Evening star., 1895-08-28
Mr.. BENEDICT'S PLAN
Two Points in His Utterances That Are
Significant.
He is Supposed to influence the Presi-
dent-He Presents No Substitute
for Greenbaeks.

There are two things that give to the re-
cent utterance of Mr.. E. C. Benedict on the
subject Of the retirement of the greenbacks
significance in political circles:
% Mr.. Benedict stands very close TO Mr.
cleveland. In fact, politicians believe that
the New York financier has the ear of the
President on the money question. and in a
measure influences the Presidents tudg-
ment on that and kindred questions. Mr.
Benedict Is very shrewd man. in touch
with the sentiment of his locality and some
thing OF politician himself. There is an
idea, therefore, that Mr.. Benedict in his
conversations with Mr.. Cleveland has made
an impression on him with regard to the
greenbacks and is now sounding public
sentiment in his own name. If the public
approves SO much in the way Of instruc ction
will have been gathered for use next year.
If the public disapproves no harm will have
been done Mr.. Cleveland The interview is
Mr.. Benedicts. 1t is only a matter Of as
sumption that Mr.. Cleveland indorses 1t.
O If this policy is brought forward In
Congress next winter, or, later. in the ma
tional campaign, 1t will receive the sup
port of Senator HILL Indeed 1t is the Hill
policy. The New York Senator has several
times advocated 1t in the Senate, and still
insists, as MI. Benedict does, that the green
backs are a menace to the health of the
financial system. Here, then, will be both
wings of the empire state democracy flap
ping together on one of the most important
questions of the day.
What VIII BE n Substitute.
But, II is suggested. the mere proposition
to retire the greenbacks will not suffice in
discussion of the financial question in its
entirety. II 1t is admitted that the green
backs are an evil that needs to be abated,
there then follows the question as to what
shall fill the place in the currency system
that by their retirement would be made
vacant. National bank notes? The south
Is opposed to the national banks already in
existence, and would be certain to object to
an increase in their number or an
enlargement of their opportunity. The
south would be AZ difficult to handle on
that, proposition as she has proved to be on
the silver proposition. State bank notes ?
The west knows nothing but by hearsay
about state banks, and that has alarmed
her. She has risen into statehood since the
war, and has known only the money
stamped by the general government. She
wants this continued. and the voluEne of
oppose state banks. She has repeatedly
voiced this sentiment through the ablest
of her public men. What, then. will be
offered. and n what volume. to take the
place Of the greenbacks?
Must be Specific.
The President, 1t is contended. will have
to be very specific in future on the money
question when 1t comes to legislation. The
silver men feel very bitter toward him for
his course In the matter of the repeal OF
the purchasing clause OF the Sherman act.
When that proposition was brought for
ward the silver men complained that II
was incomplete. They wanted to know
what was to take the place of the law the
President wanted repealed The Presidents
friends replied that that was another story.
The duty Of the hour, as they held was to
clear the decks for action. The purchasing
clause Of the Sherman act was characterized
as an obstruction to sound legislation on
the money question. Let that be disposed
Of, and then something wise and beneficial
would be done for silver. But nothing has
followed the repeal Of that act and the
silver men are very outspoken when they
refer to the subject. And SO they are call
ing for particulars now when Mr.. Cleve-
lands friend Benedict outlines what Is ac-
cepted as a probable new Cleveland move
on the board. What is the full scheme!
What Is to take the place OF the old cur
rcncy handed down from the days Of the
war?