The Saint Paul globe., 1899-02-11
Currency Legislation Postponed.

Currency Legislation Postponed.
| The Republicans In congress held
| caucus recently. and the following
re solution was adopted:
| THAT a committee Of eleven members of
| the present house OF representatives who are
members of the Fifty-siXth congress shall be
| appointed by the chairman of this caucus for
| the purpose of considering monetary legisla-
| ton and submitting their Recommendations to
Republican caucus at the first session OF the
Fifty-sixth congress. with authority to confer
with like committee from the senate.
Nearly three years ago presidential
campaign of unusual activity and vigor
| was prosecuted and a house Of repre-
sentatives overwhelmingly Republic
an was elected. The demand for new
| legislation which should permanently
adjust the national currency laws was
paramount, and the promise was given
that with William Mckinley in the
| executive mansion and the return to
| congress of representatives favoring
the adoption Of new measures affect
ing the financial policy Of the govern
ment adequate laws would be promptly
passed. 1t was a period of great in
dustrial distress; the people accepted
the promises made, and Mr.. Mckinley
and Republican house were elected.
What has resulted? A monetary
| conference was held at indianapolis
and formulated a measure that 1t was
thought would meet the all-important
requirements. Secretary of the Treas
ury Gage prepared one which he
thought. both from the standpoint of a
banker and a patriot, would meet the
emergency. Representative Walker, of
tto
committee on banking and currency
took hand in the matter and pre-
pared another, and one of a very
elaborate and comprehensive nature
was submitted by the committee on
coinage. weights and measures.
The Fifty-fifth congress has a. scant
three weeks Of life remaining, when it
Will adjourn sine die, and all this deli
cate Guintette. which came forth in
the composite image and after the like
ness OF their creator, must die at the
same time. Under the resolution above
quoted further attempts at propaga-
tfon ON these lines are postponed until
the next congress, which, unless call
ed In extra session prior thereto, will
not assemble before the first week Of
next December, or about six months
prior to the meeting Of the national
conventions for the party nominations
for a president to succeed Mr.. McKin-
ley.
Meanwhile. thanks to the country's
experience with two bountiful har-
vests, certain conditions of prosperity
nave had the effect of overshadoWine
In the minds of Republican LEGISLATORS
the Importance Of correcting the evils
IN our currency system, which few
years ago was acknowledged by all
parties to be dangerously defective.
And now the Washington Post. evil
IDENTIFY voicing a sentiment no doubt
current in the capital, comes to the
rescue of the Republicans by observ-
| ing:
-, The Post does not believe the stability of
| the currency Is in danger. . = One con-
| sress can tear down what a preceding con-
gress has set up. The security of the nation S
hnances must always rest on the intelligence
of the voters. On that basis it has safely
| rested in times far more trying than this era
| OF prosperity
1t may be true that the 'intelligence
of the voters" is sufficient guarantee
of the security of the nations
finances" A man in need once ap-
piled to Wall street banker for a
loan of 500. What security have
you to offer?" he was asked.
The word of an honest man."
was the quick reply. "Well, that don't
go in Wall street." was the bankers
quiet remark, and the transaction clos
| ed there. The applicant for the loan
| was. Of course. an Intelligent voter"
All voters in this country are supposed
to be intelligent" especially at cleo
ton time.
But 1T is in just such IAN era of
prosperity so called by the Post, as
the present that the improvement of
our currency system should be under
taken and accomplished. Is there any
dissent to the proposition? Are not
all alike, rich and poor, demanding
that something shall be done as a
! safeguard against the dangers that
must sooner or later come in the
period Of reaction that must inevitably
follow our existing EZRA of prosper-
ity."
No! The policy of delay is the one
pursued by the Republican statesmen
at Washington. A president of their
own choice makes a recommendation
to one session Of congress to find 1t
| Ignored. He repeats it at the next
session with a repetition Of the same
Indifference which his first suggestion
encountered. The representatives de-
cline to act.
Perhaps they do not, themselves,
know what to do and propose finally
to relegate the whole subject once
more to the Intelligence of the voter
and to await the recurrence Of nation
al peril, believing with the Post that
on that basis the security of the ma
tion's finances can safely rest. as it
has safely rested in times far more
trying than this era of prosperity"
forgetting thai it is in Just such times
as these that protection against fu-
ture disaster should be provided.