The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-02
I'VE 30 NOT NEED MORE MON
Ely"

no represented at a preliminary currency
conference to be held in that city this
week. The plan is to propose some sort
Of a currency plan that will take the West
and South out Of vassalage TO New
York. to permit a safe expansion of the
currency when needed, and obviate the
dangers OF the single gold standard with
ont resorting to free coinage. There are
very many people, bankers included, who
are anxious for legislation that will pro-
vide better and a safer system than
the narrow and disastrous one with which
The country is now cursed They hope to
see Congress take hold Of this matter
earnestly and enact better currency leg
islation.
we hope the effort win be successful,
and the silver men will not stand IN the
way of any plan that is proposed in
tho interest of the real business interests
of the country. But we are not among
those who expect to gather figs from
thistles, The influences behind the Nc
KinIey administration do not want any
increase in the circulating medium. They
believe or affect to believe that we are
suffering from "a plethora of currency"
as some of them have expressed it.
In reply to a circular letter which the
New York Commercial Advertiser has
addressed to the presidents of leading
banks throughout the country, asking
their views upon the question What
shall be done with the currency Mr..
w. H. Thompson, president of the Ma
tional Bank of Commerce in st. Louis,
says:
II have your favor Of the 10Th in
slant, and note contents. In reply,
would say that, in my opoinion, the
best thing the present. Congress can
do with the currency is to let 1t alone.
Ii they will provide sufficient reven-
ne to pay the expenses Of the gov
eminent, the currency will take care
of itself"
Commenting on this letter, the Boston
Herald says:
''Mr. Thompsons reply is as sensi-
BILE as it is sententious. His advice
to Congress will find a very wide
echo i'm business circles. There is
nothing to be expected from the pre-
sent Senate in the way of direct leg
islation to remedy the defects of our
currency system. Fortunately, these
defects are not as serious as alarm
lists suppose them to be, and, even If
they were much more dangerous, it
would be better to bear them till
there was some reasonable prospect of
proper action for their removal than
to look for remedy to the Fifty
fourth Congress in its deaththroes.
I'm the past. both remote and
near initiation has been the rock upon
which American currency systems
have gone to wreck This danger still
threatens us, although happily it now
comes mainly in an indirect way. The
deficiency of the revenue is operat-
ing with very considerable initiative
force by taking currency out of the
Treasury and pushing it into circu-
lation to an extent that brings an ex-
port movement of gold into sight.
This Congress, as we have said, can
not be trusted to touch the currency
by direct legislation But, perhaps,
under pressure OF public Onion, it
might vote for some acceptable COM
promise by which the revenue would
be temporarily raised to the level
of the expenditures. Or, failing this,
it might, as the Herald has suggest
ed, authorize the issue of short term
certificates Of Indebtedness to meet
the deficiencies of the revenue for
time"
These expressions may be said to fairly
represent the sentiment of New York
and New England. They have sufficient
money to do business. They do not APP
preeiate the conditions that exist in I'M
developed sections or in agricultural COM
munities, or if they appreciate it they do
not desire to make any change. Now
all the grist goes to their mills. Any en-
largement of the circulation night change
all that Chandler may say that the result
of the late election is favorable to BIZ
metallism, and Russell (who ridiculed
the idea Of free silver in his speeches to
the negroes in the campaign may predict
that the Republicans will redeem their
pledge to give the country bi-metallism.
But the policy outlined by Mr.. Thomp-
son will be carried out. 1t will be the
policy of the party, no matter what
pledges may have been made or which
may be made in the future.
MORE PECKSNIFFIAN HYPOCRI-
sly.
One more post master who was active
in the support of Bryan has been decapi-
tated. There can be no earthly objection
to the removal of all Federal officials who