The evening times., 1895-12-02

+ With the assembling Of Congress toda >
the questions of tariff and finance become
active and not passive factors for discus
sion and consideration. The former is a
matter or time and minute detail. Months
! would be required TO frame an act striking
a happy medium between tbc Mckinley and
Wilson bills. The latter could be In q
! measure settled after few hours debate
by the passage or a joint resolution
Inc tact is evident no ", as II has been for
weeks, that prompt action must he taken on
the financial question or the aCminisi ra ion
must utilize It's only alternative ana sell
bonds. Whatever legislation is enacted 10
oDviate this necessity must he done witt, rea-
sonabie dispatch or IL will be too late
| SO far as another bond issue Is concerned.
These points have be,.a;ie clear regard.
Ing the state of the Treasury and tile remedy
Tor It's present cunGitioa. They are: First
mat the gold reserve is dwindling and
VIII SOON dc down to S75,OO0.U 900; second.
that Speaker Reed proposes 10 make no haste
III appointing the Ways and Means Cam
iDlttee with view to financial legislation:
third, The Repu Diiran policy Will be an IN
crease OF reyrnce rather than q change
Ia the currency system; fourth, that The
President and Secretary Carlisle wII en-
deavor Ia convince the country that existing
dirlirulties are due 10 greenDacgs ana cur
rency Initiation, and that the remedy must
te applied at these points; fifth, that a
new lssle or D,inus VIII be ue-aye.i as long
as can safely be done. with view Ia
bringing pubic opinion TO bear upon Con-
gress-
AN ADEQUATE RESERVE.
The administration has fixed the point
at which the issue OF new binds should
bc seriously considered at $4,000 600.
not because this is regarded as an adequate
reserve, bat because the issue OF bonds
under existing Ia W s SO cumbersome a way
oil meeting the g''ld drain that il is not de
cIded To employ il beyond immediate
Necessity.
Presiuent Cleveland would undoubtedly
be pleased II a bill were passed through the
House before the holidays. authorizing the
retirement OF the greenbacks, or at least Il
portion or thetii, the lssne OF temporary
treasury certificates. bearing interest Tor
short terms. and the issue OF bonds when
necessary. at lower rate and for shorter
terms than under existing law.
IL is the aQminIs ration view that the
mere fact that greenbacks could be re-
tired would do much TO restore co confidence.
ana that temporary certificates might be
issued IN such 4 manner as to reduce the re-
duniancy OF the currency, which is now be
lieved to exist.
All the talk of Republican members irdi-
Gates that they propose to treat tine questlgn
as one or reform. rather than OF Currency
re1orni- Some favor repeating the Wilson
act and bringing the Mckinley law into
force; Others favor a general revision of
The Tariff, and Others iavor dealing with
particular items OF the tariff by pop7gun
DilIs: but there is an almost unanimous
revenue, and thai Is what the Republican
Cong ress viii provide.
NEED OF REVENUE.
The fact that the Treasury now has gen
eral balance OF 81 T9.O15. 149, including
the gold reserve. does not seem to convince
the average Republican member that the
need of revenue Is not so pressing as the
need OF currency legislation
The embarrassing feature OF this position
for the administration lies not ouly IL the
difference between the Repu biican aud ad-
view. but in the fact that reve-
nue. legislation cannot possibly be secured
within a limited time.
Apparently the Republican leaders are
quite willing that the L resident shall be COM
PEELED To make another issue of bonds under
.xtsting law her tba n su bmit To his views
VI currency legislation.
They would then be able TO cont inue their
OF the administration as a debt
dericit-ma king administration
and To appoint special cummittees To inves-
tigate the terms or the various bond sales
President Cleveland will not be deferred
Oy these considerations from issuing bonds
ne moment he is CONVINCED that Congress
ioes not propose TO act. He and Secretary
sue which will be made up by the policy of
he Republican majority IN Iue House and
q take their stand in favor OF the retirement
1f the greenbacks ana the issue OF a bank
ng currency. They believe that public opin-
on can be educated to their view or the
natter.
USUAL GOLD DRAIN.
Bonds viii be delayed until after the
.oiidays, if it is safe: but they are likely
20 be forthcoming when the usual gold
irain OF the winter becomes mari ked and
he President will rely upon the traction
,f Congress in the direction OF currency
'eform for his viDdicatiOn before the
country.
kIglu economy in public expenditures
will be the Republican program Tor next
winter. aside from the inaction in
Heated above. Mr.. Reed has impressed
his necessity upon the older members
whom he has in his confidence, and with
whom he finds time, Notwithstanding the
ush OF callers, To consult regarding
matters not Connected with the person
lei of the committees.
This does mot mean that ''oheese-par-
ng' policy Will be adopted, or that the
rcat public works now in progress of con-
truction will be discontinued in order to
educe appropriations. But 1t does mean
hat no money Will be voted FOR new pub
ic buildings, except where urgent neces-
ity exists.
IL is also understood to mean that the
River and Harbor Committee will he so
constituted as to reduce those appro-
,TiatioDs to the lowest point consistent
With the needs of the government.