that the legal tender silver
dollars may be exchanged for gold.
That they are exchangable now for gold
Is unquestioned. and the Secretary of
the Treasury is by law directed to keep
all of this money at a parity with gold.
In normal times in business and finan-
cial conditions uninterfered with the
basis of gold is sufficient upon which to
support the entire fabric of our cur
rency. But if there should come time
of panic. II any Congress, Democratic
or Republican, should even agitate in
favor of a change in the system we
should undoubtedly see men of wealth.
as we saw twenty-five years ago,
wealthy Democrats like Governor Til
den buying foreign exchange, convert
ing their funds into gold and then with
drawing that gold from the market.
MUST FACE THE TROUBLE.
That is the difficulty which the man
ayers of Judge Parkers campaign will
be compelled to face in this city. There
is the recollection of the fact that al
though President Cleveland strenuously
maintained his convictions, and even
went so far as to compel Congress to
repeal the so-caled Sherman law,
nevertheless, the years of his admins
tration were years of soup kitchens,
business stagnation, money famine and
repeated purchases of gold to replenish
the supply in the Treasury Department.
So it is asked, Would Judge Parker,
II elected be more powerful to prevent
disastrous timdity, the shvering of
credit, than President Cleveland was
able to do? Even those who profess to
admire the moral courage of Judge Par
ker are accustomed to say that 1t may
be compared with the like quality which
distinguished President Cleveland.
President Cleveland's courage did no
more than to prevent an absolute lapse
to the silver standard. These com
ments are reported, not by way of ar
gument, but as the current news, the
common comment that is now prevail
ing in financial circles in this city.
1t Will be one of the chief problems of
Judge Parker's campaign to persuade
that great body of conservative men,
the so-called gold Democrats, that they
have no reason for apprehension by rea-
son of the silence of the Democratic
platform upon the currency issue. If
they can so persuade them, then New
York may possibly be justitiably claimed
by the Democracy as a doubtful state,
giving that party reasonable hope for
success That claim would not be ad-
mitted by the Republicans, for they
believe that upon the tariff issue alone
Roosevelt will carry New York.
HOLLAND.