Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-11-16
Mr.. Patterson Thinks There is a
Good Deal to Do.
A LAW PROVIDING A BANKING SYSTEM
Construction of the Nicaraguan
Canal Under Government Control.
THE CAUSES OF DEFEAT

Out of the cyclone, extending even to the
south, the reelection of Josiah Patterson
to Congress from Tennessee by lprge :na-
jority is particularly significant and inter-
esting from the fact that in a locality
where the free silver sentiment is supposed
to be dominant, he made his campaign
boldly upon the Endorsement Of the admin
istration and sound currency. During the
present Congress he made a consistent rec
ord in opposition to free coinage of silver
and in favor of the repeal of the Sherman
law. He maintained the same position
while seeking the nomination, for which he
had a contest, and went into the campaign
after nominated to fight free silver policies.
Speaking of the general political situation
to a Star representative today, Judge Pat
terson said:
THE defeat of the democratic party is
unquestionably attributable to hard times.
and the hard times are attributable in
some sense to overtrading, but more espe-
cially to the Sherman law, the Mckinley
bill and the extravaganza and sectionaiism
of the republican party. 1t was perfectly
apparent when Mr.. Cleveland was inaugur-
ated March 4. 1898. that a political storm
was brewing, and that the country was ap-
preaching a great financial panic. Our
manufacturers. hemmed In by high protec-
ton, had produced more than the American
market could consume, and were in any
thing but healthy condition.
The continual and indefinite purchase CT
100000 ounces Of silver had created a
serious apprehension throughout the COM
mercial world that this country could not
maintain gold payments. The treasury was
practically bankrupt. Under these condi-
tions financial disasters and business dis
tress throughout the country were inev-
liable. While the democratic party was
not responsible for these conditions 1t was
it's duty at the earliest moment possible to
repeal the Sherman law, protect the treas
ury reserve, restore confidence and give to
the country a fair revenue tariff bill.
Contributed to Defeat.
THE differences among the democrats in
respect to these measures and the long de-
lay which ensued. in my Judgment, con-
tributed largely to the defeat Of the party.
am constrained to believe that IL the
democrats In Congress mad to a man ral-
lied around the administration and prompt
ly repealed the Sherman law, authorized
the Secretary Of the Treasury to sell per
cent bonds when necessary to maintain the
public credit, thereby giving absolute as
surance to the world that we intended to
maintain gold payments, and promptly
passed the tariff bill, the result would have
been wholly different. The democratic
party has been held responsible for delay
and unseemly wrangling about the repeal
of obnoxious republican measures. How
ever, the fact remains that the F1fty-thlrd
Congress did repeal the Sherman law; that
il did restore confidence, and that 1t did
pass a faIr revenue measure. That pros
perity will follow this legislation 1 have 10
doubt, and / hope and believe that IN 81
the party will be the beneficiary. This will
certainly be the case II 1t Will stand Tor
honest money, fair taxation and honest
government.
The Banking System.
do you think there is anything for this
session of Congress to do?''
"Yes, 1 think the approaching session of
Congress is one of great Importance, and
shall be greatly disappointed II it does
not avail itself Of the opportunity to pass
important measures which are greatly
needed by the country. The measure Of
first Importance is law establishing
banking system that will do away with the
present system, which is so incongruous
and inefficient. l think it ought to pass
law establishing a system whereby the
country will at all times have safe and
a lasting currency amply sufficient to meet
the requirements of business. The House
has already determined not to repeal un-
conditionally the 10 per cent tax on state
banks, and will, necessarily, have to turn
Its attention 10 some Otner nlcaSuTe 1
have not given the question careful study,
but am inclined to think that some such
system as that suggested by the BaItl-
more conference should be adopted. 1t
would be infinitely preferable to the pres
ent system.
Then 1 think it of great Importance to
pass the bill reported by the House COM
mittee on interstate and foreign commerce
to amend the interstate commerce laws.
This measure has been under consideration
by that committee for more than two years,
and it has not only met the approval OF
the business organizations throughout the
country, but Of many of the leading rail-
roads. / believe the measure will greatly
strengthen the interstate commerce COM
mission and will result beneticially alike
to the people and to the railroads.
The Nicaragunn Canal.
There is another measure pending be-
fore Congress which hope will pass. That
is a bill to provide, under government con-
troll and direction, for the construction Of
the Nicaraguan canal. This has been to
me an interesting subject, and / see in 1t
more for the development of American COM
merce than in any other enterprise which
has been presented to the American peO-
pie. Its advantages are simply incalcu-
liable. l predict that when that canal is
constructed American commerce will be
in the ascendancy throughout the world.
In my judgment every friend of freer
trade ought to be swift in his advocacy Of
this measure"
do you think the government should
take complete control of this enterprise?"
Yes, / think the government should have
complete control over the construction of
the canal, but should do the work through
the instrumentality of the present COM
pany. Under the plan suggested and ap-
proved by the committee the United States
would be absolute owner Of three-fourths
x.l ey,I fIo 10
the company, at least large majority Of
them, would be nominated by the President
and confirmed by the Senate as are other
public officials. The work under this direc-
ton would proceed practically under the
supervision of the government"