Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-01-23
THE FINANCIAL DISCUSSION.

THE FINANCIAL DISCUSSION.
Congress, to our mind, has made serious
mistake in commencing the discussion of
the financial question. 1t has come up in
two different forms-one the Buckner bill,
providing that one-half of the re-
serves of the national banks shall
be kept in coin, and the other the Bay
ard BILL providing for the demonstration of
greenback circulation of the government.
The house committee on banking and cur
rency also refused to pass resolution Of
fered by Gen. Ewing postponiug all matters
relating to the finances till December next.
Several members of both branches of Con-
gress took occasion to denounce what they
call the Neutrality-suspicious. policy that has
had 80 many advocates, but as far as we have
been able to discover they have suggested no
better policy in its stead.
We have already discussed the Bayard bill
fully, and it has already received the stamp
of public disapproval, besides having been
rejected by the Senate committee on cur
rency by a majority vote. After what has
occurred we can discover no good that can
come of the agitation of the subject at this
time. Even the most earnest advo-
cate of tho measure long since abandoned all
hope of its success. The greenback has be-
come an integral part of our currency sys-
tenn. 1t is convenient, safe and stable, and
costs the people little or nothing, while the
national bank currency, with which it 10 pro-
posed to supersede it, is less reliable. and is
a heavy burden upon the people. The small
amount of revenue derived from it is INSULT
cent to balance the expenditures. In addi-
ton the proposition to vest in these organi-
cations the control of all the paper currency
of the country is Objectionable because it
creates monopoly that in time may become
dangerous and oppressive. When it is con-
coded that it will be impossible to pass the
measure, it looks to Us like the height
of foolishness to enter upon its dis
cussion, and by that means unsettle public
confidence, disturb values and in other ways
interfere with the legitimate course of
events. 1t would be far better to let well
enough alone until such time as a scheme
can be devised that shall offer greater per-
manency and guarantee more satisfactory
status to our currency.
The Buckner bill is we'll enough in its way,
but the occasion has been seized upon by
the currency agitators to enter into discus
sion of the general subject of the finances.
Il is competent for Congress to require the
banks to keep their reserve in any form of
currency it may select. But when specific
bill of this nature is before the House, dis
cussion should be confined to its merits or
dement's There is neither sense nor policy
in branching off into oorelative topics which,
strictly speaking, have no bearing upon the
question.
For the first time since 1861 the paper cur
rency of the country is on par with gold.
II is but little more than year since this
gratifying state of affairs was brought about.
| Ever since that time the business of the
country has been improving, and we are on
the high road to an era of unexampled COM
mercial and mercantile prosperity. Every
body save the spectators and few politi-
clans who are eternally riding some hobby in
the hope of reaching or retaining Office is
satisfied with the present condition of things
Why, then, before we have given our system
fair test, should we proceed to demolish it
to tear down the structure we have reared
at such great cost? The country has expe-
rienoed more Of financial unrest than was
good for it, and there is no desire on the
part of any sensible man to try new expert
Eents that may result in overturning what
has already been accomplished and produce
another season of bankruptcy. The let-well-
enough-alone policy Is good enough for the
business men if it is not good enough for
the politicians.