Evening star., 1893-09-09

credits for want of ability in the banks to
discount paper. SO that enterprises in con-
temptation or in progress were suddenly
checked. business was deranged and public
and private improvements were stopped and
tnereby many laborers were thrown out Of
employment This confidence lost is not
likely to be suddenly restored and we will
nave period Of liquidation extending over
a period Of months at least.
Good Prospects.
But 1t must be remembered also that with
the exception of speculation in real estate
In our cities and dealings in fancy securities
this liquidation Is not likely to bring any
great number Of failures. Few banks have
rallied relatively under the heavy strain; and
the manufacturers and business men of the
country nave as rule shown great strength
ana our manufacturers will only cease to
produce, and for the time their capital will
pe unemployed. Our crops are exceptionally
sood; and though prices are low. they will
rmu Ina market So that the disasters Of
,0rmer periods Of panic and distress are not
MAeiy 10 be repeated and If the uncertain
ues OF the future are dispelled by prompt
aSoon respecting our financial policies We
,ay 49, eAPect TO recover from our present sit
uation within a reasonable time unless some
Oh tne threatened policies are adopted"
Remodeling the Tariff.
do you expect that the democratic ma
!ority In the two houses will remodel the
'arin on the lines laid down in the demo-
cratic platform Of last yearr'
DO not" said Mr.. Allison. "It is likely
that radical bill will be reported to the
House. 1t will probably undergo many
changes there. When it reaches the Senate
II Is not probable that a majority can be
Will probably be made as will cripple some
OF our many industries, but that the prom
ises OF the platform will be carried out I
90 not believe. Now that the work has
peen inaugurated, 1t Is important that the
country should know as early as practi-
cable. consistent with fair consideration
IN both houses. what the outcome Is to
1.-The people of the west are suffering less
from the panic than the people Of the east,
are they not?"
'As a rule. they are. There are excep-
tions l have no doubt there is much dis
tress In the mining states because OF the
recent great depreciation Of silver and the
shutting down Of the mines because Of the
depreciation. There is likely to be distress
In Chicago. growing out OF the .S.a conditions rs
the west. I think. the people are well pre-
pared for the stringency. The farmers
have good crops and have been gradually
liquidating their debts for the past few
years. They will be able to get on very
we'll until the conditions are more favor-
able"
Returning to the silver question I asked
Mr.. Allison what should be done with silver
after the repeal Of the purchase clause OF
the Sherman act. In reply the senator
said: There can be no permanent solution
fully restoring silver as a money metal: ex-
cept through international agreement or
concurrent favorable legislation of SUM-
Client number of the commercial states.
with FIRE m!ntage in all these states, sum-
cient In number to absorb all the silver pro-
duced as well as the present accumulation.
have entertained this view since 1873,
when the United States declared itself for
this policy. Until this time comes we must
coin on government account such sums as
we can maintain at par in gold"
l asked the Senator IL he believed this at
tainable.
II believe 1t attainable at some time" he
said, perhaps not in the very near future
But the necessity for this Is so pressing
that I have hope that with proper effort
on the part of those who favor this policy
1t may be accomplished within a reasonable
public sentiment there is changing rapidly.
Her present effort to introduce gold
standard into India without a gold circula-
ton will probably fail and her interests
extensive trade with silver-using nations
will break down the conservatism Of her
present rulers as soon as the Irish question
is out of the way. But with or without
England opening her mints to silver. her
power will soon be exerted for an agree
ment which may not provide for free mint
age but will provide such arrangements
for silver as will lead to free mintage In
the near future. At the Brussels confer
ence the deepest interest was taken in this
subject by all the nations represented. That
conference will again convene and / have
no doubt many plans will be presented and
from them all some practicable scheme will
be evolved looking to the absorption Of al
the silver produced, either by use In the
arts or for purposes Of money. When this
Is done the road to free mintage Is easy.
II do not think our government, even
now or in the past, has exercised its power
sufficiently for silver. The whole power of
the government should be used to this end
II there IA any policy about which our peo-
pie are agreed. IT Is the policy of using sill.
yer in and through International arrange.
ment. Yet the President, in his recent mes
sage, makes no mention of II. hope, how
ever. the Secretary Of State Is dealing with
1t. preparatory to the next meeting Of the
Brussels conference In November.
I asked Mr.. Allison IL he still believed
that internal revenue taxes must be in.
creased.
Il believe" he said, "that under ordinary
conditions the present tariff and the pres
ent internal revenue laws would produce
revenue sufficient for our needs. But with
hard times imports will be less, 1 suppose:
and we will probably have to meet a de-
felt. How to meet 1t is something that the
democratic party must determine. The rem
edy Is in their hands"