The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-03
WHAT THEY CAN Do.

WHAT THEY CAN Do.
We observe that Representative
Tawney follows the lead of most of
his party in pleading the baby act on
the financial question. The RepubI1-
cans. who called their extra session
to pass a tariff bill, who deliberately
chose between that and financial re-
form, and who exerted the whole pow
err of the administration to force
through the Dingley bill, when they
could have passed a currency bill just
as easily, must now accept the respor-
sibility. 1t will not do for them to
tell US about the impossibility of get
ting anything through the senate. 1t
is too late for that argument. They
could have managed the senate last
spring, just as Mr.. Hanna managed
to get for the Dingley bill the votes
Of senators who were as strongly
pledged to free trade as they were to
free silver. For whatever failure
there may be this winter at Wash
ington, the Republican party will be
held strictly accountable. Even with
the difficulties that it has to face, diff
f1culties of its own making, it is clear
that outside of a general currency re-
form act, there are many minor i'm
provements within the reach of con-
gress as now constituted.
One can mention number
of measures that could proba-
bly, be passed through the SEN
ate, as we'll as the house, if backed
by the full strength and the honest
purpose of the majority For instance.
we believe that congress, under such
circumstances, would consent to an
act providing that, when greenbacks
have been retired, they shall not be
paid out again except in exchange for
gold. This, as we have said previously,
Is a mere temporary expedient, but it
would help as far as 1t goes. If 1t is
asked where the money for redemp-
ton is to come from, since the new
tariff is another deficit breeder, 1t may
be answered from the sale of low rate
bonds Would the two houses agree
to authorize them? We are inclined
to think so, under proper conditions.
In the first place, there must be no
insisting that the word gold" occur
in them. All of our outstanding obli-
cations are payable in coin" and to
attempt to make an exception now, to
divide the national bonds into two
classes one payable in coin and the
other in gold, would be not only to
shake a red rag in the face of the SEN
ate bull, but it would be bad policy
in itself. Let such bonds be made
convertible at pleasure into currency
houses would sanction the issue of
such convertible bonds, and that OBJ
stacle would be surrounded
Again, it is quite reasonable to get
through an act prohibiting the issue
Of paper money of any description
in denominations of less than $1O 1t
people, because the effect of it would
be to force more silver coin into cir
culation. We believe sincerely that
the entire silver coinage of the coun-
try, and even more would be absorbed
with ease by the small business trans
actions Of the country if the little bills
were withdrawn Were the East to
use silver coin as does the West, there
would not be a dollar of it left in the
treasury. This is all a matter of habit
and the retirement of small notes
would, to a certain extent, prevent
the treasury from becoming the mere
storehouse of silver bullion and coin.
It is possible we believe, if desired.
to pass an act reducing the capital
required by law to organize a national
bank, and permitting the issue of bills
to the face value Of bonds deposited.
AS long as the national banking sys-
tenn remains in effect, this ought to be
done. 1t would encourage the forma-
ton Of banks in the less thickly pop
ulated districts of the South and West
and so increase their currency and
their credit facilities. While the meas
ures enumerated fall far short of What
ought to be done, and what the PEG
pie have a right to expect the Repub-
| lican party to do, we have referred to
! them simply because they are easily
| practicable. 1t cannot be said of them
that they could not be passed through
both houses just as matters stand
If more comprehensive and satisfac-
| tory measure is not possible, the ad-
| ministration, which elected to stand
| upon a tariff for the trusts and showed
| the financial question into the back
| ground, must accept the responsible
ity.