New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-31
Ell HOLDS TO CONGRESS

Another issue Of bonds is inevitable and near
at hand This is the opinion OF the best Demo
cratic fnanciers. and ii cannot well be disputed.
But the same readers and journals admit th;it
n successful sale Of bonds is impossible while
thc Currency bill or any of like character is
intending The dissolution of the syndicate
made that fact sufficiently clear. The Tribune
therefore ventures to appeal directly TO the Dem
ocratc majority in Congress.
You gentlemen care for your country and It's
PROSPERITY. and do not want To make National
bankruptcy your New Years Gift TO the Nation.
You do not love banking syndicatcs. and therein
The Tribune heartily agrees with You. If IN"
Government must borrow money. as under your
revenue law it must. the best thing possible Is
10 LEI the people themselves lend ihc money ana
take the bonds. as Il means of investing th'ir
savings. TO that end. YOU. gentlemen OF Con
grcss ought to authorize a popular loan without
Il single days delay: hut in order ~ make 1t a
success YOU must pitch Mr.. Carslcs Currency
bill into the wastc-baskct. The first step toward
any financial recovery is 10 inform the financial
world that Congress will not attempt 10 rcvo
mtionize the banking system this year, nor Will
il attempt to authorize wildcat State banking.
These suggestions do not quite suit YOU. gentle
men of the Democratic majority: but they are
the best that lie within your power You cannot
BASS the State Bank bill this year. and You are
perfectly aware of that fact If You consult n
all with your Senators. You cannot agree upon
any kind Of bill TO break down the National
banking system. though most of you would Ike
TO break il down. because many Of You have
constituents whose wishes must be consulted
and who Will moi tolerate any panic-maklns
measure 1t is good sense for you voluntarily
TO withdraw from an impossible attempt 10
which the ma iority in Congress has not III any
way been committed rs yet. and which even me
Democratic majority Of the Banking ana 'nr-
rcncy Committee has refused 10 recommend.
Stop while there is yet time. tell Mr. Springer
and Secretary Carlisle that your first duty Is 10
protcct the credit Of Government and the pros
periiy Of the country. and then provide by
popuar loan for the needs of the Treasury.
A popular loan requires bonds Of small de-
nominations bearing II low rate Of interest and
redeenable in gold or currency ai ~ many 'oV-
eminent offices as possible whenever the holder
desires Ii ought 10 be so arranged that The
pcople could use the Government loan instead
Of savings banks. knowing that ut any moment,
with the least possible delay or difficulty. they
can get back their money by surrcndcring their
bonds AZ any Sub Treasury. or possibly at any
postofice If it is practicable. ii would he Il
| great benefit To the people to make any postoficc
! in the country Government agency for receipt
Of money and issue of bonds. and also for re-
! dcmption Of bonds N any time, perhaps with Il
| few days notice Such provisions would enable
| all the people who have small savings 10 sustain
| the credit Of the Government and the prosperity
of the country hy lending their savings 10 the
Treasury knowing that they can draw all the
time moderate interest on their money. and
can get back the principal whenever they please.
Is there not in Congress enough craftsmanship
and practical sense 10 mature and pass such 4
measure before the end Of January. thus re-
licving business from anxiety. uncertainty and
embarrassment? No other thing that Is pos
siblc will do more 10 rchablate the Democratic
party in the estimation Of sensible men, II has
botchcd things ever since its first session be
gan has made the country more trouble than
any other Congress for fifty years. and II Is
about time that something should be done 10
square the balance