The times. [volume] (Richmond, Va.) 1890-1903, 1897-03-26
THE SILVER MIN WILL NOr ALLo"
4 SETTLEMENT.

past few years mas plocecucu i'"i" '''
governments deficiency Of revenue. The
revenues have been insufficient. undouot-
edly. but the sole Inconvenience the pub
lie has experienced from that has been
the interest upon the debt the government
has created in borrowing the money ne
cessary TO make up the deficiencies. Ihat
has been done in this way. The fear oil
free coinage of silver has caused green
backs and treasury notes to be presented
for payment in gold. This has caused
the government to sell S262.WOOV oil
bonds for gold to keep up the reserve
But when it gave gold for its notes it
had the notes and the law requires II 10
nav out greenbacks and treasury notes
whenever they came into the treasury.
Though its revenues were short 1t had
these notes to use as reserves, SO that
it has never been pinched for a dollar
single day. The substance Of the case Is
that it has borrowed money to make up
its shortness of revenue. but what 1t has
borrowed is lot enough to give the Amer
preposterous. therefore to attribute our
troubles to this shortness Of revenue.
The effort is nothing but pretext for
tie protective tanff men to use in forcing
such a tariff bill upon the country. 1t is
unfortunate that Messrs Baily and Nc
MILAN, the Democratic leaders in the
House, are unable to present this view
Of the case, but having been amongs.
the most pronounced of the free coiEers.
they are thereby estopped.
All Of our serious troubles come from
want of currency amongst the farmers.
A most striking illustration of how
national money can never be made TO
serve the necessities Of the farmers is
the transmission Of great sums Of cash
every fail from the commercial centres.
New York especially. TO the South and
West 10 move the cotton and grain. IT
has to be sent periodically each fall.
which shows that as soon as 1t gets there.
by force of an uncomfortable national
law it goes right back 10 New York.
This ought to be demonstration 10 any
fair mind that If money or currency is
good all over the Union at par it will not
stay with the farmers but will leave them
for the commercial centres and that
ought TO be demonstration that their
condition imperatively demands a local
currency which will stay with them be-
cause New York will not have it.
Mr.. Mckinley stated in his inaugural
commission to study this question and
make suggestions TO Congress. 1t is
plain to our mind that this commission
should be provided for. consisting of nom
partisan men, who understand the sub
ject and represent every phase of opin-
ion touching it. Such a commission
would make recommendations that would
be simply invaluable. Nevertheless.
there is great danger that the PROPOSE
tiCn for a commission will be defeated.
and by the advocates of free silver for
fear that such a commission might solve
our curi ency problems and thereby Kill
free coinage and leave them out of a
job.
The uncommonly well-irformed Wash
ington correspondent of the New York
Journal of Commerce treats the subject
very fully in his letter last Wednesday
and makes the following remarks. after
stating that the Republicans will rot al
low bill to create a commission to be
considered until the tariff bill is out of
the way for fear il may interfere with
that measure He says:
1t might be supposed that the mere
proposition 10 appoint q commission TO
study the currency would not arouse such
pronounced IpOsltlOn as Il definite cur
rency measure. The silver leaders have
been considering this matter, however.
and they have made up their minds that
IL would cripple their cause to have d re-
port made 10y such a commission pro-
posing another remedy for existing cur
rcncy evils than the free coinage of sill
yer. They anticipate that the commits
sion would be constituted by President
Mckinley with a majority of members
favorable to q banking currency. They
fear. moreover. that although it might
not be directly within the province of the
commission, they would declare fatty for
the gold standard and point out how the
combination Of u gold standard and a
scientific banking currency would cure
the scarcity of money in the South and
West without causing the crash which
would attend the plunge to the silve-
basis. Holding these views. the silver
leaders intend TO oppose strongly the pas
sage of bill or resolution for the crea-
ticn of curr s1cy commission.
This is tho situation with which the
Republican leaders have to deal They
have not made up their minds. as has
Teen announced in some quarters. that
they would try the effects Of an increase
IN tariff duties upon the economic con-
ditiOn of the country before they even
considered the subject OF currency reform
but they have gone 50 far as TO determine
that tariff enactments shall come first.
and that they shall not be exposed 10
hazard by other pending legislation.
.
There is great timidity also amons
members OF Congress regarding the re-
tircment Of the greenbaCks. Even mem
hers who have invest igs ted the subject
and would sincerely like to see retirement
accomplished. believe that IL will be ne
cessary to proceed with extreme caution
in order TO prevent popular reaction
against the contraction OF the currency. -
which is the bugl car of certain class OF
0gitators.
Leading members declare that there Is
not be able TO conclude its work within