Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1897-11-04
WASHINGTON LETTER.
From our Regular Correspondent.
WASHINGTON, Nov. 1, 1897.

Secretary Gage now owns up to the gold
scheme, which so many Republicans took
the trouble to deny when it was publicly
stated a short time ago that it would form
the foundation of the Administrations
attempt to scure financial legislation from
Congress at the coming session. Mr.. Cages
statement to the Cabinet has been made
public, probably with the hope that it will
meet favor with the people to sufficient
extent to influence Senators who are natu
rally opposed to such scheme, which,
for bamboozling purposes, Mr.. Gage calls
anti-radical in character. This country
fought the greatest war of modern times |
without finding it necessary to issue sim |
gle gold bond, yet, now, in time of peace
and amid boasts of continued and increas-
ing prosperity. the administration will ask
Congress to authorize the issue Of suffi- |
Gent quantity of gold bonds to refund the |
entire bonded Indebtedness of the country
and to add a hundred or two million to
the gold reserve fund. Some of the argu-
ments advanced in favor of the change are
little short of the ludicrous. For instance, |
when Mr. Gage says that making our entire
bonded Indebtedness payable in GOLD
would strengthen and confirm the public |
credit and put us in position to command
the markets of the world for our securities
on the most advantageous terms" Every
school boy knows that we already occupy
that position; that the securities of no
country on earth are in greater demand all
oyer the world than those Of the United
States
Mr. Gage repeats the Cleveland Carlisle |
recommendation that the greenbacks and
Treasury notes be retired and offers as
substitute the probable increase of National
bank notes that would follow the adoption
of his recommendation to allow National
bauks to be established with capital OF
$25 900 in towns of less than 1000 inhabi-
tants and to allow all National banks to
issue notes to the par value of the bonds
they have deposited with the Government
to secure their circulation. Taken all in
all, the financial recommendations of the
present Administration bear a close resem-
bIance to those of the CleYeland- Carlisle
regime, and the following words written by
Mr.. Gage, after telling how prosperous the
country is now on account of bOuntiful
crops, etc., indicate that the Administra-
tion might even follow Mr.. Clevelaud's ex-
ample in giving the country financial
object lesson to impress its views upon
Congress. Unfortunately these good con-
ditions cannot be assured to us. Commerce
and industry, sensitive to all unfav0rable
events, and watchful with anxiety against
dangers as yet unseen, need for their full
rehabilitation from past reverses and de-
pressions, renewed confidence that the
Governmtnt finances are to be firmly
placed on stronger and more enduring
foundations than now exists" In other
words, the establishment of the single
r. 10 Al,
will of an Administra ion, as at present, is
demanded. The difference between de-
handing and getting from Congress will
soon be apparent from the Administration.
How the Dingley tariff law acts to re-
duce our trade with Mexico-trade which
naturally belongs to u.s. is shown by the
following remarks of Mr. Ell Stillsen. now
in Washington, who has been in Mexico for
fifteen years. as manager of Philadelphia
silver mining company This country,
think, is not pursuing exactly the right
policy in its relations to Mexico We
ought, by right of contiguity. to haye
almost monopoly of the trade of the sister
republic. Every body knows that instead
of buying the bulk of its imports from the
United States that Mexico prefers to get
them of France and Germany. The reason
for this is that we have put high tariff on
Mexican products and so the Diaz govern
ment thinks it proper to get back at us by
levyiDg stiff dnty on American wares
The goods of France and other foreign
countries are not SO heavily taxed and
therefore crowd Yankee products out of
the market. AS long as we levy such high
tribute against them, We may expect to
see their trade almost monopolized by
fraua- A t1antic countries
Notwithstanding the jollying that
Attorney General McKenna has been pub
Iicly giving himself for his work in help.
ing the Huntington syndicate make sure
of getting the Union Pacific railroad at a
price admitted to be many millions below
the actual value of the property, be is said
to fear that it may keep him out of that
coveted seat on the bench of the q. S. Su-
rreme Court, to which be will be nomina
ted in few weeks. He knows that there
are a number of Senators who are thor
oughly posted on this whole U. P. bust
ness, and he has dread list they should
see fit to either hold up or defeat his nomi
cation to succeed Justice Field, as pun
ishment for his connection with the deal.