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

acter OF money speculation back ana
| forth until the country run short OF
the currency needful to satisfy their
avaricious appetites aud keep le5l-
innate industries going.
| The finances of the country hau
| reached this condition at the time
Cleveland come into power.
And the facts of two conditions nag
already confronted the Republican
| party.
First. that the country's business
had reached such d magnitude that
there was not sufficient Government
bonds to be had, to supply the de-
mands necessary for trade, and to eX-
tend the national bank currency to
such an extent as to enable 1t to con-
| troll currency and gold supply.
| The second condition confronting
them was the fact that there was no
method of extending the national bank
system of currency without more
bonds, (Harrison had already had
some printed, waiting for Wall street $
wisdom to advise the sale of them to
purchase gold) and that the great de-
mand in the development of the re-
sources of the country, and the in
crease of population, the increase Oh
| industries We're going to require
| larger supply of circulating currency.
The war had been over thirty years
and so much interest had been collect
| I'd on the war debt that it would de-
bar the hopes of it's further extension.
| (And the silver uni- of value and
standard of measure had been de-
stroyed, which, if it had been left
alone, enough bullion would have been
| produced to have cancelled the Gov
eTnment's war obligatory.
So something must be done to bring
more currency into circulation subject
to the money spectators control.
The purchase OF silver was a rob-
berry and a hypocriticaI makeshift, and
the people had found it out, and some
thing must be done quickly or the
people would demand the restoration
Of the unit in silver, and the return
TO them of the honest primary money
of the Constitution.
Cleveland's platform provided for
this and gave him the opportunity to
do it, but he betrayed his trust.
So the last method they had prior
| to his ascendency, by which an in
creased currency could be forced into
| circulation and still keep the money
speculator in control, was the hypo-
critical silver purchase proposition.
Making it possible to use the out
standing silver certificates with the
outstanding greenback to draw from
the Treasury as rapidly as possible
the just as hypocritical gold standard
and reserve that they had cunningly
| advised, for the purchase of paving
| the way if they had a proper tool to
buy gold with United States bonds.
Cleveland and Carlyle had seen the
entire performance of this system, in
times of peace with a high tariff and
high revenue, and with every facility
| to enforce the collection of gold at the
custom house and revenue office, and
that it was a failure.
Yet Mr.. Cleveland claims he saw no
way to save the >country's credit from
destruction and disgrace except to sell
bonds, and believing this Gf he was
sincere) he issued practically three
hundred million of bonds and accom-
pliShed nothing in the world, but the
creation OF the debt and the aid to his
Wall Street friends to speculate on the
debt to the tune of eight millions in
premium and thirty-odd million in in
terest that the people must pay in
taxes.
Can any sane man contend that
Their there was not safer remedy for
the silver purchase evil. and that rem
edy was not plainly provided in the
platform on which Cleveland was
elected?
Mr.. Cleveland charged the entire
difficulty to the silver purchase law.
There is not an honest man who
understands national finance, but what
will agree with him, that a more hyp-
ocritical, delusive and destructive
financial proposition was ever con-
ceived than proposition to main
tain the parity of the two metals by
purchase, instead of re-establishing in
the metal the legal unit, of which it
had been robbed, relieving the people
from taxation. and the government
from any obligation, other than its
coinage exactly in the same manner
that was being done prior to 1913 and
is now being done for gold.
Yet with this silver purchase char
acter of financial policy confronting
him, he turns square around to try
to do the same thing for gold instead
Of issuing sold certificates to be re-
deemed in gold at the pleasure of the
government if he was bound to have
more money, he issued intereSt-draw
ing bonds for the purchase of gold.
while he was buying silver with green
backs and with silver certificates re-
deemable by his construction of the
law in gold.
Thereby placing both the gold bull
lion, and the gold obligation at pre-
MUM
He says this relieved the pressure
of the situation, and restored conf
dence.
In that he is realistically mistaken.
Public opinion and the American peo-
pie relieved the situation.
Confidence has never been lost in
| the nation since the war, either in its
| financial credit and it's honor, until the
Panima episode.
The people relieved Mr.. Cleveland
from his high position as head of the
nation, because he turned from the
platform on which he was elected to
the money speculator and not to De-
mocracy that was amply able to pro-
tect the nation honor and credit. AL
most an exact and similar condition is
again at this time confronting the
American people in Il cloud on the
horizon, no larger than your hand,
| and these same fnanciers, who make
their money specializing on money,
have sent out the first feeler to try
| the pulse of the nation.
And again the nation is looking to
| Democracy to save it from the money
| SPECTATOR. Will the party do it? Ger
tainly not with a Cleveland.
Already the national bank system
of currency has practically reached
| the condition it was in when Cleveland
was elected.
| Tbey have practically absorbed all