Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-02-28
One Serious Danger.

1t is supposed at Washington that finan-
cial legislation is over for the session, ana
that Senator Germans amendment to the
sundry civil appropriations bill will not
he pressed. But that same amendment is
one which ought to pass unless senators
wish to be responsible for other bond sales
like the latest The people, it is certain,
would prefer to have a chance to take any
bonds of the government directly without
paving a profit of millions to any syndi-
cate and as the president has tied himself
mn for six months by his bargain with
foreign bankers the voters look to con-
press 10 prevent other transactions of the
same nature. All that was legitimate in
the contract comes to an end when the
bankers have delivered their gold and
taken their bonds. If there exists, as some
apologists for the president say, any. agree
ment by the bankers to protect or wet
nurse the treasury for months after their
contract has been completely performed il
would be we'll to have any such hitherto
concealed compact brought to light.
One other point the friends of sound
currency at Washington surely will not
neglect. The dangerous provision asked
the sundry civil bill, giving him power in
reissuing legal tender notes to issue only
such denominations as he may phase,
and thus to suppress the small legal tend
ers in order to force moro silver certificates
into use, has no justification. 1t will be
Justly denounced, if adopted, as a contriv-
ance to throw upon the wage receivers
nearly all the risk and loss which may be
Of
not redeemabic in gold. Members of con.
gress will remember that the silver certifi
Gates are not kept at par by any provision
for redemption in legal tenders in gold,
and have already been so largely issued
that they embarrass business throughout
the country. Discrimination against
them in banking operations is simply I'M
avoidable, where no adequate means exis.
of emptying them into the treasury
through payments. 1t would be a crazy
policy to thrust many millions more of tn,
small silver certificates into the circula
ton with which wages are paid and retail
trade is carried on, and yet this appears
to be the avowed intention of the amend
ment in question.
1t is clear enough by this time, even to
Democrats OF fair intelligence, that this
congress is not the sort of body by which
any changes of the monetary system car
be safely made. There will come con
gress presently to which the people al
their last elections have entrusted the
power, and one of the most important
duties of that congress will be to make
whatever changes in the currency system
it may think requisite There is no pro.
priety in attempting to block the path oil
the next congress on this question by
changes which cannot fail to embarrass its
action, and may prove the turning point
in the gravest decisions for good or evil
This disgraced and moribund congress
is not fit to frame monetary laws upon
which the future may depend. Neither
ought Republicans themselves to be will
ing to change The currency system, in mat
ter certainly most important and which
may prove vital, with no more thorough
consideration than is possible in the dying
hours OF the session. The change which
Secretary Carlisle proposes is one which
ought to be defeated even though an APP
preparation bill should fail.-[New York
Tribune