The herald., 1898-09-26
THE NATIONAL ISSUE

THE NATIONAL ISSUE
The questions to be passed upon at the
next November election relate to- both
national and state affairs. Representa-
lives in congress deal exclusively with
those Of the nation, but the governor and
the legislature have voice In both
the governor because he may be called
upon to appoint United States senator
Ind there is one to be- elected by the
legislature at the coming session.
AS far as the representative in con-
Eress is concerned, his election will turn
upon the opinion of the majority on the
national issues, and the same will be true
IN regard to the senators and assembly
men, unless state issues are deemed
more important than national.
In this connection 1t is not our pur-
pose to discuss state questions, but some
hat are national. The tariff question is
not now before the country. There Is
reneral disposition to let 1t sleep for
lwhile, as conditions are such that an
attempt to revive 1t would be ill-timed
Ind inappropriate. On the one side 1t is
not pretended that more protection is
necessary to Industrial development,
md on the other it is not contended that
The principle of tariff for revenue only
demands an enlargement of the free list
,r a reduction of duties on the taxable
list The government needs all the rev.
enue it can get from the duties imposed
by the present law. Besides, the country
has become tired of tariff discussion, and
wishes rest on that subject.
The money question: Is the live and
great issue Of the day. 1t is not because
one side makes 1t SO, but because all
sides give 1t the most conspicuous place
in their conventions and discussions.
The recent Omaha conference was an
indication that the financial problem Is
uppermost in the public mind. Gold
men, silver men and paper money men
keep the subject in the forefront All
sides are impressed with the idea that
1t is the greatest material questions
pending, and the one upon which there
is the greatest need that the people
should be educated and aroused.
The administration party presents its
propositions very plainly. Mr.. Secre-
tary Gage is the organ, supported by the
Bankers alliance and the committee on
banking and currency of the national
1f %o+;
stions are that there should be coinage
only of gold and subsidiary silver pieces;
that the gold standard shall prevail In
domestic as 1t does in foreign commerce;
tired by funding into interest bearing
bonds, except SO far as the government
may be able to redeem with the surplus
In the treasury; that measures shall be
put into operation to retire the silver
dollar or place it on a parity with the
gold dollar, the government standing
the loss, if any is incurred, and that the,
sole power to supply paper money shall
be conferred upon banks.
The effect of this policy will be to con-
fine our money volume to gold coins,
subsidiary silver coins and bank notes,
and to have gold only a legal tender.
Bank notes have never been made legal
tender, and cannot be, as they are not
the money supplied by government, but
are the obligations Of private parties.
While it Is proposed to make bank notes
redeemable in gold coins, the time Is
looked forward to- when the value Of
bank notes shall rest exclusively upon
bank assets. These statements are made
upon the views uttered by Secretary
Gage and the Bankers alliance. The
national Republican platform declares
that "all our silver and paper currency
must be maintained at parity with gold"
On the other side the propositions are
that there shall be free and unlimited
coinage of silver and gold at the time
honored ratio Of 1G: to /; that the green
backs shall not be retired, and, while
existing national banks are not to be
disturbed. the general government should
supply the necessary paper currency;
be made legal tender for all debts, public
and private. The power of congress to
do this has been affirmed by the supreme
court of the nation. 1t is held to be
wiser for the government to issue its
obligations as principal than to become
surety on the notes of banks, which Sc
curity alone gives them credit in gen.
eral circulation.
The administration party would have
legal tender only such money as will be
accepted by foreign nations, while the
other side would have money adapted
to internal traffic, both In kind and vol