Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-31

ms American securities. The gold re'
;Fy s s !S"' ;SSs f.! :s.S :. G sS":
"a. isos. and ior.y.Sv. million: Less than
on June NJ. tsD2 ny September no the
sold rsssrvs had fallen 10 >bs.ste,AI. II
Would w.: dSS ;. "s.a. "a s :ss: .o sG" ana :
was tho case. for on ~ esmLer ! smother
nfiy million dollars wVi IN ~ bonds we're
sold. Within two weeks after ths, iw,snt
ts s ;Ss MILTON. .a ~ sos sas s g.,
issue was predicted, The bonds ALREADY
issued will cost the government IN inter-
80. during the ten years they are 70 run
thirty million dollars ), va, a..sstea o omsy
about thirty-eisht millions from the nrst
bond Issue. for bidders obtained, from the
subtraasury gold IN exchanges for green.
In buying the bonds. The government
was really buying Its own gold. This con-
dition OF AFFAIRS plainly DEMONSTRATED
weakness In the governments currency
system and all sorts OF rs sshsmes o. Sr. rs
adopted by the Secretary OF the Treasury
called for the retirement OF the green
backs and a substitution OF national bank
currency. throwing the duty of redeem.
tina government.
The requirement of government bonds as
security for national bank notes Is abolish
co and the bonds now on deposit are to be
bank currency Ia repealed and the banks
are to be allowed to issue notes to 20 per
cent of their respective capitals upon de-
posit of 80 per cent In legal tenders or the
amount so Issued and of the payment or
an annual tax from which a safety fund
of per cent Is to be accumulated In the
course of ten years. Provision Is made that
the notes shall be lien upon the assets OF
the banks. and that the national banks Is
suing them shall be Jointly responsible for
their payment OF a gold redemption fund.
that which was the cause OF all tho aSi-
tation, not one word Is said. The Inference
of course Ia that the bank shall redeem It's
notes on demand In gold, for otherwise tho
government would be worse OFF than before
for 1t Is estimated that this plan II executed
would add $T5O,OOOOO0 to the $1.1OO,OOO,CUO
Of paper and silver money now resting
upon the small and steadily dwindlng fund
of gold in the treasury. Bankers generally
have objected to this plan mainly for the
reason that they would be unwilling TO
guarantee the issues of the numerous banks
that would spring up simply to issue tho
new notes and OF whose soundness they
would have no guarantee. more popular
plan. judging from newspaper quotations.
would be to Issue bonds OF low denomina-
lions. which would retire the legal tenders
payable on demand In gold and which are
called a menace to the gold reserve. 1t has
also been suggested that a tax be put on
gold exports. but a. this would decrease
American securities this would make
American Investments less desirable In
stead Of more so. which can only Keep for
eign gold here.
Overthrow Of Tamma0y.
When Hev. Dr. parkhurst of New York
began his crusade against corruption IN
the police department. which he claimed
was eu, hofised and encouraged by Tain
many tiail. few. n any. thought That that
formidable organization wedid he over
HAD tqiIt "a
hstthtsH 10 hunt the tiHbi,' 80 " was
termed AMI had bssh def atat Win tlhiou.
ious sass, lila charges had bash hsatf
Nm ".,1aa, ~, o. sms .'as a. n a.',,. ,s
ehussn sgVsthnf, iiut eveiits Incurred
which changed entirely ths espset 1T ~
fairs, ~ The sisetiD', ~ utafesshdi w
Hoyaiais,, ipNA, Jshn Y, Mritshs, hhuWn
40 ths "i'ass'' ~ uiaVEssnai Wss shiiiy ~
yiHiatieh ~ The sisstigh laws ~ asaaiiltiha
lHsaiis qualified Watchers Asht Wy ths tH7
fein sieiHsht ~ hisshishJ iis was soei,
brought W tnai, ahd eh February W vas
convicted AHl sentenced W hihs flhH zoe
slA years slnstssh ~ hs uHhfeaEtaiss
WsIa aiaa punished, As Nsli "a q laits
HuHhsr ~ offenders ~ connection WIN thH
Hieatigns ~ New fHth eitst lhls Nas TIE
mast natahia aVsfIhfsV ~ pdsslsih ehtaih'
81 ~ Ysars ana was regarded 40 q alsllii7
guishad triumph ~ law and pidar, The
rafuTmers ~ New fnrh were sraatiF eh-
Outraged, A bill introduced w Tia Nav
n0n partisan board 0f p0tea commissioners
for Nav Work. city passed both houses az
ths legislature, but was vetoed by d0V
Flower, out of this veto graw the appoint
msnt of the senate COMMITTEES 10 inquire
into the conduct Ot tho police department
the revelations made To that committee
were OF the most starting character AMI
substantiatod all the charges made by Dr
Parkhurst. II was shown that crime
nourished under protection OF the police
department, whom u paid. Police com
missioner and captains were implicated
aud u was testified that the liquor traffic
gured immunity from prosecution Tor
breaking the excise laws by paying directly
To Tammany. Police captains perJured
themselves on the stand before the com
mittee and afterwaid broke down and con-
fessod. Witperses against the department
were threatened and spirited away. Stories
of persecution OF merchants who refused
to pay blacknaii to the police drove the
on tire community to Indignation. Such was
the public feeling that II was felt that "
Tammany were to be overthrown now was
the time. An anti-Tammany ticket was
nominated and republicans and democrats
Joined I'm Its support. VIM. L. Strong, a
reputable business man. was nominated for
mayor and John w. Con. the leading coun-
sci before the LeXow committee. was NAM
cd for recorder. Both were elected and
Tammany was defeated for the first time
In years. Bills will be passed by the New
York Legislature giving the mayor power
of appointment and removal. and soon
Tammany will be outside the breastWorks.
plan for the entire reorganization of the
police force is being discussed and munich
raj government in New York will before
long be conducted on a business basis.
American Tariff Legislation.
Although IL was claimed the people had
repudiated the Mckinley tariff law at the
elections in 1897, 1t was not until February
If the present year that the House OF
Representatives passed the Wilson tariff.
repeating that law and substituting other
outies. Though sent to the Senate imme-
diately IL was March 20 before the bill was
finally reported. April 2 being set for the
date on which 1t should be called up for
debate. During the passage of the bill
through the House the free trade element
disclosed an unexpected strength. Free
sugar and the repeal of sugar bounties
were added to free wool, coal, lumber and
iron ore reported by the ways and means
committee. 1t may be doubted whether
any previous attempt at tariff revision was
as radical as that embodied in the Wilson
bfiI when IT emerged from the House Of
Representatives. 1t abolished in one year
about 80 per cent Of the duties now paid
and reduced the duties on large classes Of
me- nufactures and farm products from 50
to CD per cent. The Senate however, in
clned more strongly toward a protection
list policy. As the bill as reported to the
House would largely reduce the revenues