The San Francisco call., 1899-10-08
FINANCIAL LEGISLATION.


some asperity, the proposition to have any
financial legislation at the coming session OF
Congress It's first reason is that what one Con
gress can do another undo, and, secondly that
as long as we maintain present tariff system we
shall be all right"
AS the existing tariff is nothing but legislation By
one Congress and another may undo it, il would
seem that there is flaw somewhere in the Chronicle
logic
The Republican party came into power in 1896 to
do two things-reform the currency, establish
sound finance and pass protective tariff. The mem-
ory OF men runs easily back the campaign OF that
year and recalls the pledge for sound money and the
gold standard made every stump and in every Re
publican paper between the Each pledge
made by the party had to be redeemed by legislation,
but the position OF the Chronicle that neither should
have been redeemed because what Congress
can do another can undo" Therefore Congress- Re
publican in both branches should not do anything to
carry out party pledges and policy because it will not
be finaity and may be undone by another Congress.
In this country parties struggle Tor supremacy and
power in the Government solely for the purpose OF
mpressing their policy upon its legislation and ad-
ministration According to the Chronicle idea it is
useless to add anything the legislation OF the first
Congress OF 1880 because subsequent Congresses
would undo it,
The Chronicle says there is a growing feeling that
1t is inexpedient to precipitate debate the sub
ect OF monetary reform at time when all OF the best
arguments OF those who are advocating the necessity
OF an immediate recognition OF the gold standard
be refuted by the presentation OF few facts
These facts are stated be the balance OF trade in
our favor and plenty OF gold in the country. The
Arkansas traveller found with roof on his
house who excused himself for not putting one on by
81 hon
it rained he couldn't put on a roof and when it did
not rain no roof was needed 1t raining from
1898 to 1906 The panic was on and it found
to be impossible to secure the treasury against the
depletion OF the endless chain and protect the pub
lie credit by efficient recognition OF the gold stan
dard The necessity for doing both clearly
but neither could be done and the result the load
ing the people with the burden OF an interest charge,
tens OF millions greater than it should be- to prevent
public insolvency. The panic is now. Times are
good There is abroad tendency to speculative in
laton and the conditions such lead to pancs.
The wise man in private business looks ahead and
secures his credit against what may come. wise
Government should do the To definitely
cept the gold standard and enrench in the law and
protect the treasury against another depicting is
TO be wise But in this situation the Chronicle ad-
vises the Republican party to adopt Arkansas
sion OF governmental WiSdOml
Aside from its outstanding pledge the party owes it
to the country to egislate we'll and wisely toward
more sound safe and scientific system OF public
finance as owes to the country good and wise gov
ernment in all things. No doubt the Republicans
who shouting for free silver up to the holding
OF the National Convention, and who despaired OF
success when Teller, Stewart Jones, Dubois and the
silver Republicans bolted at ST Louis, have vet in
their political veins the septic influence which induced
hundreds OF thousands like them to swell Mr.. Bryan'5
vote But there are others. The victory OF 1896 was
a distinct triumph for the sound money OF the
country. These are now sneered at by the Chronicle
alleged monetary reformers"
But in their ranks are such eminent Republicans as
x-Senator Edmunds, Stuart Patterson, Colonel
Higginson H. H. Hanna, Secretary OF the Treasury
Gage Governor Shaw, and the leaders in all the
States OF the Upper Mississippi Valley who have re-
covered held their States from Bryanarchy by de-
handing Just what the Chronicle says they should not
have
The very fact that change may occur in the par
tisan majority, which the Chronicle admits when it
pleads for non-action reason for action carried
far as it possibly go without getting out OF
sight OF public opinion. 1t is hardly possible that the
country will elect President who would sign a bill
to substitute the silver basis for the gold standard
But under the decaratory resolution of the last Con
gress under existing law such basis would be reached
when the strain the treasury made it necessary
redeem public obligations in silver
Preventive legislation now will empower Presi-
dental to protect the public credit against any
thing but two-thirds majority in Congress.
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