Omaha daily bee., 1895-11-15
4 nfsrI.RRtNG frrLt.rNrr

II IL said that eastern bankers look
with sonic concern upon what appears
to he well authenticated reports that
Secretary Carlisle will urge upon con.
grees the same currency plan which he
submitted last winter aud which was
somewhat summarily rejected. The fact
Is recalled that that report. sent into
congress ouly a few weeks after the
treasury had negotiated II gold loan Of
$~JO,O0O.OoO. practically stopped the sale
to the general public of those bonds by
dep%rcciating the price below the figure
at which the syndicate received them
and was very influential in hnstpning
the crisis which President Cleveland
could sec no other way of meeting than
by permitting Il syndicate of American
and European bankers to finance the
treasury for nearly nine months. 1t Is
stated that the impression i'm New York
is that Mr.. Cleveland Is likely to urge
upon congress the necessity of so legis-
lating that it will be possible to retire
the ~greenbacks from circulation and to
permit practically free banking. both
state and national. The apprehension of
such recommendations as these. it is
authoritativcly stated. is causing finan-
ciers to be very cautious, although they
know very well that the congress that
meets in December will adopt no such
legislation as this.
1t Is not to be doubted that if the ad-
ministrntiOn were to %announc that it
has no currency policy to recommend to
congress and that it intends to let that
subject rest for the present the effect
would be good upOn financial confidence.
for while it is absolutely certain that
nothing which the president and secre-
tary of the treasury may recommend in
regard to the currency will be adopted
by the republican house of representa-
lives. still the tendency will be to COM
plicatc the question and thus to produce
an i'll effect. Neither the president nor
Secretary Carlisle has shown any
marked ability in dealing with this sub
ject and that they have not improved
with experience Is shown in the fact. as
now appears, that the secretary o. the
treasury intends to again put forward.
as Il plan of currency reform, the meas
IRE he formulated last winter and
which was unceremoniouSly rejected. A
well known financial writer. referring to
the report that Mr.. Carlisle proposes to
do this, remarks that if the report is
well founded it is an additional reason
for being satisfied with the democratic
defeats in the late elections. f~oreshadow-
ing, as they do, the removal from power
Of an administration which has been 50
c~onSpicuouSly incompetent to deal with
financial questions.
No fact is better established than that
the popular sentiment of the country is
opposed to the retirement of the green
backs, under whatever conditions that
should be brought about. Under exist
ing circumstances there is but one way
in which it car be lone and that is by
an issue Of bonds. In all probability
bonds for this purpose could not be sold
ut a less rate of interest than 4 per
cent, which would impose an annual in
tcreSt charge of over $4,000 900 upon
me people. YAH lntGt Dt ANY uDfDl Ill:lt
/ very large majority of the people
would reject a proposition TO do this?
mother fact is that the intelligent judg-
mcnt of the country is unfavorablc to Il
state bank currency and no plan for
such Il currency has yet been suggested
hat was satisfactory. Neither Carlisle
nor any other democrat has yet pre-
ientcd Il state banking act which would
the absolute security of note is
sues and none is to be expected from
hat source. The wise curse is to allow
he currency question TO be mt rest for
he present, since there is certain to be
no legislation regarding it, but it is too
much to expect that Mr.. Cleveland and
Carlisle will adopt this course.
otherwise financial confidence would not
be unsettled.