New-York tribune., 1899-06-07
SENATOR ALLISON on THE CURRENCY.

SENATOR ALLISON on THE CthRENCl.
Senator Allison, of Iowa, after serving for
many years as one of the leaders of the Senate
on all financial questions, is perhaps as well
qualified as any one can be TO judge In regard
to the future action Of that body. In an inter
view at Washington he gives expression to
opinions which are in all respects those which
The Tribune has repeatedly expressed respect
ing the merits of pending propositions. lie
SAYS that he does not anticipate any radical
measure, adding: "It is said that we ought to
declare for the gold standard, but we are on
"the gold standard now" To his straightfor-
ward common sense 1t is evident that nothing
but some needless doubt Of the fact can he
raised by attempting to declare the fact in the
form Of law and II is well known that no such
declaration could have any binding force what
ever upon future Congress, II the majority
Of It should choose formally to reject the gold
standard, or to adopt any step which it might
think not inconsistent with the maintenance of
that standard, though all the rest of the world
might hold a different opinion. Declarations
which can have no greater force than the will
of the people embodied in many years of prac
tical enforcement are likely to be Of question
able value.
issue banknotes to the par value of bonds de-
posted, to reduce the tax on circulation and
to require payment in gold for greenbacks
taken out of the Treasury are "all worthy Of
enactment into law" He does not mention
them, however, as all Of equal Importance in
a practical light, and probably would not deem
It worth while to involve any risk whatever
as to the passage of the last proposal by in
ssting upon Incorporation of either or both the
banking changes with it. The Presidents
recommendation that the legal tenders should
be reissued only upon payment of gold for them
is the one feature which has high positive
merit because it would put an end forever TO
the dread still felt by many however ground
lessly, that the reissue of greenbacks might in
some way exhaust the Treasury reserves. This
single change meets no opposition from any
advocates of sound money and removes tho
sole pretext for supposlng that the currency is
now unsafe or unsound.
Mr.. Allison also refers without explicit ap-
proval to "some suggestions regarding our sill
"ver certificates which would remove from
them the least degree Of uncertainty" He
recognizes that the notes are now as good as
gold. 1t would be easy for him TO show that
under the act Of 1890 1t is already made "the
established policy Of the United States to
maintain the two metals on q parity with
each other upon the present legal ratio" and
that no new enactment could bind more strictly
than they are now bound all executive officers
| OF the Government TO adopt such steps TO that
end may from time to time be needful. No
especial regulations have been required during
the past nine years, as none were required
during previous years In which, under Repub-
ican administrations. that policy was becom-
| ing established Mr. Allison also says that
there Is not the slightest doubt Of the ability
"of the country 10 sustain these notes, whether
with legislation or not" and because this is
| perfectly true. and no further legislation could
be broader or more effective TO that end than
that which is now In force, there would seem
to be reason for the Senator's rather question
| ing reference to the proposal.
The plth Of the whole matter is that the
currency is not unsound now nor a source OF
great peril. as some insist, and there is not the
least occasion for the Republican party to be