The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1895-11-23
MONEY
WHAT THEY MUST HAVE
To Run The Machinery of
Government.

1t is now plain that Congress
will have to raise added revenue.
1t is not now concealed that the
Governments expenditures are
much in excess of its receipts. No
matter how this condition is ex-
planned it is the bold, naked fact.
Something in the way of relief
must come,
There is no fixed plan as to how
the Republicans will act. While
the leaders have ideas separately
advanced, there is as yet nothing
crystallized. There is hardly the
expectation that in the face of Il
national canvass the party in pow
er is silly enough TO disturb the
tariff. That is, to disturb it or any
broad lines calculated to bring on
business agitation.
1t is, however, more than proba-
BILE that there will be an effort to
place a moderate duty on wool.
The demand of the West seems to
incline this way. A duty OF four
or five cents would add rather u
respectable income to the Treasury.
With wool as basis bill enumer-
ating other articles for duty may
be passed through both branches OF
Congress-, for there are Democrats
who will support it.
If 1t be passed Cleveland will
follew with q veto, and then comes
all that Is left. That is to say, the
Government will be compelled to
borrow money to pay its ordinary
expenses and IN aintain the gold
reserve.
1t is almost safe now to discount
that the Congress about to meet
will not submit to the proposition
to retire the greenback circulation.
Nor is it the expectation that it
will pass any law calculate ell to dis
turb the currency system as it now
exists. The President will doubt
less, in his message, recommend
the retirement of the greenbscks,
but will have nothing to offer save
the old Baltimore plan of the ma
tional banks. Furthermore, it may
be added that there will be no sill
yer legislation. Both parties fear
it as Il hOodOo.
With the President under the
power he now has threatening to
issue bonds to syndic ates, the Con-
gress will probably meet him on
these lines. That is to say. so long
as the veto intercepts, the Repub-
licans will be compelled to depend
on the sale of bonds TO sustain the
Government.
The Congress can check the
grasp of the bankers by providing
for a low rate of interest. 1t il not
improbable, hence, that provision
will be made for an issue of coin
bond running 80 years at 8 per
cent. The amount fixed is likewise
more liable to $30O,OOO,OOO than
$30,000,O00. A coin bond will not
of necessity stamp such bond a
god bond, but will he Il bond pre-
cisely in terms as are all other
bonds of the United States now ex-
tant. To give the people the chance
to absorb such loan the law author
izing it will carry with it the man
date that all such loans shall first
be offered for popular subscription
to the people.
1t is now known that the Presi-
dent does not contemplate another
issue of bonds in advance of the
meeting of Congress. There is
reason to believe that he will rec
ommend authority vested in him
to sell bonds at 8 per cent. with a
gOod-redeemable contract. This
Congress is certain to refuse. 1t
will, though, without doubt, au-
thorize 8 per cent coin bond, and
take away from the Executive and
Secretary of the Treasury the pow
er now claimed under existing law
to sell bonds for emergency pur-
poses. This can be overcome by
the issue OF large installment suf-
ficient to tide over the next nation
al election,
If successful at the polls the Re-
publican policy will be to raise
evenue by taxation rather than
going into debt as a makeshift.