Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-07

country is to be Congratulated on having
the situation placed in such, q clear light"
Chairman Dingiey Of Maine said: .The
message is practical state paper which
will be generally approved. The President
presents some excellent practical sugges-
tons as to the currency: What the Presi-
dent says relative to Cuba will L have no
doubt meet the hearty approval Of the best
sentiment of the country. THE President
wisely OmitS the usual Resume Of the de-
partment reports as an UNNECESSARY feature
In an executive message ESPECIALLY in these
days, when so many important questions
come up for solution BE- NJ
Representative Cox ST Tennessee the
ranking democratic member of the COM
mittee on banking and enrrepcy-"The mes
sage In regard to the currency in my judg-
ment. is an utter failure. If the policy adj
vocated was carried out into law, 1t could
only result in the contraction Of the cur
rency. Under the arguments made by the
President, it would be the duty of the gov
eminent to redeem silver in gold upon the
application of the holder of silver as read
lily as 1t does the United States notes. So.
If every paper dollar OF the government
was retired the raid could be made on the
treasury just as well with silver. In regard
to the recommendations as to banking they
are of such a character that no business
bank would do business under such law
True the recommendations would permit
the banks to take out circulation to the ex-
tent of the par value OF bonds, and would
result in small reduction of taxation on
ClTCuEaIlOn. But tHS ClIEdldtlOn Oh DOnQS
would cost the banker more on account OF
the premium and would cost him more to
obtain the circulation; therefore his interest
would be to use his money and buy no
bonds
Senator Teller, silver republican, don't
believe that any legislation will be enacted
authorizing the retention of the greenbacks
in the treasury until somebody is willing to
pay gold for them. The radical advocates
Of the gold standard will not be willing to
accept this suggestion, nor will the silver
men, so far as l am informed, favor this
disposition of the financial question. 1t
may be that the administration will be will
ing to go no farther to meet the demands of
the so-called currency reformers, but judg
ing from the utteranceS of the Secretary of
the Treasury, he will be willing to make
further concession. / do not believe that
the suggestion for the tying up of the
greenbacks will meet the approval of the
people, as such q course would inevitably
result i'll great contraction of the currency
Indeed, it looks to me as If the suggestions
of the President would not be satisfactory
to any great number of people of any par
ty. The President is certainly mistaken
when he says that the government Is
obliged to redeem its obligations in gold
1t has been the policy of the administration
to so redeem, but there is no compulsion on
this point
Chairman Walkers Criticism
Representative Walker Of Massachusetts,
chairman of the committee OH banking and
currency, said, as to the financial features
of the message: Il fear the message is not
sufficiently specific and does not go far
enough to relieve the situation. .It does not
recommend that anything shall be done
until the revenues exceed the expenditures
of the government, which may be many
months in the future, and is far from i'm
mediate action. Secondly, the recommends
ton that greenbackS be not paid out eX-
cept for gold when once redeemed In gold,
II enacted into law. would enable one man
with 100000 of greenbacks demanding
gold of the treasury and then depositing the
gold in the bank for greenbacks. and re-
peatiEg the process 346 times. to retire the
whole $346OO0,0O0 in the time it would take
him to oscillate between the subtreasury
in New York and lis confederate foreign
broker. The recommendation that banks be
required to redeem their notes in gold with
no other provision of law, would cause
every bank in the country TO surrender it's
circulation, and then what. agency would
keep the country on a gold .basis?''