Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-11-22
Special to the Register

DhrNletl 10 .a.N ~.
Washington. November 21.-The main
topic Of interest among the Congress
men who have already assembled here
in anticipation of the coming session
Of Congress is the probable action Of
Congress in the direction Of amending
the currency laws. Unusual stimulus
has been given to- the subject by Secre-
tary Csrlisle's ou-sp0ken sentiment in
New York. nigh before last. in favor Of
the redemption Of the gree1backs and
legsl tender notes. Every one has
taken this expression as a forecast Of
Che Pres dents message and an indi-
cation Of The position Of the admins
r0,iOn upon the currency question and
&c has also been accepted as q virtual
+ pre9uuOuncemeut Of the necessity of
legislative action upon the subject az
an early day.
IL is Secretary Carlisie's desire TO re-
deem the outstanding greenb3cks with
short term bonds. which. exclusive Of
/ the Sherman notes. amount 20 about
1916 100000. That means. Of course q
contraction of the currency 10 that
amount and right here arises the Ques-
ton of preventing the contraction and
marks the line where the trouble be
gins. for here Is where the various fin
anc.sr part company I'm their ideas Of
what IS best 20 DE done t. Is the di-
versity of ideas. and the s-ubhOvnness
of opinion which causes the discussion
I CT the situation to DO as interesting
as Important.
in rhe first place. opinion Is divided
/ as To- what the administration viii rec
| ommend to- counteract the violent con-
I traction Of the currency which would
/ be Occasioned by the retirement of the
/ greenbacks. Tn the next place It is
/ matter Of conjecture whether the Re
I publican Congress would permit such
/ retirement Last and more perplexirg
sim Is he doubt rs 20 the plan of re-
lief which Con gress would devise. ir-
respective Of the administrator rec
7 concentrations 1t becomes apparent
Immediately that the situation IS
fraught with many features Of co1gum-
ing Interest and Importance.
In some quarters 70 Is thought the
. Secretary If The Treasury may simply
advocate the retirement OF the legal
tenders as an immediate necessity for
preventing fatal drains upon the gold
reserve, leaving 20 Congress the task
of filing tho deficiency I'm the Circula-
ton in any manner it may choose but
this would not be characteristic of Mr..
Carlisle. and could easily be construed
as an indication Of helplessuess and
weakness ON tho part Of the admins
tra-,on in the management of public
affairs He might suggest that The
vacuum il the circulation could be filed
by an extension Of the bank note cur
r-ncv. as the bonds for which he legal
tenders were redeemed could be used
as q basis for bank note circulation
Objection 20 this course would be i'm
med'a,ely made. however, by that ele-
mnut in Congress opposed 10 national
banks with the very valid suggestion
that The money stTingcncy would only
De relieved % the extent of about one
third OF The S3f6, 5000, Q00. for that is the
amount of the probable increase of bank
note circulation
IL is hardly probable. f. is thought
that the Secretary would recommend
the currency scheme which he proposed
to Congress last year, and which was re-
iected. although it is known that he is
still very much euGmored of that plan,
and IF DE was given to understand that
there was q possibility of its carrying
would hasten % urge &c upon the Re
publican Congress. There is talk of the
President having some monetary
scheme which he will spring upon the
country in his annual message. but lit
tie credenCe is placed i'm such gossip.
Mr.. Cleveland will recommend what
Mr.. Carlisle suggests.
With the homogeneous and non-as-
similatiug elements I'm The House and
the totally irreConCiliable factions in
the Senate the chances are ten to one
I'm favor of no action at an. Tt is o bad
outlook for the administration Every
day shows the gold reserve still eX-
posed Co attacks It's integrity preserved
only by the grace Of spectators. and
when attacked. the only relief lying in
further bond issues and consequent Oh
probrum upon the executive branch Of
the government.
OF course. the free silver men viii
seize the opportunity 20 advance their
theories for additional coinage Of the
white metal. and their insistance will
embarross the situation still more. Tt
is not likely that any plan involving an
extension Of the banking system Will
meet with their approval. while the re-
tirement of the legal tenders win be 10
them as q red flag Haunted In the face
OF q bull
Good advice. Never leave home on