The Grenada sentinel., 1896-01-25
AN INCAPABLE coMoREss.
n,stressing IAcapseity sf the nspablieaz
HCuAo.

AN 0NCAPAo1e NOsS00eSs
n..srs.s,ue Iacspseity ss the Rspabliea.
y" Hcnse.
The president urged congress not to
take a holiday recess without making
provision for pressing financial emer-
rency. Congress did not adjourn. It
recognized the need of action ut once
II there was to be action in time to do
any good. The house passed tarih
bill and a bond bill, neither of which
was of any use whatever for the pur-
pose of meeting the emergency.
Now we are told, after all this show
Of alacrity on the part Of the house,
that senators feel there is no necessity
for them to make haste" because
"neither of these measures can pass
for many long weeks and perhaps
months" Therefore senators proceed
in the most leisurely way to complete
the organization of their house as q
republican body and then talk Of ad-
iourning for week without attempt-
ing to do anything In response to the
presidents appeal.
Thus we have q complete and dis
,ressing demonstration Of the inca
pacity Of either house OF the present
congress to act nationally in situa-
ton which demands prompt action.
The one thing to be done was to pro-
vide for the maintenance of gold pay
ments at time when the gold reserve
was liable to be exhausted in the alb
sence of power to replenish it at once
by borrowing. The president asked
authority to borrow on the most favor
able terms and to protect the reserve
against further raids by canceling the
redeemed legal tenders or at least hold
ing them in the treasury SO they could
not he used again to empty the gold
vaults.
The house responded by passing .
tariff bill, knowing perfectly well that
it could not be passed and put into eff
feet in time to do any good, even if it
would bring in any gold when in effect.
and knowing just as well that 1t would
bring no gold into the treasury except
what was drawn out in exchange for
legal tenders. It also responded by
passing bond bill depriving the presi.
dent even of the power he now has to
sell bonds for gold drawn from sources
outside of the treasury. In short, the
house passed two bills to embarrass the
treasury, not to afford security.
And the senate confessed its utter in
capacity by placidly organizing as a
republican silver body and going to
sleep with the presidents alarm bell
ringing in its ears.
What sort Of congress Is this to
deal with state of affairs under which
It may become necessary to raise large
sums of money? Suppose war should
suddenly break out between this coun.
try and Great Britain, how would we
fare financially? New loans would
have to be authorized, for the treasury
department has no authority to issue
bonds for war purposes or for any pur-
poses not specified in the resumption
net. But no reasonable loan act could
be had from this congress. Even if
the house should develop sense enough
to authorize gold bond the senate
would have none of it.
If war should break out now about
the first thing this congress would do
would be to authorize great lot of
greenbacks and silver certificates
against alleged seigniorage. suspen-
sion Of gold payments would quickly
follow. The currency would depre-
ciate as it did during the civil war,
prices would 60 up to correspond and
the cost of the war would be at least
twice what it ought to be. And the
debt would have to be paid in sound
money or the public and private credit
Of the country would be ruined.
War would be a double calamity
with such congress in the saddle.
With the possibility of war confront
ing them people ought to be able to
see the importance of sound and solid
monetary system. They ought to see
that the government never should exer-
else the power to issue legal tender
notes except to meet some great exi-
gency, and even then should exercise
it 80 sparingly as not to cause depreci.
alton. They ought to see that such
notes should be withdrawn completely
at the earliest moment after the pass
ing of the exigency. But this congress
secs nothing Of the kind. 1t is far less
capable of enacting wise financial meas
ures than were the war congresses of
1861 and 1s65.-Chicago Chronicle.
------------------
Protectionist Trickety.
There is much talk in the organs of
the revenue emergency bill,' as the
proposed revival Of McKinlcyism on
moderate scale is called; and there is