Jasper County Democrat, Volume 1, Number 30, Rensselaer, Jasper County, 5 November 1898 — REPUBLICAN CURRENCY REFORM. [ARTICLE]

REPUBLICAN CURRENCY REFORM.

In my last two letters I have tried to briefly but oorrectly explain the working and effect of house bill No. 10,289, whioh the house commltte on banking and currency favor, and which will donbtless become a law if tbe party in power have a majority in the next oongress. The bill is so repulsive to tbe common people, providing, as It does, for the demonetization of our present silver dollars and the surrender to ths banks of the currency of the country, that the Republican leaders naturally try to shirk responsibility for it. But the evidence which connects them with this measure and identifies it with their proposed “comprehensive monetary legislation” is so complete and clear that the same evidence in a criminal oourt would convict a man of murder. The very phrase used in their state platform was coined by the Indianapolis monetary convention which inaugurated this currency reform scheme. That convention was composed of men who had supported McKinley in 1896, and its Work received bis especial commendation in his message to the last congress; the leading factor in the Indianapolis monetary convention, Hugh H Hanna, is a prominent candidate for the senate should the Republicans control our legislature; the convention’s bill was i introduced in the house by Overstreet of Indiana, who is once more their candidate for congress and whose renomination was urged at the time by the Republican management on the ground that he stood for this currency legislation; the bill slightly amended has been favorably reported by the house committee who recommend its passage; this reported bill is kuown as H. R. No. 10,289, and the action of the house committee in reporting it for passage estops the party from disclaiming it now; their action was manifestly the result of a caucus and almost every Republican member signed a petition asking for its report. Besides, Mr. Huum declares in a public letter that a careful poll of the house shows that me friends of “sound money” will support the measure. This currency reform was conceived by a convention of "business men,” it remains now for the common people to pass judgment on it. It will not do to stand idly by and await the action of the next congress. If that congress is Republican we know what currency reform they will give us. It means that our silver dollars shall cease to be standard money, but, by being made redeemable in sink to the level of mere toked coin; It means that tha volume of pur stamjMrd money shall bo contracted,Shaking gold tbe sole money of reuetnptiou. It means making onr public debt, now payable in coin, a debt payable in gold alone. It mean* tbe destruction of our government curi rency and the substitution of a national i bank currency to take its place—a currency whose volume can be absolutely controlled, that can be expanded or contracted at will, leading to speculation or panic, inflation or baukrnptcy of tha masses at the pleasnre and profit of the few. A Republican congress means the passage of this legislation, and then in I any attempt to ohange it or repeal it, i we will be met with tbe old argument i of “vested rights,” with whioh tha | money power has defended all of its i usurpations. The time to speak out is now; and : upon the ißsue impending in this election, we may confidently appeal to men jof all parties. Yon may be a “middle ! of the road” Populist and disinclined to j accept bimetallism as the best solution or the end of the financial question. In this campaign we are both fighting toe our lives, fighting to the end that, in 1900, we may be able to renew oar straggles for onr respective ideas. Tha final trinmph of gold redemption, tha demonetisation of the coined silver than is left us, and the establishment of ns* ! tioual bank ourrenev which will be | achieved in their proposed “currency | reform,” will make both our efforts nhildiah and vain. Let ns stand together. Let us not lose a vote. Let us not waste a shot in .defending ourselves against the farther encroachments of the banking power. Are yon a Republican? Well, you may not be prepared to aocept bimetallism, and perhaps the free coinage of silver oonld not be restored nnder this administration even thongh we carried the coming elections. But you surely do not want onr volume of standard money contracted still more; you surely do not want to see the money function taken away from the silver dollars already ooined by making them a mere subsidiary coin, redeemable in gold; you surely do not want to see our national debt, most of whieh was created on a greenback basis and all of which is now on a coin basis and payable in either our ooined silver or gold, made payable in gold alone; yon surely do not want to see our government retire its paper money simply that the national banka may issue their currency to taka its place. Upon these issues we may certainly agree, and these are the living issues of this campaign. These and not matters of party pride or coloniaff expansion or the glorious reminiscences of a war, go to determine the success of your Use and the prosperity of your basin oss. Tha present mission of the Democratic party, the object to be attained by Democratic success in tbe coming polls, is. above ail things, to prevent a further contraction of our standard money. To preserve the oontraotnal Stion of paying our ooined bonds in her gold or silver; to maintain tha sovereign and constitutional right of the government to issue all money; and to prevent the grant to national banks of the power to issue and oontrol the volume of our currency. The culmination of a gigantio straggle is at hand, and above all other qnee-, turns rises ths interrogatory “who shall! rale ia this republio, humanity or wealth? Who shall itsue and oontrol! our money, the national banks or thei people speaking through their oongrassi as the constitution provides?” Whan will your answer be? Hxnby Warruk. j