The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-09-03
PLEDGES TO BE REDEEMED.
THE REPEAL OF zHE SILVER PUR-
CHASE ACT ALREADY ASSURED.

A Tariff Bill 20 be Ready Within Six Weeks
for the Consideration OF the Full Commit
tee on Ways and Menns-Changcs TO be
Made In the Banking Laws as TO Pro-
vide for an Increase In the Currency.
WASHINGTON. Sept. 1.-The pledges OF the
Chicago platform will be redeemed. Every
promise made by the Democratic party will be
fulfilled The repeal OF the Sherman law Is
now virtually an accomplished fact 1t may
take ten days and possibly two weeks to reach
q vote In the Senate and secure unconditional
repeal. but It is settled that 1t will be DONE and
according to the plan OF the Administration.
The reform OF the tariff Is also assured and
the work has already been begun. The Com
mittee on Ways and Means Is fully organized.
and next Monday 1t will begin It's hearings.
After the Goth OF this month the work OF put
ting bill in shape will begin. and within six
weeks 1t is calculated that measure can be
presented before the full committee for its
formal consideration.
The third and most important step is one
that was decided upon to-day at conference
OF Treasury officials and congressman. all Of
them friends and representatives OF the Ad-
ministration. The result Of the conference
will probably be a sweeping change in the
banking laws OF the country. and the inaugu-
ration OF n now system.
This contemplated change is in some degree
a result OF the agitation over unconditional re-
peal ard the silver question. although It Is In
accord with one OF the planks OF the Chicago
platform. 1t Is calculated. OF course. that the
unconditional repeal OF the Sherman law will
restore confidence in financial circles. but 1t
may not improve conditions to the extent de-
manded or desired.
The extreme West and the South seem to be
clamoring for an increase OF the currency. and
for this reason especially have the majority OF
the members from those sections insisted
upon free coinage.
Such men as Vest and Ccckrell OF Missouri.
Lindsay OF Kentucky. Berry and Jones Of Ar
kansas. White and Gallery of Louisiana. But
Ter Of South Carolina, and Vance OF North Car.
DINA in the Senate, and Dockery and Bland Of
Missouri. Sayers and Culberson OF Texas,
Boatner Of Louisiana, Stone OF Kentucky.
and Livingston Of Georgia in the House.
have told the President that the mere uncon-
ditional repeal OF the silver purchasing law. II
Congress and the Administration go no fur
Their. means the disruption Of the Democratic
party in the South and West They have de-
clared that unless some supplementary legis-
lation in the directian OF an increase
OF the currency. or at least change
in the banking laws. as suggested
in the Chicago platform. is enacted the third
party movement will sweep the South and
West in the next election. Ominous warnings
TO this effect have crept out in the debate in
the House and have been reflected already in
the Senate.
To overcome these criticisms and to afford
the further relief demanded several plans
have been suggested.
One OF these Is an issue OF bonds. with which
It Is expected to bring more gold into this
country Upon this some OF the silver men
have been sanguine enough to hang hope OF
International bimetallism. -.----
Another plan to increase the currency con-
templates the issue of loan certificates against
the seRnorage on the silver now stored in the
Treasury: and other fnanciers moro or less
rash have suggested the coinage OF the GOO
tons or so Of silver bullion now on hand.
Judge Sayers OF Texas. and som other men,
bers. propose m issue Of Treasury notes to
relieve the present etrtngency and to supply
the threatened deficit in the Treasury
In the Senate u bill has already been intro
duced. and to some extent discussed. author
izing national banks to issue currency to the
full amount OF their bonds. This proposition
has provoked an attack on the national banks
by Senator Cockrell and some others who
entertain rather violent views on the sub
iect. and they have already suggested In
the debate that the time is near at hand when
the banking system as now organized must
be changed. A large portion OF the bonds
upon which its currency is based will soon
expire. and for that reason alone another plan
than that now In operation must be devised,
unless new issue Of bonds is authorized.
All OF these things have been taken into con-
sideratlon by the Democratic leaders. and as
the result OF various informal conferences the
80 lov
the Treasury Department to-day to determine
what might be the plan of the Administration.
The President was represented by Secretary
Carlisle. and there were present John Dewitt
Warner and Uriel s. Hall, members OF the
House Committee on Banking and Currency.
and Speaker Crisp. The whole subject was
gone over. and while the conclusions reached
by the conference have not taken final shape It
may be stated as a certainty that an Admins
tratien bill will soon be introduced In both
Houses OF Congress.
1t will provide for radical change in the
national banking system OF the country. The
first step will be the repeal OF the 10 per cent
tax on State banks. This idea Is favored. 1t is
alleged. by some OF the leading Gnanciers OF
the country.
Petitions In favor OF the repeal Of the State
bank tax have been received In great num-
bers from bankers and other Gnanciers all
over the South and West. and from many por-
lions Of the East. and the sentiment In many
Instances is emphatically expressed In favor
Of a change Of the present system that will
permit a reorganization OF the national banks
rs State institutions.
1t Is suggested. Of course. that the Govern
nent retain supervision and control Of them
As far as the system OF examination and hold |
ng them to account 10 concerned. 1t Is said |
:o-niGht that the President now favors the |
change. and the plan proposed will be |
embodied in a bill to be drawn I'M |
Ter the direction OF the Secretary |
IF the Treasury. with Mr.. CleveIand's approval |
md endorsement. The measure will come |
rom the committee in due time. and the In |
luence OF the Administration will be used to |
'ress 1t through Congress and secure its en-
Ictment