The times., 1897-05-24
The stewart Amendment.

OF some promised features of the impend
ing debate which arc sure to be of more
than passing interest to the country. IT
has been soIemnly decided that the Demo
Gratis win not obstruct or filibuster against
the Administration i'll the matter OF the
structed and fttbIstered against the cnrse
OF liberty and humanity for the past nine
weeks; but viii only insist upon an orderly
and full discussion of every item Of the
measure. Other opposition clements are
understood to occupy a similar position.
This, however, should not be taken as
confection is at all likely to be enacted
into law, without undergoing some, per-
haps even considerable, alteration, evils
ceration, and SO on. For example, as
nearly as can be judged from present in
dications, the passage of the measure viii
be quite impracticable unless the Admin
istration is willing to accept something
like the Pettigrew antitrust amendment.
OF course, this will be bitter pill to swat
low; not for any danger it may involve
to trusts or monopolies during the present
Administration, but because 1t viii put
heavy club into the hands of the succeed
ing Democratic Executive.
Even greater trouble to the trusts and
their allies in power may he expected in
connection with the amendment proposed
by Senator Stewart, as follows:
1. There shall be a Treasury reserve
at all times OF $50, 600, 900.
2 Whenever there is a surplus over and
above TINS sum II shall be used for The
purchase OF outstanding bonds OF the
United States.
) Whenever there is deficit in this
reserve 1t snail be supplied by the issue
of legaEtender Treasury notes TO the
necessary amount, winch shall be redeeH-
able out OF the first surplus above the
reserve.
l. Anredemption of bonds aud Treasury
notes and all payments OF interest on bonds
shall be from whatever coin-whether of
gold or Of siIver-nay be lii the Treasury
at the time, and the Secretary is required
to coin all silver bullion now in the
Treasury, and 10 use for redempto.. pur-
poses silver dollars equal to the amoant
Of silver certificates which he may have
on band belonging in the Treasury.
Under ordinary circumstances this prop
ostion would be treated by the Admins
traton as nothing better than a piece OF
Mckinley prosperity" as it is, it can
not be SO considered, because Mr.. Dingley's
confession, that the Republican plan was
to create a Treasury surplus with which
to impomd and retire the greenbacks, puts
it upon u higher and entirely legitimate
plane, and it must be met on its merits
If it was Mr.. Dingley's design TO kill the
tariff bill In the Senate, he could not
have acted more shrewdly. His exposure
of the hidden purpose of his party could not
fail to put every bimetallic element of the
opposition on nUtice, and the Stewart
amendment is the first result No matter
how thoroughly men like Senator Jones, of
Nevada, and others of that ilk. may be-
lieve in the abstract doctrine of protection,
they are not likely deliberately to sacrifice
the grcenback, or otherwise to insure
further contraction of the currency, by
assisting the scheme confessed by Mr..
Dingley
Intrinsically considered, Senator Stew
arts proposition is in every way a goodone
1t would render the Republican design
against the greenback impossible of ac-
complishment. 1t would furnish the means
by which temporary loan without inter
est could be effected, to meet temporary
deficiencies Under it the use of silver
as well as gold would be compulsory for
purposes of redemption, and it would COM
pei the Administration to coin the bullion
now in the Treasury.
It seems TO us that here is the chance
of a lifetime for the President. He wants
free silver votes to pass his tariff He fire.
quently has expressed his ardent desire
to ''do something for silver Why should
not he seize the advantage here offered,
and tell his people in the Senate TO accept
the Stewart amendment? That action, per-
haps, might tend to make the path of his
fiscal policy path of flowers. Will he rise
to the opportunity?