Jasper County Democrat, Volume 1, Number 26, Rensselaer, Jasper County, 8 October 1898 — REPUBLICAN CURRENCY REFORM. [ARTICLE]

REPUBLICAN CURRENCY REFORM.

I want to ask the Republicans of your county why their speakers and papers are not discussing their proposed legislation to “reform the currency.” Their pis tfore declares far “comprehensive legislation” in this direction and the people am entitled to know what that means. This phrase, like that of “sound behind which the gold redeaiptinwist has so long masked himself, has a certain definite meaning to the leaders, and the people should also understand it. Shortly after the election of President McKinley there met in Indianapolis a convention at men calling themselves a “Jion-Pitrtisan Monetary convention.” The announced object of this association was to inaugurate a “comprehensive reform ot our currency. ” A committee was appointed to prepare a bill to pass nongrrse which would effect this reform. In January, 1886, the convention assembled again at Indianapolis to hear and act upon the report of the committee. It was called “non-parti-san.” bat not a Populist, Silver Republican or Democrat was invited. It was called a “business men’s’ convention, bat the delegates were selected by the tamks and boards of trade of the various cities, 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 introduced in the house as lull No. 5,855, and was referred to the committee on hanking and currency. The executive committee of the Indianapolis convention headed by E E Hanna, and composed of wealthy and influential men, were directed to attend the last session of congress and see that the ten became a law. On Jane 15, 1886, the boose committee reported the measure in a slightly modified farm, but under the changes it was reported as house bill No. 10,289, and is known as the Hili-Powler NIL Mr. Hanna, chairman ot 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 currency. He says, that the tell would have passed had the war not engrossed congressional attention, aad declares that if the friends of “sound” money (Republicans) secure control at the «nuing congress this bill |Nc lajW) will become a law. It is apparent then, that by “oomprebeastve monetary legislation.” the Repahhraw leaders mean this measure, or one of similar impart. The very expreunaa is taken team the Indianapolis “limn warn men’s” convention. And bemdes, the action at the test house foreshadows the intention of the next. The banking and currency committee of the honee, that reported favorably on the act. represent the Republican majority in that honae and upon measures of this kind are rightfully sap posed {9 reflect the purpose of the party in power- Mr. Hanna says, in his open letter, “a careful poll of the house shows that the friends of sound money wi£ support the measure. ” Now. why did t£«y not briefly state the purpose aad effect _of this bill in their ptetfnsm. instead of making an unctuousdeclaration for “enlightened and cocapaaaeoatve monetary legislatkar Wfly do they not discuss it ttami 1 will tell you: It is because they dare not go before the people with n fnnk statement of their purpose or a fair discussion of their policies. They propose by this measure to make our cawed silver dollars, which are today standard, irredeemable, and full legal tender dollars, redeemable in gold; thus contracting oar volume of standard money, adding to the burden on gold and increasing its exchange value, and reducing our silver to the condition of currency on mere promise* to pay gold. They propose to withdraw from use and destroy all the greenbacks and govimnaane by national banks of their currency to taka its phot. In other words, the government is to withdraw its paper money in oader that the national banks may xssne bank note currency, loan it at the annul rates to their immense profit aad contract and enlarge the volume in use from time to time aa they issues of this pabaa Jilteresponsibility.far thtejttebja tha policy mannUntheir foe government »*p» money, back currency that them deny it or it. teat iatrodnoad in the house on ourreacy reform by Republican members. They were the McCteary bill (H. R- 9.735). HiO-Fowler bill (H. R. »«-*»), Overstreet tell (H. R. 5.855), GagaNM (H. R. ss, 181). Fowler bill (H. R. Sflk nnd the Walker bill (H. R. KSBkaad they are ail framed toneceaapUbh this purpose. The Repabamke gaidtbtt rote^ party steads peculiarly house lnll Nol NuHk whteb was favoraWnptteMb Jtebat session with •tkfjlk and in

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