New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1893-11-15

VI CltdpeH Tie tip1ldIS p1 Gle Cn1.eO
States. In my judgment, SO long as
money can be kept ut l'ar viii gold no
such thing as dangerous imitation is pos
sible. 1t is redundancy of bad money
| which results in depreciated money and
leads to ruin.
At the present writing I greatly fear
that the next move in Congress to secure
an increase in the circulation Will be in
the direction of the repeal of the 10 per
cent tax on the issue of State banks, and
thereby opening the doors for return
to the ''wild- cat" banks and the ..shin.
plaster bills so common before the war.
Such proposition was contained in one
of the planks of the las National plat
form of the Democratic party. To
man of any business sense, it does not
seem possible that any party will seri-
ously attempt to substitute that kind of
paper money for the excellent currency
now in circulation in the United States.
1t does seem as if there must be enough
members of Congress WHO have business
capacity to prevent the passage of such
a measure. To do so, however. will no
doubt again require the votes of nearly
all the Republican members combined
with the sensible business men on the
Democratic side of the House I doubt
if there are enough such Democratic
members in the present House to pre-
vent the passage # such a measure.
1t seems hardly possible that any great
party will advise a return to that old
system of State bank issues. That sys-
tenn COST the people of this nation mil
lions OF dollars each year, on account of
money which became absolutely WORTH
less, by reason of banks being permitted
to issue bills without genuine security
for their payment.
It is unfortunate for the country that
the next financial measure which will be
brought before the present Congress is
sure to be Il revision of the tariff on
plan which will injure the already Grip
pied industries of this Nation, and which
can lead only 20 disaster Such an en-
tire revolution in the tariff as is proposed
by the Democratic members Of the Ways
and Means Committee will end in bust
ness depression and industrial stagnat1on.
That means factories idle and men out
of employment. The situation IS bad
enough now. Such law can only lead
from bad to worse. The fear of such
legislation has already paralyzed bust
ness enterprise. Such legislation must
of necessity cripple the great manufacture
ing industries of this entire nation. 1t
will end in idle factories or reduced wa
ges for men who WORK in such factories
Such is the testimony of nearly every
man who appeared before the Commit
tee of Ways and Means, and of every man
one now meets. I know Free-Traders
tell us that such men are interested, and
hence that their evidence is unreliable.
But large numbers of workingmen also
appeared before the committee and sta
ted the same thing as to wages; and in
pleading tones they begged of the COM
mittee not to reduce the tariff on the ar
ticles made by their labor. They asser-
ted that such reduction must end of ne
cessity in cutting down the wages paid
them for their work, or, what is still
worse, in forced idleness.
Does any one imagine that the Com
mittee on Ways and Means will pay any
attention to the testimony of these wage
earners? We shall see. My prediction
is that they Will do nothing of the kind.
The members of that committee are we'd
ded to theory. Facts are not what in
fuence them. It seems impossible for
them to understand that the men who
manage and run and mcI who work in |
the great industries know more about the
intricacies of the situation than can be
learned from the mere study Of books.
The verdict of the men who know about |
the matter is all one way. The decision
of men who simply propose and expound
theories runs in quite another way.
Every Democrat who has studied any
single industry with care and who ap-
peared before the committee was in fa-
vor Of leaving the duties as they are on
that one industry. No wonder the COM
mittee shut the doors and refused to hear
any more testimony. The entire evi-
dence was against their pei. theory.
R. g. Horr IN New York Tribune.
NcK;n1ov and JoR 81 /