The San Francisco call., 1897-12-22
FINANCIAL LEGISLATION PROSPECTS

HE prospect of legislation for banking and
currency reform is not as hopeless repre-
sented by some members of Congress and
some Eastern newspapers
In the party platforms and the campaign of last
year there was a unanimous admission of the need
OF legislation to such end. The sound money
finally got together and pooled their issues, and in
this followed by the iatists who soughed their
specific differences and stood together in behalf of
liberating the financial wild cat. The sound money
men prevailed by large popular and electoral vote.
The significance of the vote may appear when it is
remembered that Mr.. Cleveland had a popular
plurality General Harrison in 1888 of o8,544,
and in 1892 OF 372562. In 1896 this changed to
popular plurality for Mckinley OF oo3,o44 These
hgures mean that the people who want sound
finance, agreeing with Mr. Clevelands we'll known
views on that issue, followed him. and that the same
people followed the same principle in 1906 and
thereby reversed the apparent partisan control of the
country. If we turn back to the atmosphere of the
last Presidential campaign of the necessity
Tor financial reform is enlarged. We witness again
the separation OF the sound from the unsound money
Democracy and that contest between the two wings
that in its tactics and evolutons had precedent
in political history. Turning to the figures re-
cording the result find that nearly 900 counties
i'll the Union with record of unbroken Democratic
majorities for twenty-five years, gave to Mckinley
popular majority of 100000 votes, and that Cali
fornia, Illinois, Connecticut, Delaware, Indiana,
Kentucky, Maryland, New Jersey, New York, West
Virginia and Wisconsin, which in 1892 gave Cleve-
land popular plurality OF I72473, in 1896 gave Nc
Kinley popular plurality Bryan of 72I,3o7.
There many who claim, with large show of
reason, that the spine of this strength was furnished
by the sound money men. We discuss the matter
only tentatively, going further than President Nc
kiney goes in his message. There will be differ
ences the details of any plan that may be sub
mtted, but IT, after raising the expectations of the
country that some plan is to be put in issue none
appears and the party put in power by the expecta-
ton OF such plan makes no response, we respect
fully suggest the difficulty of year meeting the
positive plans of the iatists.
In the fiat money idea there is an appeal to
positive fanaticism which sets the face of a crusader
against reason and demonstration and goes straight
ahead This is shown in the State of Nebraska The
advance in prices made the agricultural output of that
State for 1897 worth $3oo,ooo,ooo and the official
figures from each county, collected by Henry
w. Yates of Omaha, show that the mortgage in
debtedness OF the State reduced this year $26-
100000. Now here are economic and financial facts
which apparently negative every theory of the iatists
and yet they carried Nebraska at the November cleo
ton by larger majority than they had ever OBJ
tanned at preceding State elections Whether in the
face of such results the party in power can afford to
lose the confidence placed in it by the non-hatists
by failure to form solidy around plan for finan-
cial reform, is for the practical politicians to con-
slider. Senator Chandler is out against any attempt
at reform He says that all that is necessary is to
pass the appropriation bills, take care of Cuba and
Hawaii, and adjourn Congress in May next This
may be wise 1t may be that the attention OF the
country can be diverted from the serious possibi-
ties OF present treasury situation by spectacular
policy toward Cuba and Hawaii, but the pathology
OF political diseases is rather against his hypothesis
With such conditions existing as the President has
diagnosed in his message, many will doubt the posi-
bility OF their by amusing the Country with the
affairs of two little islands. Cancer cannot be cured
by taking the patient to a circus When Congress
meets after the holiday recess the different plans for
currency reform will go before the country and their
merits will be ready for discussion.
It is plain that the fatists will fight any plan that
will remove this question from among the issues of
1893 and 1900 The Republican party may keep
STILL, as Senator Chandler suggests but it will have
some difficulty in keeping the other fellows still
We believe that he is manifestly in error in contend
ing that the placing of our banking and currency
system sound basis forecloses all effort and con-
ciudes all probabilities of international bimetallsm
He in treating the Presidents stand for non
his dramatic declaration that President Mckinley
must decide whether he will act tor his people or
his plutocrats" would become Bryan more than it
does New England Senator
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EVnoCITTONJ