Arizona republican., 1899-01-09
Republican Leaders Endorse PreSi=
 dent McKinley'S Views.
Situation Summed Up by E. V. SmaIley of the Sound Money League in Regard to Fin
 anCiaI Legislation.

Washington, Jan. S.-Que number of earnest sound money leaders have personally cnvassed the senate and house lately regarding the probability of getting satsfac tory results out of extra tory results out of extra sion of congress- and the conclusion reached i'll nearly every that would until good times of 1S99 following those of 19S have have reconced the antagonisms and preudices existing and brought the full force of the republican majority behind whatever egs aton may be decided upon This could not be done at the stroke of 2 o'clock March when the senate becomes republican body is at all likely that it could be done during extra session.
 The sound money who have looked carefully into the situation here and who have also considered the difficulty of soldyng their forces agree substantially with the expressed in these dispatches last Saturday. and n dorse the attitude of President Mckinley therein out lined
 The president believes that what the country more than anything else Is a rest from agitation.
 If the debates in congress and through the newspapers could be limited to the expression of sound money views no harm could from the exploitation of the subject but the other side must have equal opportunity to their opinions and be depended upon do of than would their opponents Their stock trade Is talk De- prve them of that and their Is lost The policy of the administrations therefore, to let prosperity show the people what laws will do for them and against such dem onsraton even populist could not talk.
 MT. F. V Smalley, secretary of the National Souqi Money league among those friends of the who been making careful investigation here of the situation and circular letter to the members of the league he writes follows:
 "A careful observation of the situation at Washington i'll relation to the possibility of legislation for the reform of the currency system leads to conclude that further ag tatOn to bring about extra of congress the special purpose of considering such legislation will be avail good deal of pressure has been brought bear upon the president and upon republican leaders congress Tn favor of agreement among republican members of the new congress upon particular of currency leg lslatlon and secOnd the almost universal opinion that from the standpoint of party politics would be bad move for the republicans open the whole field discussion OH questions connected with money in face of the probability that they would be able to accomplish nothing in the way ot positive general legislation for the improvement of the currency
 That the second is sound conclusivey indi- caed by the recent vote in the house the bill charter an international bank It feared whether with good grounds or not that such discussion would develop cheapmoney faacies and also enable the old silver advocates to excite the public mind by vehement repetition of their old false theories which happily fast fading of notice.
 1t sorry fact that the disagreements in congress on the currency question appear to be radical The main contention Is the provision in the bill for the gradual retirement of government paper and the substitution for of bank notes which considered by the monetary commission be feature any reform bi There IS also disagreement as to the perms proposed to be given to the banks circulation based on he general assets instead of deposits of gov ernment bonds in the treasury, required Further more there Is opposition to the establishment of branch banks This appears to from the small country bank CTS who lear that their business will be taken away from them by branches of powerful city banks which tabllshed in their respective localities.
 ln the chaotic condition of opinion which prevails in congress- explained above would appear useless for sound money to make further efforts pas sage o single complete currency covering the "li"le o pINlleSe, the gold DlSlS Of the rency the retirement of government the dispos
 on of the silver certificates and of the vast quantity of h yer lying useless in the treasury would seem to be wiser for them to concentrate their influence what appears now to be alone atainabe namely the adoption of
 few simple provisions of law that will strengthen the gold standard and insure better banking facilities first of these should be the recommended by President Mckinley in his annual messages providing that when greenbacks redeemed in gold they only be ressued against corresponding deposits of gold This would break the endless chain and future de- peton of the treasury gold in times of panic
 Ihe second measure, which the administration also fa- should be to permit the banks up 10 the face value Of their bonds deposit in the treasury This would increase the present bank circulation mod crate extent and would tend to further camor additional issues of government paper money.
 "A third measure should be the one recommended by Secretary Gage to establish separate bureau and redemption Tn the treasury department order to keep the business of issuing and redeemng paper currency by
 itself that the gold shall not be paid out for gen eral expenses III time when be deficient to meet the current needs of the government