Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1897-12-21
NEWS FROM THE CAPITOL
An Interesting Letter From Our Cor
respondent at Washington.
WASHINGTON, ID. G., Dec. Is, '97

the outlook becomes more hopeful as
the time for action approaches. Presi-
dent McKinley's admirable message
has clarified the atmosphere, so to
speak, and has suggested such simple
and effective solutions of the apparent
ly vexed problems that there is great
encouragement, not alone among
friends of the administration, but
among people who actually want to
see definite action upon these important
questions and to see them adjusted
without reference to party prejudice or
partisan bias.
The currency problem, which looked
so large and alarming few weeks ago,
assumes very different aspect in the
light cast upon it by President Nc
Kinley's message. Simple rs his
proposition is, many people see in it an
open door to final solution of the
currency problem, and one through
which the Government may walk
without danger of disturbance. The
feeling which existed few months
ago, that revision of the currency
system and one which should eliminate
the gold-bearing obligations could not
be accomplished without a general up
setting of business methods, and per-
haps without materially increasing the
Indebtedness of the Government, is
rapidly giving way in view Of the ad-
mirable plan outlined by the President.
"If the Congress will follow the
Presidents advice in this matter" +"
said distinguished and experienced
official of the Government, who has
had a long opportunity to study mat
ters of this kind, "the people of this
country will wake up some fine morn
ing few years hence and find that the
currency system has been changed in a
satisfactory way without any financial
disturbance and almost without the
people being conscious of it. The Presi-
dents proposition to retain in the
Treasury the gold demand obligations
which are redeemed in gold, and to
permit the national banks to increase
their currency so as to fill the vacancy
that this retention of United States
notes would cause, and also that the
banks be required TO redeem their own
notes in gold, will, if carried out, grad
ually transfer to the shoulders of the
banks that duty of providing the gold
fol the demands ofthe country which
the Government has heretofore at
tempted to maintain. This plan, if
carried out, would, in my opinion, solve
the entire currency problem, and do it
i'm such gradual, quiet way that it
would not disturb business conditions
or compel the increase of the interest
bearing Indebtedness of the Govern
ment. "John Sherman, when he was
preparing as Secretary Of the Treasury
to resume specie payments, said: 1.-The
way to resume is to resume" Now it
seems that another Ohio man has come
to the front with an equally simple,
practical currency reform proposition,
which may go into operation as
smoothly and satisfactorily and with
sumption under Secretary Sherman,
now the distinguished and honored
head of the Department OF State
The few people who were inclined to
criticise the operations of the Dingley
law have learned that their criticisms
were not well founded. That law has
in it's first four months produced near
ly ten per cent, more revenue than did
the Wilson law in the corresponding
four months of its history, and has in
creased its earnings more than twenty
five per cent, in that length Of time.
Assistant Secretary Howell, who has
been many years connected with the
customs service of the Government,
has caused very careful estimate to
be made of the earnings which this
law would have produced in the past
four months had the importations been
up to the normal. TO obtain the nor
NAL importations he takes those of the
wear 1892, which was looked upon as q
fair example of the importing habits of
the United States. He finds that If the
importations of the past four months
had been equal to those of the cores
ponding months in 1892 the customs
earnings of the new law would have
been SlO2, 900, 600 instead of $34 600 900,
as they were, or an average of nearly
SIT 600 900 per month in excess of its
actual earnings meantime. This gives
great encouragement to the friends of
the law, and they look forward with
absolute confidence to its earning ca
pacity and to the probability that it
will, within the next few months, show
to the country its ability to supply all
the revenue needed.
On this subject it is proper to say
that the sO-called estimates OF the
Treasury Department which indicate
that the revenue for the next fiscal
,,oar will no SoI OOO OOO short of the eX-
penditures are entirely misleading.
The law requires the War Department
to include i'm its river and harbor fig
ures the entire estimates of the officers
in charge of the various works, which
brings the estimate for river and har-
Dor work, alone, for the fiscal year
above $6O,OOO,OO while it is well
known that the custom is to appropri-
ate no more than One-fourth of that
sum. 1t Is thus apparent that while
the estimates for expenditures are NOM
inally in excess of those relating to re-
ceipts, in fact the receipts will be