New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-06
WASHINGTON GOSSIP.
MEN AND AFFAIRS AT TIE NATIONAL
CAPITAL
LEGISLATION AFFECTING SILVER, INTERSTATE
COMMERCE. AND THE MERCHANT MARINE

Washington, Dec. j.--Ihcrc a number
Of men representing large financial intcDsis
who are now in Washington carefully
studying the situation from tie Treasury
point of view, and tire possibilities Of action by
Congress. There is an earnest desire upon their
part to learn what is going to he done. They take
no interest in the political measures pending, ard
say that the country at large is mucd more III
terested in relief for The financial situation than
in anything else There are number of prop
ositions pending in Congress looking to an eNtet-
sion of the circulating medium. There Is large
number in Congress II favor of Frec-N olnagc
bill. 1t is probable that some moderate meas
ure extending silver coinage will be passed during
the winter. The propositions III this direction
vary in their character but Tie object is the same
TO secure an extension in the circulating medium
Senator Stewards bill introduced yesterday pro
videS that the Government shall buy all The silver
that is brought to it and give in exchange l'S
equivalent in silver coin without any charge for
the minting. THIS is more than free coinage, as
il takes the limit entirely of and would make the
United States the Jumping ground for AL the
silver in the world. The majority OF those WI
favor free coinage are mot We, prepared to accept
a proposition so unlimited rs this. II is certain
the President would not approve hill which
would make the United States recipient Of all
the silver of the worlds open markets.
A prominent financial lawyer from Ncw-l ork.
who is here watching the current of events, says
that the people who expect great results from
q Free Courage bill would in all probability hc
disappointed. lie says that when specie rcsump-
ton was made IN tins country there was general
prediction of hard times. consequent upon the
contraction of currency which every one sad
would take place But the contrary effect WAS
produced Before the carving out Of the Specie
Resumption act gold WIS no, a part of the cir
culatlnc medium. II vas a coz modify. and con.
srqucntly the act which restored gold 10 cir
culatins medium inflated the currency TO Just
thar amount This expansion in the place 81
contraction, he says. was what gave rise 10 the
tide OF prosperity which followed under the work
ings Of this act. Now. he says. free coinage
measure unlimited IN character would certainly
send gold t. premium The moment that gold
goes 10 premium II world become. as before
specie resumption. a commodity. and the result
for time would Nc contraction corresponding
Ia the amount Of gold eliminated from the chr
rcncy Of the country. He therefore hopes that
Congress will lie careful in the preparation of any
coinage act, although be says that both the gold
and Sllvcc PEOPLE aie wlinc 80 aQrec upon one
thing. and that ! that there shouiA hc "a ccrtoin
extension of tire circulating medium Of the
country.
There is another delegation here ia secure a
modification Of the Interstate Commerce act
The present act fprhds pooling u" present
movement is 70 secure limited pooling Ills the
members Of the Interstate Commerce Commission
are said 10 approve. | asked a representative
Of one Of the great We-tern railroads yesterday
what he meant by 81 limited pooling lie sail
that under tie present law The railroads had no
power TO work together - protect Themselves.
Standine alone they bad been brought INTO ruin
Gus competition witt rivals and consequently tier
material interests had been much injured. iopi-
ing in the past had often resulted in abuses But
he thought that il could be restored in a moderate
degree where the results wo1d hc bcnehcial Bi
limited pooling. he says the roads mean that they
shall be permitted TO MAKE such pooling ~ shall
be approved by the Interstate Commerce Com
missIoncrs. IN other words. j. VIII be such
arrangements will De clearly beneficial - The
railroads Themselves and not injurious 10 the
interests Of The public. Tine approval of t'
Interstate Commissioners viii b" made AN essential
condition of any modification. of ~" interstate
Commerce act in This direction. II : believed
that an amendment 10 The act pormit'ius iinI'cl
pooling will I've passed.
There is also large delegation here IN ~"
interests of American shipping. They advocate
the PASSAGE Of measures now pending which pro
vide for the payment Of - much Ton nil" for
all Amcrican-built vessels. with view Of cnc'ur
asing the rapid Development of merchant
marine. The argument that lG, AZ the ha~' OF tn"
aivocary Of these measures is ina, this country
il now building MP Navy, and t'lt no
nati,n can expect f. icronc naval power vnrh
has not also IA Strou. merchant marine. 1h'a"
same men adyocat" outright in special cases uic
giving of subsidies for tn" establishment OF Amcrl-
can lines Their arguments are based upon the
history Of other nations which have followed TIN,
course l6T the encouragement % Their shlppH-
Great Britain. which IS ircc-trade c'unjrr. car
rics ont this urnciplc Of bounlIcS and suhS'ucs
for the enc0urae cement Of lis shipping interests
tovond that Of any other notion. such policy,
il * arpued. is an essential part Of the carrying
on, q the proposed reciprocity policy win
specially favored nations. II j. said that II II
hardly worth white 10 work Hp great busIn"@,
with other countries when all the profit of the
carving trade Of that business, j. 10 Ice gwen T."
foreign lines In other words. the foreign lines
are now 50 amply protected tina, the American
merchant vessels have been driven OF the seas.
The American merchant marine according 10
Secretary WINDOWS last report, was never in 80
low a condition a. now. While the country has
crown in every other direction. there has been
each wear steady decline in our representation
i'm the carrN ing trade Of the high seas. Those
who are pressing these measures before Congress
say that this country is committed fJr the present
~ q system Of protection, but that on the hlah
seas W" hive really 10 protection, and that IS
what has driven of our shipping. Their nrgu-
ments are now being considered by tho Con
grcssionol committees. An earnest attempt Viii
also be made to permit American merchants 10
buy forcign-but ships and give them American
registers This is said to be- one 81 tie quickest
and suTest means OF restoring our strength upon
the
The two measures Of free coinage aud the
amendment Of the Interstate Commerce nc, are Of
the greatest possible interest 10 the railroads.
Their managers here say that the general sltua-
ton in the country is good But what is needed
in, IL m