Waterbury evening Democrat., 1895-02-22

ana MT. Walker introducing bills to re- peal the tax on state banks and the most "greenbaCkors" wanting to provide for morc silver. Mir. Bailey of Texas brought in the first comprehension bill for gen. eral reconstruction of the currency, but 1t was soon overshadowed by that of MT. Walker and that in turn by the somewhat famous Springer bill. MT. Talbert of South Carolina got in a curiously con- structed bill authorizing government loans to the state on the security of state bonds, and there have been all sorts of plans for having treasury notes redeemed half in gold and half in silver. Populist Davis of Kansas brought in a bill provid- ing for the reissue of the paper fractional currency and made q powerful argument on the convenience in transmitting small sums by mail. To Mir. Cooper of Indiana must be credited the one success after the first Wilson hill-authoriZing the taxation of greenbacks equally with other money.
 MT. Brookshire of Indiana wanted to retire all Grcenbacks and national bank notes of small denomination and replace them with coin certificates, and Mir. Coombs of Brooklyn wanted the whole matter handed over to commission of experts in currency to prepare q bill for the next congress. A dozen moro measures
 
 was summed up in Mir. Springer's first comprehension bill He was knocked out of course, tried it again and was knocked out in the house, but comes up smiling and says that he will continue the battle to the last day of the session. There is no objection To his amusing himself in that way.
 General Currency Bill Unnecessary.
 Taking tho situation as it Is today, 1 think the opinion of what may call the midCile class men in tho house may be summed up thus: There is really no necCS- sity for a general currency bill as MT. Cleveland has the power, or thinks he has, and will exercise it, to issue bonds un- der the resumption act so far as may be necessary to maintain gold payments, and what might Le gained in the way of inter est by his new scheme would be much | moro than lost by extending the timo for payment of the bonds Furthermore, the income of the government will before very long equal its expenditures and soon after exceed them, and the issue of bonds to get gold will simply mean fund ing the greenbaCks to that extent. To this many of them add the opinion, which give in the exact language of Mir Terry of Arkansas: This sale of $62, 0O0, GOO in bonds for gold abroad will simply result in the return and sale in this country of an equal value of American securities now held abroad. When the treasury bor- rows gold, there is boom in the stock market, and foreign holders promptly seize the opportunity to sell. They arc withdrawing their investments in this country and placing them elsewhere. The gold drawn into the treasury will bc again drawn ont and tho process repeated and | more securit icS returned from abroad. In short, we are simply transferring a cor porate indCbtnCSs to foreigners into na- tional indebtedness and paying premium for the privilege"
 Gold Output.
 To add to the hilarity of tho situation the director of the mint has once moro re- vised his figures on the worlds output of | gold and assures us that We may hope for much more thau $2OO, GOO GOO per year hereafter. the yield of tho United States alone having been $4S, GOO, GOO in 1894 McsSrS. Smc>scr and Hammond, engineers who have lately completed their work on the South African EoldtiClds, tell us that in the ] l miles already opened there are $l.- | 500, coo, coo in sight, and that by 1920 the whole field will yield $4, Oo0 0O0, 000 at the very least. IvsJ any hClder of gold should go 10 manufacturing door hinges out of 1t or any mortgage holder get scarCd, hasten to add 7:!Lt the international com