, 1897-12-27
WARREN'S VIEWS.
HE DISCUSSES IN y CANDID MAN
NER FOUR OF THE LEAD
ING ISSUES.

ING ISSUES.
He Lends His Endorsement to the
Recommendations Made by Presi-
dent Mckinley, But Does Not
Agree With Gage-Cleveland's
Tricky Civil Service Extension.
Senator Francis +. Warren returned
Christmas morning from his duties at
the national capital, being compelled
to forcgo the pleasures of the Yule-tide
festivities with Mrs. Warren and the
children by urgent business matters at
Warren has decided opinions upon all
questions which are upp"rmost in the
public mind and has given The Republic
can an interview on the four leading
issues at the present time. Mr. Warren
says:
Il do not think the financial bill pre-
pared by Secretary Gage will pass in the
form presented by him The PROPOSE
ton t, permit national banks to issue
their circulation notes up to face value
IF the United States bonds deposited
as security is a good one. and ought to
prevail. There is no reason why the
government should discount its own
bonds and allow but 90 per cen cur-
rcncy to be issued against them when
the market value Of such bonds is much
above par. Mr.. Cages proposition, en-.
dOrscd by the president, to issue no
bank totes in denominations of less
than SO, is good and tends towards the
further actual circulation Of silver. The
propositions are COmmcndable, to pro-
vide for national banks in smaller
towns with smaller capital than now
authorized; also to provide additional
circulation issued by each bank against
its capital: this issue insured by the
United States through a 2 or 3 per cent
bank tax on such currency.
AS our present national bank law
tends to draw loanable funds to the
large cities and in this way drain the
country and the undevcloped west, We
ought to provide for small local banks
and give them the right to issue money
to the full amount of their capital stock
and thus relieve this situation in the
west and greatly promote develop
ment.
"All these propositions mention
ed tend to increase the circu.
lating medium and if adopted would
make practical the further suggestion
of the president to hold in the treasury
all 'greenbacks' as fast as redeemed for
gold, only paying them out again where
gold is received in exchange therefor.
This retention of these so-called end
less chain greenback5 in the treasury
would contract the currency except for
the desirable changes before mentions
ed.
After the government adopts this
plan with reference to the gr~eenbacks,
it is not so much at the mercy of i'm,
porters and bankers who so frequently
raid the treasury of gold tosend abroad
There is no reason why the government
should undertake to furnish every i'm
porter in the country with all the gold
he wants to pay foreign bills with. Let
the merchants and bankers furnish
their " gold for expectation. This
might have a tendency to decrease our
imports but would serve to stimulate
our exports of produce and merchan-
disc in order to provide the means to
meet foreign balances.
"Mr. Cages idea of more firmly fast
ening the gold standard through the
issue of new gold bonds in place of the
governments present outstanding
bonds payable in coin. is an entirely
new departure. This proposition was
not advanced by the president in his
message nor is this action called for
by anything contained in the St. Louis
platform. Hence such ideas are perso-
Hdl W WI. bdSt dlu olneTS, ana are
not party utterances of the republican
party.
while the government will undoubt-
eddy preserve the present parity, max
ing every dollar as good as any other
dollar. whether it be of gold. silver or
paper. yet the uncalled for additional
prOvision-so eXpressed-that they
shall be paid in gold, is considered not
only unnecessary but as positively
dangerous. If all our bonds were
changed into those providing strictly
that gold alone could be rendered in
payment, it might be an easy matter
at some time, for n or more foreign
countries owning largely of our securi-
ties, to temporarily at least, corner the
gold, and this nation would not then
have what is now accorded to every in
dividual (unless a contract provides
otherwise)-the right to pay its in,
debtedness in any good money, even
though it may not be the yellow metal
itself.
CIVIL SERVICE.
civil service, as extended by Mr..
Cleveland in his wholesale order pro-
mulgated after his party was defeated
at the polls, is not popular in either