The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-11-20
PROBLEMS FOR 1898.
SOME FINANCIAL ISSUES THAT CON-
Germ THE FUTURE.


victory of the gold standard IN 1895 has
shown itself 10 have been indecisive. not
only in form. but also IN the number of
| votes by which 10 was achieved Not till
the last moment indeed did the Republic.
an leaders consent in 1895 10 admit the
mention of gold into the party platform,
and they explicitly avowed their willing
| ness to accept silver as a monetary stand.
ard, jointly with gold, provided the other
| commercial nations of the world would do
the same Fortunately the Democrats
| came out squarely for the free coinage of
| silver at the ratio of Is to without the
| aid or consent of any other nation. and
| thus forced the voters TO choose between
the immediate adoption of the silver stand.
ord and future adoption of it under by
pothetical conditions
BY what strenuous efforts the immediate
free coinage of silver at the ratio of 10 TO
! was defeated i'm 1896 will be remembered
by all, and the close vote of T. 100, 900
against IL TO 6, 500, 900 for it Is a matter Of
record That the silverites We're fully JUS
titled by the result in continuing their
fight the last New York city elections also
prove. New York city has by an enormous
majority declared itself at least indifferent
in the controversy, whereas a year ago it
voted by almost as large majority against
silver. New York state has, though less
decisively, also exhibited a change in its
temper.
Ohio, which year ago went overwhelm-
ingly against the silver candidate, is this
year doubtful, and may possibly send
silver senator to Washington next March.
Kentucky has declared for the silver cause
OF a - IL
the leading antisilver newspaper in the
state, the Louisville Journal, has been
compelled by the loss of readers to abandon
Its hostility TO silver and announces that
1t will hereafter support the Democratic
platform without reserve. Nebraska,
Bryans state, maintains the position it
took in his behalf last year, and so do all
the western states which then gave him
majorities. In fact, the aggregate popular
vote cast on Tuesday is nearly as large for
silver as that in the same territory was
against it in 1896 No wonder then, that
Mr.. Bryan exults and confidently predicts
success for silver in 1900.
How many votes were gained for the
Republican candidate in 1896 by the ex-
press promise of the party to maintain the
gold standard only until an international
bimetallic agreement could be obtained
and by the obligation it apparently as
sumed TO accept silver as soon as the effort
to reach such an agreement definitely
failed it is impossible to say, but their
number must have been considerable
Now that the event in view has happened
and Europe under the lead of Great Brit
ain, has refused to make the agreement to
the promotion of which the st. Louis con
venton pledged ITSELF the Republicans
must come out unequivocally either for
silver or for gold and if, as is most prob
able, they come out for gold, the question
whether the majority of the voters will
sustain them in doing so is one which
will be answered if not by the elections of
1898 then by those of 1900
Silver, though the chief, is not the only
financial issue before the country. A large
number of our citizens, Democrats as we'll
as Republicans, and many of them living
at the west-although the majority of
them reside in this section-are DESTROYS
to bring about what they call reform of
the national currency system, the leading
feature of which is the funding into in
terest bearing bonds of the government
demand notes, now serving the purpose of
money, and the substitution for them of
bank notes under conditions which will
make the issue of those notes more profit.
able to the banks than it now is. They
assert that the Republican party received
at the election of 1896 mandate from the
people to make this reform, but there is
not the slightest ground for the assertion.
and it is based upon nothing but imagina.
ton.
That congress will comply with any
recommendation to this effect is highly
improbable. Three years ago q bill based
upon similar recommendation from
President Cleveland was presented to the
house Of representatives, but got no fur.
ther than the committee of the whole, and
was then thrown out The speaker Of the
present house is VIGOROUSLY hostile to any
currency legislation az present, and is ap.
parently supported in this attitude by o
majority of the representatives. The senate
is committed against any currency scheme
OF which the free coinage of silver at the
ratio of 10 to Is not part. while the
house is equally committed against any
bill containing such provision.
More certain to arouse financial discus.
sion In congress Is the subject of revenue.
At present the government expenditures
are exceeding its income at the rate of be-
tween S75 900, 900 and $50 900, 900 year.
Hopeful officials of the treasury predict
bHdO us TcCclpUS nave TedCneu uHclT lOWeSU
point, and from now on will increase,
especially in the item of customs duties,
which have been kept down, they say, by
the large imports of dutiable goods made
last summer in anticipation of the passage
of the new tariff act. These goods having
at last been consumed, larger imports to
supply the country's wants must be made,
and these imports, under the new and in
creased duties, it is expected, will yield in. |
creased revenue. Besides this, the oppor-
tune sale of the Union Pacific railway will |
in January replenish the treasury by about
$p9, 600, 600, that sum being the excess of
the price which the government will re.
ceive for the railway over and above the |
amount of the subsidy bonds which it has
to pay off Making allowance, however
for relief from these sources, IL is tolerably |
certain that either new duties on imports
or new internal revenue taxes will have to |
be laid to prevent some part of the same |
Impairment of the treasury reserve which |
nearly created panic in 1896 The treas.
ury, 1t Is true, now holds over $3.50, 900, 600 |
in gold, and could have $50, 600. 600 more
for the asking II 1t had the notes to give |
In exchange for IL lint N hao M mona Of /