The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-21
THE FINANCIAL SITUATION.
The President VIII Deal With It in His
Message


Washington, Nov 20.-Nr Cleve-
land has made no definite statement re
garding the message in which he will
embody a recommendation to congress for
a sound financial system. He has seen
for sometime the necessity for a change
and has considered all the various propo-
siuons which men of practical experience
have submitted to him. When in the sum-
mer of 1898 he called congress together to
deal with silver he was convinced THAI
something must be done to put national
finances on a more stable and satisfactory
basis. Had the Sherman law been re-
pealed after thirty days it is highly prob
able he would have recommended in his
next message some Improvement of the
currency The history of the extra ses-
sion was too discouraging and the differ
/ ehces disclosed in the democratic ranks
| eXtingushed all hope of any harmonious
/ conclusions from such a message. 1t seems
| that his purpose has only been postponed.
/ During the last session Mr. Cleveland
Kept in mind the necessity of a radical
/ departure from the present system.
what can be CLEANED of his purposes now
are only conclusions which are drawn
/ IRON direct questions he has submitted to
/ prominent men and politicians. Only
I Wlthln the last few days he has impaired
/ his ideas to those who are regarded as his
national and constitutional advisers
| There is every indication that his cabinet.
| possibly with the exception of Judge
/ Gresham, is in complete accord with him
| his self-reliance is such that he more
often imparts what he intends to do than
ton.
The question of finance is now before
! the cabinet and while his own mind is set
! tied as to the general ground work. the
President will not hesitate to avail him
| selI OF any suggestions from the members
of his official household.
1t may be said with confidence that has
! determined upon several material recon-
! mendations which he will make. 1t is not
generally known, but the fact remains
that the plank of the last democratic plat
| FORM calling for the repeal of the tax on
/ state banks was directly inspired by in
| huences close to Mr.. Cleveland Even
prior to that time he saw the necessity for
change, and this was preliminary step.
| which he considered might help to solve
| the problem. Not that he expected any
thing like the return to the old system of
state banks, but simply to put those insti-
/ tutlons on a basis where they might be
OF more or less assistance in improving the
situation, acting as adjuncts under proper
safeguards to the national banks
Even in advance of the November cleo
tons Cleveland had decided to devote con-
siderable of his message to this subject
he did not anticipate any definite action
from the short session, but believed he
could sow seed which would ultimately
bear fruit Mr.. Cleveland did not believe
that the next House would be republican
and while he lOOLyaI u
1oritY' he thought its complexion would
De such as TO favor a change in the cur
| fency on a more permanent, vet elastic
| basis With the next congress republican
the prospect is that there can be no change
III the relations of the government to the
| finances, ana the currency for at least
| eighteen months to come. There are per-
haps, four cardinal propositions which will
| be considered by congress- and which are
now being considered by him. They are
| the so-called Baltimore plan" which is
| now pretty thoroughly understood; the
! state banks whether it viii be wise to au-
! IhoflZe the issue of untaXed notes by them:
additional issues of legal tenders and last
| ly, a low interest bearing bond to run in
! DEFINITELY and convertible into green
backs at pleasure and back into bonds.
This proposition was warmly advocated
| twenty years ago, and which its advo-
! Gates contend would absolutely prevent
know the President best, however. if he
! should give utterance to some ideas which
have not heretofore occurred to any one.
In the new scheme the President can
expect little from the west. The south
seems to be waVering, and he believes
that section will prove one of the strong
/ est for sound money in the union But
! above all he looks to the south to aid
such legislation which will cut the string
which Wall street has tied to the treas
| ury.
! 1t is now clearly developed that the re-
| publicans, as soon as they come into con-
! troll of congress- will attempt to hatch
some silver compromise which will assist
/ them in the next presidential election
| The new gold loan gave nothing more
/ than temporary assistance to the gold
/ reserve. 1t is quite certain that the ad-
ministratiOn will be severely criticised
/ both in the House and the Senate. The
/ President is quite prepared for this, but
/ he has done what he thought was best,
| and he is, therefore, resigned and serene.