The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-03-30
FINANCIAL LEGISLATION

HE rather eccentric Mr. Walker of Massachu-
sets, who for many years chairman OF the
House Committee Currency and Banking, is
no longer member of Congress. He was seldom in
harmony with his committee and this lack of agree
ment caused the omission OF committee meetings for
long time He was the author OF peculiarly COM
plicated bill for banking system and was not toler-
ant of any other proposition. At the time he
had but little faith in his and appeared
rather obstructonist than promoter OF legis-
ation to simplify tangled and complex financial
statutes. His final expression OF opinion at the re
cent adjournment OF Congress was highly character
stiC. Admitting the bad conditions of financial
system and its capabity at any time to do mischief
and injure the public credit yet he declared that its
reform would be the death OF any party attempting it
Notwithstanding this morbid view of the situation,
the effort for correction is now in promising
shape than has been since Mr. Carlisle called atten-
ton to the sinister operation of ''the endless chain
a committee of the Republican joint OF Con-
gress is charged with the work of framing legislation
to definitely affirm the gold standard the perna-
nent policy of the Government, and to take the
treasury out of the banking business and to provide
a soundly safeguarded banking system which will
fexbly adapt itself to the currency and credit re-
qurements OF all parts of the country
1t is not now known whether all these steps will be
taken at once but all will naturally and necessarily
follow the first The sound money sentiment of the
country is vital it in 1906 and does not pro-
pose to surrender foot of the ground which it has
gained The Sound Money League IS still active and
the indianapolis Monetary Conference, represented
by its executive committee, is in touch with the joint
caucus committee. That executive committee meets
in New York April to put in shape the purposes
of the conference.
The Secretary of the Treasury in active sympathy
and cooperation with the movement, and is not
luled nattention by the apparent decline of the
free silver issue. 1t is perfectly we'll understood by
politicians that whatever collateral issues are be-
friended by Mr. Bryan are intended to be used only
to catch votes get into power in order that his pc
culiar financial ideas may be forced upon the country
In view of this obvious plan of his campaign it is abb
solutey necessary that every statutory peg upon
which he hangs that issue be pulled out now The
statutory power reissue greenbacks or to enlarge
the volume OF the original issue now out should be
taken away When the war revenue bill of last year
was before Congress it was demonstrated that the
Bryan party intends to pass beyond free silver at IS
to I and to enrich its financial programme by in
dorsing issue of paper currency with its redemp-
ton feature limited entirely absent and its volume
regulated by that indefinite boundary 'the needs of
the country" 1t is this intention that moves the
Secretary of the Treasury say that 1t will be wise
for the sound money forces to hold themselves in line
to oppose any fresh attack of the kind that was so
successfully resisted in 1906 1t is expected that the
executive committee meeting in New York City on
the 9TH of April will furnish programme which will
attract the attention and crystalline the sentiment of
the country