Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-27
A POPULAR LOAN
How Delegate Murphy Would Meet
the Financial Situation.
TEE PEOPLE WOULD BRING FORTHGOLD
He Thinks a Tariff Commission
Should Be Provided For.
LIBERAL APPROPRIATIONS

Delegate Murphy of Arizona expressed
very pronounced views to Star reporter
today in the course of a conversation upon
the needs of the country and the probable
tiles of legislation by the present Congress.
Speaking of the treasury situation, Mr..
Murphy said:
Il think the time has come to stop finan-
cial fouLdering in this country and devise
and adopt a distinctive American policy,
systematized effective and permanent"
''Do you believe in increasing the ma
tional bonded debt by further issue of
bends at this time?
A Popular Loan Advocated.
Under the peculiar existing conditions,
1 do, but believe that If an issue of bonds
is authorized it should be in the nature Of
a popular loan of at least $5OO,000,0OO, COW
cred by low-interest bearing, long-life bonds,
say per cent 10-30's of denominations Of
$1,000, $500, $3.50 500, $50 and $25. to be
subscribed for and taken by the people of
this country, and all greenbacks retired by
gradual process and reissue Of them pro-
kibited. Such action would put stop to
at least one kind of ruinous speculation in
American credit and wipe out Of existence
the present endless-chain system which
continually drains the treasury of gold.'
Would you require the subscription to
the $500, 100000 of bonds to be In gold?''
Certainly, and thereby bring into prac-
teal use the boarded gold Of the country.
While the bonds should call for redemp-
ton in 'coin,' 1t would be better and
easier to deal with our own people than to
do as we have been doing, viz, redeem a
coin bend in gold of foreign creditor
more as a matter Of sentiment on account
of imaginary necessity to protect national
credit than of law; but I am satisfied the
question of redemption would adjust itself
before the bonds matured."
do you think sufficient gold would be
subscribed by the people to meet the is
sue?'
eyes, and our citizens, think. would be
found not less patriotic than the French
in loaning to their government
To Avoid Undue Contracts.
would not the retirement Of the green
backs contract the currency to an injurious
degree, as the bonds used for the purpose
would be held as investment securities?'
81 think undue contraction could be
avoided by permitting the national banks
of the country to increase their circulation
up to ninety per cent, and possibly more OF
their reserve bonded deposits under a suit
able tax adjustment and they would sub
scribe to the loan for that purpose
"How would you satisfy the silver mem?
by retiring from circulation and pro-
hibiting the use of paper money in denoml-
nations under So and opening the mints of
the country to the free coinage of both
gold and silver. which would compel the
greater use of silver, stimulate its produc-
ton and assure its parity with gold, and
thereby content its friends without unduly
exciting the overproduction alarmists-gold
to be coined in denominations Of So $40, s.
and $3.50 pieces"
The Tariff Question.
How about tariff?'
at seems to be simple business propo-
sition that a sufficient tariff should be re-
quired to meet the expense account of the
government, and at the same time properly
protect American Industries and labor. 1
think a tariff commission should be created
and the question removed in a greater de-
gree from political strife and as fire.
quently recurring disturber Of American
commercial interests"
How about general legislation by this
Congress, do you believe in much being
done?"
Most assuredly do. The people elected
the present Congress in the belief that
something would be done to relieve tine en-
barrassments of the nation, and If Con-
gress proves itself incompetent or negli-
gent, the people will hold the responsible
party TO strict accountability, and prop
erly so. And do not believe in temporary
eXpediency or make-shift plans but in per-
manent and effective work. 1t is humilat-
ing that in time of profound peace the
richest country of the earth, with limitless
wealth and variety of resources, with
abundant harvests and immense reserves
of undeveloped property comparatively I'M
touched, a nation of Unreasonable produc-
tive power, should even be suspected Of in
competency in regard to financial methods
or any other responsibility of government"
Believes in Liberal Appropriations.
'Do you believe in liberal appropriations
and expenditures by the government"
Most certainly, if wisely distributed.
do not wish to be understood as favoring
wasteful extravaganza, but to build up the
country in the way of internal improve
ments, coast defenses, permanent good
roads and public highways on water and
land, under proper official management and
care. l would be glad to see billions ap-
propriated and expended and to go in debt
for such purposes 1 consider the very
wisest kind of economy. 1t would give
employment to labor, relieve distress. bring
prosperity and happiness to the people,
enhance the value of property and be safe
in a business way by building up and in
creasing the value Of the security which
would be required to meet the obligations
when they nature