The Republican journal. [volume] (Belfast, Me.) 1829-current, 1897-12-23
Our Washington Letter.

What will Congress do about the great
subjects which are to come before it?
This is a question good many people in
Washington and elsewhere are now ask
ing. OF course, it is more easily asked
than answered, but the outlook becomes
more hopeful as the time for action APP
pYoaches President Mckinley's admir-
able message has clarified the atmosphere,
50 to speak, and has suggested such simple
and effective solutions Of the apparently
vexed problems that there is great en-
enlargement, not alone among friends of
the administration, but among people
who actually want to see definite action
upon these important questions and to
see them adjusted without reference 10
party prejudice or partisan bias.
The currency problem, which looked SO
large and alarming a few weeks ago, as
sumes very different aspect in tie light
cast upon it by President Mckinley S
message. Simple as his proposition is.
many people see in it an open door to a
final solution of the currency problem,
and one through which the Government
may walk without danger of distul bance.
The feeling which existed a few months
ago, that a revision OF the currency sys
tenn and one which should eliminate the
gold bearing obligations could not be
accomplished without general upsetting
Of business methods, and perhaps with
out materially increasing the Indebtedness
OF the Government, is rapidly giving way
in view Of the admirable plan outlined by
the President.
IF the Congress will follow the Presi
dents advice in this NATTER said dis
tinguished and experienced official of the
the Government. who has had long OPP
portunity to study matters of this kind,
the people OF this country will wake up
some fine morning few years hence and
find that the currency system has been
changed in a satisfactory way without
any financial disturbance and almost with
ont the people being conscious Of it. The
Presidents proposition to retain in the
Treasury The gold demand obligations
which ale redeemed in gold, and to per
mt the national banks TO increase their
currency 50 as to fill tile vacancy that this
retention OF United States notes would
cause and also that tie banks be raqtJir-
ed to redeem their own notes in cold
viii. if carried ont, gradually transfer to
the shoulders Of the banks that duty of
providing the gold for the demands of the
country which the Government has here
tofore attempted to maintain. This plan,
if carried out, would in my opinion, solve
the entire currency problem, and do it in
such gradual, quiet way that it would
not disturb business conditions OF compel
the increase of the interest bearing in
debtedness of the Government John
sherman, when he was preparing as Sec
rotary Of the Treasury, to resume specie
payments, said: The way to resume is
to resume Now it seems that another
equally simple, practical currency reform
proposition, which may 90 into operation
as smoothly and satisfactorily and with as
valuable results as did the specie resump-
ton under Secretary sherman, now the
distinguished and honored head of the
Department OF State
fan 11 l,.N n.
criticise the operations Of the Dingey law
have learned that their criticisms were not
well founded That law has in its first
four months produced nearly ten per cent.
more revenue than did the Wilson law in
the corresponding four months of its his
tory, and has increased its earnings more
than twenty five per cent. in that length
of time. Assistant Secretary Howell.
who has been many years connected with
the customs service Of the Government
has caused yery careful estimate to be
made of the earnings which this law would
have produced in the past four months
had the importations been up to the nor.
NAL. TO obtain the normal importations
he takes those of tie year 1892, which
was looked upon as a fair example of the
importing habits of the United States.
He finds that if the importations of the
past four months had been equal to those
of the corresponding months in 1892 the
customs earnings of the new law would
have been S102, 900, 900 instead of S34 900, :
900, as they were, or an average of nearly
ST, 900, 600, per month in excess of its
actual earnings meantime. This gives
great encouragement to the friends of the
law, and they look forward with absolute
confidence to its earning capacity and to
the probability that it WILL within the
next few months, show to the country its
ability to supply all the revenue needed.
On this subject it is pr oper to say that
the so-called estimates of the Treasury
Department which indicate that the rev
enue for the next fiscal year will be 81, :
900, 600 short of the expenditures are en-
tirely misleading. The law requires the
War Department to include in its river
and harbor figures the entire estimates of
the officers in chance of the yarious