Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-05
THE FINANCIAL SITUATION.
The Causes for the Extra Session and
the Probable Results.

What Col. d. C. Forney Says - The Simple
Repeal of tho Sherman Act VIII
Not Remedy the Trouble.
A reporter Of The STAR called on Col. D.
c. FOrney yesterday at the Portland, where he
found him quietly resting in his rooms on the
fifth floor Of that spacious building, overlook
ing the Virginia hills for miles up and down the
| river and presenting one Of the most attractive
views around the city. As Is known, the
colonel still retains his interest in public
affairs, and from his long experience in journal
ism he has had plenty Of opportunities for
studying them. As The STAR man found him
ready for talk he had little trouble in getting
him to respond to the usual inquiries, the
first Of which was what he thought Of the
necessities that called extra session Of Con-
gress and some Of the causes which have led to
it
He said: "Your question covers broad field
and embraces variety Of causes.
First Of all, we have been dealing with too
many false systems, the outgrowth Of all sorts
Of wild speculations, and these in turn, by res-
son Of their seductive influences, have sorely
threatened the security Of some Of our strongest
moneyed institutions. Millions Of money, which
properly belonged to Legitimate business, was
absorbed for these wild purposes upon securi-
ties which never had any real basis, SO that
| when forced on the market nothing could be
| realized on them. Add these to our over
trading abroad, thus turning the balance Of
| trade against us, which could only be settled
with gold, and We can easily see the conditions
that were sure to follow and the opportunities
| thereby given to another class, the money
changers, to draw their harvest from. OF
| course there were other causes. real and imsgi-
nary, and none more 80 than the Sherman bill,
which, practically speaking, however, was but
. drop In the bucket, but it served its purpose
of disturbing public confidence, the most vital
part OF all money systems, just the thing stock
gamblers and some lines Of bankers desired.
and they would have gone still further had the
government yielded to their persuasions and
threats to issue bonds to raise gold and thus
enlarge the field for speculation. The whole
situation looks like the work Of . widespread
conspiracy, when the real truth is there is
nothing substantially wrong. We have plenty
OF money, an abundance OF all classes Of
wealth, thus presenting one Of the most re-
markable paradoxes the world ever Witnessed
by being poor for tools to work with-money.
Where is it? Why, IL has been scared into
retirement, Withdrawn from business. and the
banks, at least some of them that recently held
it, are powerless to be of any assistance. and at
time when they should be the most, thus
emphasizing in o measure the oft-repeated
charge that there is something wrong in our
financial system, else taese disturbances would
not occur often"
"Col. Forney, do you think the coming ses-
| sion Of Congress will be able to relieve the
country Of its present depression and furnish
remedy 50 as 20 guard against these recur-
rences2''
II simply hope 80, as others do, and may 20
good will arise, some solution OF the trouble
will be evolved, for, remember, that back Of ell
this Is the good SENSE Of the American people.
who not only believe IN themselves, but who
have faith In the inexbaustible resources Of the
country-its labor, capacity and genius. What
Is needed now Is public confidence. and this
once restored all the other agencies will soon
get to work and do the balance. admit, how
ever, that our whole financial system needs
careful revision-that something must be pro-
vlded to stand between the business man and
these financial wreckers, SO as to protect him,
and which, am sorry to say, our present bank
ing system seems to fall short o. Just what
that should be don't know, but do believe
there can be found a remedy for all evil, and,
if not exactly by legislation, then it can be in
don't understand this rule"
'Do you believe that the Sherman act will be
repealed, and what will be the extent Of the
benefit If it is repealed?"
First, 1 don't believe it will be repealed
without some condition. and I don't believe it
would be wise to pass such q bill even should
there be strength enough in both houses Of
Congress to do 80. The effect Of such an un-
conditional repea! would leave the whole silver
question open for perhaps worse agitation, and
this the country could lily afford. No, some
more sensible plan must be adopted to settle
the silver question than by destroying its use
altogether"
Forney?"
mo! haven't, but there have been plenty
proposed that even the gold standard advocates
might concede and that might also have good
international effect, such, for instance, as ex-
Senator Edmunds referred to-to place all the
products Of the states and territories Of the
two metals on q free coinage basis and then fx
and agree upon parity that can be easily
maintained. Men who reason and predict that
the Sherman act can be repealed uncondi-
tionally are either narrowed by their preju-
dices or have little conception Of the real sit
uation. We talk Of the past irrepressible con-
fict between negro slavery and freedom, and
yet the one now going on between the so-called
money powers Of the world and those who are
struggling for relief from some Of its exactions
have little idea of the vast difference between
them. While negro slavery scarcely produced
half dozen millionaires in q century the
present money system in this country alone
has produced nearly a hundred millionaires in
a single generation 30 from this We can form
some conception Of the magnitude Of inter-
ests at stake. With all this firmly believe
these enormous interests will be harmonized
and that before the session closes the spirit of
patriotism and mutual concession will prevail.
We can't afford anything else."
"Col. Forney, how long do you think the ses-
sion will last and do you believe it will run
right along into the regular one?"
II don't thirl there is any doubt Of its con-
tinuing right along. and as late as eleven
months hence. Besides the money question
the tariff will be overhauled, and to my mind
there is infinitely more danger in this than
in all the fight between gold and silver
"Do you believe the President will recon-
mend any radical changes in the tarif?'
81 do not considering the present financial
uneasiness, and he can we'll afford to take such
position without in the least doing any vio-
lence to his past views this question. I be-
lieve further, that il he would SO assure the
country it would have the most quieting effect
upon it. These are times for experiments,
and especially with our revenue laws foreign
or internal. Settle our finances first and then
all things else will easily adjust themselves.
The world is waiting to pour its millions Of un-
IL 81 r,N~