Democratic Sentinel, Volume 22, Number 38, Rensselaer, Jasper County, 1 October 1898 — REPUBLICAN CURRENCY REFORM. [ARTICLE]

REPUBLICAN CURRENCY REFORM.

I want to ask the Republicans of four county why their speakers and papers are not discussing their proposed legislation to “reform the currenoy.” Their platform declares for “comprehensive legislation” in this direotion and the people are entitled to know what that means. This phrase, like that of “sound money,” behind which the gold redemptionist has so long masked himself, has a certain definite meaning to the leaders, and the people should also understand it. Shortly after the eleotion of President McKinley there met in Indianapolis a convention of men calling themselves a “Non-Partisan Monetary convention.” The announced object of this association was to inaugurate a “comprehensive reform of our correnoy.” A committee was appointed to prepare a bill to pass congress which would effect this reform. In January, 1898, the convention assembled again at Indianapolis to hear and aot upon the report of the committee. It was oalled “non-parti-san,” bat not a Populist, Silver Republican or Democrat vaa invited. It was called a “business men’s* convention, bat the delegates were selected by the banks and boards of trade of the varions oities, and not a laboring man or farmer was there.' The committee reported a bill to reform the currency and Jesse Overstreet, a Republican congressman from Indiana, was intrusted with introducing it in congress. This bill, known as the Overstreet bill, was introduoed in the house as bill No. 5,835, and was referred to the committee on banking and ourreuoy. The executive committee of the Indianapolis convention headed by H. H. Hanna, and oomposed of wealthy and influential men, were directed to attend the last session of oongress and see that the bill beoame a law. On June 15, 18.98, the house committee reported the measure in a slightly modified form, but under the changes it was reported as house bill No. 10,288, and ie known as the Hill-Fowler bill. Mr. Hanna, ohairman of the lobby committee appointed by the Indianapolis convention, announces in an open letter that the changes are immaterial and that the measure reported by the house committee provides the desired “comprehensive reform” of the ourrency. He says, that the bill would have passed had the war not engrossed congressional attention, and declares that if the friends of “sound” money (Republicans) seoure control of the coming oongress this bill (No. 10,289) will beoome a law. It is apparent then, that by “comprehensive monetary legislation,” the Republican leaders mean this measure, or one of similar import. The very expression is taken from the Indianapolis “business men’s” convention. And besides, the action of the last house foreshadows the intention of the next. The banking and currency committee of the house, that reported favorably on the aot, represent the Republican majority in that house and upon measures of this kind are rightfully supposed to reflect the purpose of the party in power. Mr. Hanna says, in his open letter, “u careful poll of the house shows that the friends of sound money will support the measure. ” Now, why did they not briefly state the purpose and elf aot of this bill in their platform, instead of making an unctuous declaration for “enlightened aud oomprehen sive monetary legislation?” Why do they not discuss it now? I will tell you; It is beoause they dare not go before the people with a frank statement of their purpose or a fair discussion of their policies. They propose by this measure to make our coined silver dollars, which are today standard, irredeemable, aud full legal tender dollars, redeemable in gold; thus contracting our volume of standard mouey, adding to the burden on gold aud increasing its exchange walue, and reducing our silver to the condition of currenoy or mere promises to pay gold. They propose to withdraw from use and destroy all the greenbacks and government paper money and permit the issuance by national banks of their currency to take its plaoe. In other words, the government is to withdraw its paper money in order that the national banks may issue bank note ourrency, loan it at the usual rates to their immense profit and oontraot and enlarge the volume in use from time to time as they see fit.

I propose to disonss and attack these polioies in snoceeding issues of this paper, but it is only fair that your Republican speakers and editors should likewise discuss and defend them. They dare not deny party responsibility for them. The evidenoe is overwhelming that this' is the polioy meant in their declaration for “comprehensive monetary legislation.” If not, let them say what is. Do they mean to make our silver redeemable in gold and substitute for government paper money, national bank onrrenoy ? Let them deny it or defend it. In the last session of congress six bills were introduced in the house on currency reform by Republican members. They were the McOleary bill (H. R. 9,736), Hill-Fowler bill (H. R. 10,880), Overstreet bill (H. R. 5,855), Gage bill (H. R. 84181), Fowler bill (H. R. 50), and the Walker bill (H. R. 3,338), and they, are all framed to accomplish this purpose. The Republican financial policy manifestly is to make gold the sole money of redemption and government payment and to make national bank currency the sole circulating medium. Of all these bills, the Republican party stands peculiarly pledged t<~ house bill No. 10,389, which was favorably reported to the last session with raoommendation that it pass, and we ask the people to send for U, and investigate it, to the end that bo more secret financial legislation oan be foisted on the statutes like t.he demonetization act of 1878, about whioh our statesmen have expressed the deepest regrets, bat whieh, in 86 years, we have been unable te Hsmbt V/assuv.

Many newspapers, chiefly of the Republican persuasion, are criticising the administration of Seoretary of War Alger for numerous blunders and some other things worse than blunders. This is done to shield the president, who is responsible for the acts of his war seoretary. It is now suggested that some narrowminded people will begrudge Major McKinley a vacation. This is improbable. The general feeling toward the major is one of kindness and the wish is that he had taken a vacation several months ago, and taken Alger with hint

The request has been made in Tipton I county for “all who voted for McKinley and are sorry for it” to hold up their hands. It is a train robber’s request, and means danger to pocketbooks. Do not do it. It is claimed that the Dingley law is patting money in the pockets of the woolgrowew but on the other hand the people who buy woolen goods, millions in Bomber, are compelled to pay Higher &floes for thna nr suffer.

The “Snowdrift," mannfectnred by J. M. Gardner, of Monitor mills is rapidly forging to the frost in pnblic estimation. Try it, and yon will want no other. The Indianapolis Weekly San tinel and Democratic Sentinel, one year tor $1.50.