The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-12-02
TIE FINANCIAL OUTLOOK.
SpecuIations as to the Annual Report OF
the Secretary of the Treasury.

the Secretary OF the 4IeASuLy'
Washinqton Special to NeW York
Nail and Erpress: The Secretary OF
the Treasury has almost finished bis
annual report, and it will contain no
reference to the financial schemes now
being agitated by the Farmers ALT
ance. Notwithstanding this fact, the
Treasury officials do not hesitate to
D anxiety at the outlook. AS is
well known, the Alliance demands the
free coinage of silver, the passage of a
Sub Treasury bill, and the abolition OF
the National banking system. Until
the recent elections these demands dbl
not excite a moments serious stten
ton. Since the 4th of November,
however, matters have assumed a diff
ferent aspect, and, although there is
no present crisis, the possibilities of
the future are causing some apprehen-
sio. If the Alliance has forty-three
members of the next House, as 1t is
claimed, it has a wedge of no small
size with which to open the way for
the passage of its schemes.
That the Democrats will coalesce
with the Alliance men in the hope Of
winning votes for 1892 is quite prob
able, even should the party find it con-
venient not to keep, if successful,
promises which it made prior to the
election. There is also a possibility
that the Senate will be so constituted
rs to agree with legislation originating
in the House. All these things are
being quietly taken into consideration
by the Treasury Department, though
of course no move will be made to
avert what is believed to be a danger
until the latter appears a real
than as a threatened fact.
IfCongress enacts that $500, 600, 900
in Treasury notes, for instance, shall
be issued, the Treasury can, of course,
comply; but it is realized that ere this
is dry from the printing press there
will be a demand for $500, 600, 600
more, an where the demands will end
no Treasury official dares to prophesy.
Even the discussion of the corn crib
bill" as the Farmers Alliance Sub,
Treasury scheme is called, will be a
gource of uneasiness to the financial
interests of the country. The demand
for more money is realized at the
Treasury, however, as one that cannot
be ignored. This is shown by the
fact that since the last day of last June
no less than $500, 600, 900 has been
paid out to meet the ~exigencies of the
money market. Every cent of this
large amount has been absorbed, and
there is a cry for more.
Whether the Treasury Department
will ask Congress to act in the matter
cannot now to foretoId, but it is not
regarded as improbable thai legislation
looking to this end will be enacted.
Senator Sherman, under whose guild
ance the country emerged from the
treacherous mire Of paper money to
the broader ground of specie payment,
is not disposed to underl ate the wide
spread movement for an increased
currency, but he looks at the matter in
a philosophic light, "There is no OBJ
lection to a larger circulating me
dunn" he said, "provided it is re-
deemed in gold and silver coin. We
have learned that all other currency
is a ia lure. During the war we had
to issue paper. It vas for an impera-
tive necessity, and l voted for the bill.
After a while the value of the money
began to decline until it was worth
only 40 cents on the dollar. We had
a great struggle to get back to par,
but when we reached that point pros
perity was assured. Of course there
will be always people who will hon
estly believe in fat money, but such
currency must inevitably bring US to