The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-02
ON FINANCIAL LEGISLATION.

,
caucus committee. which deliberated at
Atlantic City last summer. and which
has the approval OF President Mckinley.
embraces the following leading features;
a specific declaration In favor OF the
single gold standard. placing the green
backs in a separate fund. and providing
that when they have been paid In for
gold they shall not again be paid out ex-
cept for gold.
The issue Of National bank circulation
TO the face OF the bold deposit, instead
OF limiting this issue to 80 per cent OF
the deposit, as at presents and
The organization Of National banks -s-eSI
capital as low as $4,000, the present
minimum being $4,000.
There is some disposition to keep secret
the conclusions OF the senate committee
appointed to consider the subject OF
finance, and which gathered its inspira-
ton from the breezes which were waited
over Narragansett Pier; but the under
standing Is that the senate and house
committees would not have much trouble
TO get together. What the senate and
house themselves might not be able to do
is an entirely different proposition.
General Henderson. who is a member
OF the Atlantic City committee. and who
is to be speaker OF the house, is quoted
as saying that the currency bill, as out
lined above. Is expected to pass through
both houses Of congress at an early date.
In case We can not arrange for meet
Ing with the senate committee he says,
our plan will be to push our bill through
with all reasonable haste
49,
Representative Overstreet, another mem
Der Of the house COMMITTEES, says he be-
lieves the house will pass financial bill
before Christmas.
There are these promises OF immediate
action, and, altogether, there is quite a
hutter Of excitement at the capitol about
revision and reform of the National
finances. 1t is to be borne in mind,
though, that this is the season Of tho
year when great things are laid out for
congress, but by the time the March winds
blow nothing has usually been done. The
proposed legislation Is, when carefully sn-
alyzed, radical. Such bill can not go
through congress without protracted de-
bate. II the democrats refrain from
speech altogether there will be enough
difference of opinion among republican
representatives and enthusiastically
among sepators-to insure much discus
sion.
A republican president has gone through
more than half of his administration with
out exerting influence for currency none
tary legislation. though Immediate "cur-
rency reform was enc of the conspicuous
promises made in the campaign OF 1896.
a congress has lived and died. and dana
nothing. The administration, and It's sup
porters in congress, have furnished ampIs
evidence that they are not sincere in the
desire for change. They are helpless. They
sit with their hands folded They do not
know what to do They are afraid to
monkey with the money question. Their
professions of superior wisdom and pa
triotism have been worth nothing. They
are now agitating the subject OF speciAcal-
ly legielating for the single gold standard.
mot because they have the good OF the
country in view, but because they believe
mat tney may be able to shape the Issues
OF the campaign of 1900 to their advantage
by melting the democrats to renewed ac-
tiyity on the money question. In this
they are playing with fire. They may be
widely mistaken. When Mr. Thomas 3.
Reed urges the importance of declaration
lor the single gold standard his purpose
may he simply to guide congress t, the
embarrassment of the Mckinley Hanna.
administration. for which he has not a
consuming love. All that glitters is not
goid In politics The measure of in
sincerity is. shocking even with statesmen
VINO pass for great at this non-eya ting
period of the country's history.
~
me sreennacks have a strong hold on
the affections of the people. No party has
monopoly of it. Those republican lead
ers who are always trying to cooperate
with the bankers and financers have long
wanted them ont of the way Is, a, n
make private monopoly of paper money
circulation The greenbacks are COOL
money. They are issued on the faib
of the government, and are based on no
property OF the people. There IL no be-
Yer money. They are not mare no es o.
hand. They are not mere Temporary evi
oences of Indebtedness. They are INTENDED
under the law, To be received and m a
our as a part of the currency of the conn
try and the people may regard the Al
lantic City scheme as a mere trick I,
Ietard their circulation, and ultimately
10 retire them altogether. direct. open
proposition TO abolish the grconhacks, Ian
mediately or gradually, would meet with
a popular storm of opposition. ANY Man
looking to their dlsparagement will be re-
garded with suspicion.
me excuse for allowing the organizatio,
OF National banks with SO small a ca-i nj
as 10000 Is 10 give small comm,nifies
banking facilities which they do NOT now
possess rms is plausible, but, OF course |
me addition of large number of small
banks and the increase OF the Circulation |
o. those already In existence by hermit.
hng the issue OF notes up To the mar
Vaiue OF the bonds on deposit would be |
expected 10 largely increase the bank cir |
,uiafi Ion and furnish an argument for tn,
lemoiition OF the greenbacks.
All OF these are grave questions, ana |
there is not sufficient prospect of reyo.
luton in the money system to furnish
ground for alarm. II is hardly possible
Tor congress to enact this whole sch enc
AZ bound. 1t would not be surprising In
see every proposition enumerated In the
opening OF this article hanging fire IN
congress when the National conventions
arc In session. Hurried action would be
dangerous, and the longer the republicans
'sitate without finally doing anything The
~orse will II be for them.
The present sporadic agitation OF the
question OF hnance In administration CIR
lies is not necessarily on principle. I,
nay we'll be suspected that it is for the
purpose of embarrassing the democrats
n the construction of platform of prin-
'fples for next year. II might be well
or the democrats not to allow themselyes
q become premattfrely excited Tha =.