New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-02
"UH1T SHOrLD THE NEW CONGRESS- DO''

ADDRESS OF CHARLES EMORY SMITH BEFORE
THE POLITICAL SCIENCE CLUB.
charles Emory Smith. the Editor Of The Phla-
dslphia Press and formerly United states minister
70 Russia delivered address on wv nat Shou"
the New Congress Do" before the Political Science
Club at the Hotel Savoy. Fifty-nnth-st ana fIaza'
last evening The discourse was preceded by
,i-ro, AZ which there were sixty guests President
Georee Gunton presided. Among those present
wore Mrs cornelius 5 Robinson Mrs. :. f. Gardner.
Mr. and Mrs Thomas II. BoskerVlhe MI. ana
Mrs GoorSe Il. Bishop Mr.. ann Mrs. Z. Bryant MI
and Mrs Hedges. Mr.. and Mrs. Edward l'au'e'-
bach: Mr. and Mrs Fraenkelo. Nj and Mrs. Herman
Mr. and Mrs R,stus : Ransom Dr. and Mrs. Par
ker. Mr. and Mrs Eutter. Mr.. ana Mrs. Wayland'
Professor l. H. CLARK Colonel + &. Loveland. DR..
Theodore X Tuthn John Woodford of Nnsted,
and George :. Butler. Of New-Haven, Conn an!
Swami Vi,ekanand, Hindu, who is travelling IN
this country.
The lecturer on being introduced in highly eulo-
sistic terms by Professor Gunton, heartily APP
plauded Speaking about financial legislation MI
Smith said in part:
The rea! problem is not 70 eliminate paper that is
stable financial equilibrium where the people are IN
different e,t~e.E s2I ana Pap5r or Is y e' bl1re
n i bui ~ sahiis - such conditions and secur-
itv th4t the demand notes viii 81 fact bring no de-
mand on the Treasury, as they dii no' curing loui
We need to come back TO tho fundamental princi-
PIE that the virtue Of paper money j. noi lts IRE
Govcrnnl, nj issue or bank issue its only SIRE an
chorace Is coin redemption. The function OF states
and floating it away tnr its solid basis but TO find
measures ~ making = 80 secure on tnat btSlS that
shall have no nerl OF constantly sounding me
depths TO see whether the anchorage holds. II Is
our paramount obligation TO make every doar rs
good every other dollar. ana eHcnaiSeaD.e d |
will The~e may be objections 70 greenbacks. but
not because they are redeemdnle IN SoId. n ClS
that so l9nS as any Sre-nbtck ar out ,he 80
alton. - long a. fhef" Is any Sp1hd paper money
at all. whether Government money or bank money
there UI bee the danger that II Will De presented
for redemption. II Is the very condition OF SDlVrlcy
20 be ready for such demands. and II j. our pus!-
ness not % try 10 find form Of currency which
shall clude this requirement. but 20 teach that II
We are ~ De- ON q specie basis at all. redeema bty
! come b.cl then IL the question. what should
the National income equal 90 the National outgo
T. cannot 10 IL by undertaking any comprehensive
tbeorv Of he UNDERLYING principles upon which
revenue should be raised is radically different from
brought into accord. lut II can pass some otheI-
cencV measure like an additional tax on beer
which shall fl the gap until the political harmony
% the Government permits the development OF a
broader system. The same lack of political unity
Will preclude any thorough revision OF the cur
rency in the now Congress. But there are ques-
which and ought TO act. In the interest
OF American labor and for the protection OF Amer
for the Intelligent regulation and legitimate restric
10, ~ ifurr IRA lion 80 that tho great body OF
tive foreign descent. shall be defended from The
hordes Of cheap compe titors that have been flock
shall be guarded against the alulteratiOn and
deterioration of ignorant debased and sordid ele-
ments.
Al the c.ose Of the lecture. which received many
nornic CONDITIONS of India, and Their Relations 10
the English Government