Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1895-02-23
LEGISLATION ON CURRENCY.
Hepubiicans Responsible FOR the Existing
COndiiinns.


Hepabiicans Responsible FOR the Existing
Conditions.
The most interesting fact In national
politics is the obvious improvement in
the republican attitude on the currency
question. Heretofore the disposition
has been on the part of the prominent
men IN that party to act simply as OBJ
structionists, to treat the grave situa-
tion by which the country is confront
Cd ~ q matter of interest only to the
democracy, and to prevent the latter
SO far. at least, as mere inaction would
go-trom any solution of the problem.
The effort has been, In word, to en-
barrass the democracy with view to
the manufacture Of partisan capital;
and there have not been wanting lead
ers and organs to openly proclaim that
this Is good politics for republicans.
Now.showever, there seems to be dis
position on the part of the better class
OF refablican leaders to recognize tho
fact that they have responsibility to
the people as well as to the party, and
to lend their aid in the direction of Civ
Ing the country the financial legisla-
tion it so much needs.
1t hardly needs to be said that re-
publicans in congress nre under oblga-
ton to pursue this course, not only as
statesmen and public servants, but as
partisans. The preterse that the con-
Iifip,, tuhin1 1a,na n nb,,.., -
democratic creation is of the himsiest.
Very largely, it is the direct result Of
improvident and injudicious legisla-
ton for which the republican party is
directly responsible. In a measure, it
is due to the Sherman silver act, the
effects of which are still felt, though
the act itself has been repealed. 1t is
due still more largely, perhaps, to the
failure to pass long since an ac. provid-
ing for the issue of bonds on short time
at low rate of interest-a failure
which has compelled the government
in the replenishment of the gold re-
serve to utilize an act providing for
bonds 1T too high a rate of interest and
to borrow therefore at great disadvan-
tage. But still more it is due to the
policy inauguratcd long since by tho
republican party of reissuing the green
backs and keep the government, to that
extent in the banking business This
is really the source and origin of all the
financial woes from which the govern
ment Is suffering to-day; for if the gov
ernmtnt were not compelled to main
tain reserve for the redemption Of
these greenbacks which, as matter
of fact, are only redeemed to be at once
reissued and again made an outstand-
ing obligation-thc large expectation
of gold and the depletion of the treas
ury stock of that metal would be of
comparatively little Importance.
But # the republicans are really in
earnest in their professions of readi
ness to act, with reference to the solu-
ton of the financial problem, and not
for the mere making of partisan cap
ital, it is needless to discuss the ques-
ton of responsibility. The bill intro
duced by Senator Sherman indicates
that he is at least in earnest; and the
favor shown it by members of his
party entitle them to similar pre-
sumption. 1t does not 60 quite far
enough in that it fails to provide for
the retirement of the greenbacl1s But
it is excellent as far as it does go; and
it ought not to be a difficult matter to
amend it in the particular named, or to
supplement it with another act ex.
pressly designed for the purpose of re-
tiring the grcenbacks The provision
for short-time bond at low rate of
interest is in harmony with the recon-
mendation of the president; and that
for the issue of notes by the national
banks up to the par value of their bond
deposits accords with the views of most
tinancierS who have been heard from
on the subject. This bill, or something
like it. should be taken up at once and
made a law, as it easily can be, before
congress adjourns. The senator or
congressman who opposes it in the be-
lief that he can thereby deprive the
democratic party of any credit, or EN-
bairass the administration, is not only
unpatriotic, but exceedingly short
sighted. The people are not likely to
aold in very high esteem the partisans
who take such view of their duties
as public servants: and the discrcdit
they bring on themselves as individu-
ais their party will surely suffer for
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