New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-05-24
THE MONETARY QUESTION.

The announcement by Senator Aldrich that
tho Finance Committee of the Senate will meet
soon TO consider the financial measure proposed
by the special committee on behaf OF the
House Is obviously polite recognition which
calls public attention again to that measure
But there is not much occasion for enthusiastic
plaudits or severe criticism. The chief feature
of the measure Is the single one which Presi-
dent Mckinley thought it needfui or wise 10
suggest in place Of many elaborate ana revoiu-
tlonary schemes zealously urged-namely, that
creenbacks once redeemed should not be issued
again except for gold deposited. NO fault mas
been found with that suggestion, even py ex-
IRENE Sound Money men, except that IL dld
not go far enough to serve their other purposes.
But no one has been able to deny that THIS
simple change. without any other. would put
an end 10 all the actual and mythical dangers
of the endless chain" variety.
That there never has been any real danger
of that nature has been often shown. but II Is
now more pertinent to take notice that not
even an imaginary danger remains within the
vision of anybody. Both sorts entirely van
ished precisely as leading Republicans predict-
ed. when the revenue laws were so changed
as to provide enough revenue for ordinary ex-
penses Of the Government and enough protec-
ton for home industries to set them at work
again. If the President, after hearing all the
labored dispositions Of the financial DOCTORS
ouack and other and considering all the mighty
remedies or systems OF treatment they pro-
posed. saw ut to recommend instead this one
extremely small pellet as sufficient, it might
be inferred that he did not consider the dis
ease quite such fearful thing as many have
believed. But he did not warrant that explana-
ton. or any other. He merely recommended
Congress to make one small change, mention
ing no other He did not even place stress
upon formal declaration that the debt of the
United States should be paid in gold only,
doubtless perceiving that any Congress capable
of authorizing or ordering any payment other
| wise would be equally capable OF repeating
such a provision If once enacted.
The special committee on behalf Of the Re-
publicans of the House has added other pro-
visions which, according to accounts published,
embody all that the members of the committee
were themselves able to agree upon or could
hope to bring the Republicans of the House to
support The first appears to be the declara-
tory statement just mentioned. which can hard
| " be considered Of vital Importance. The main
! fact Is that it was not found possible to agree
| upon any plan or any one ilnpoi"ns iealuie
of any plan of all the multitudes proposed and
| so persistenty advocated for several years. II
| does not seem out of place to remark that this
| failure Of Republicans to agree upon such plans
has been repeatedly pointed out by The Trib-
| une during all these years rs an excellent rea-
son for making haste slowly. II there were
nothing Of practical consequence in all Of them
which the Republican Sound Money men could
unitedly support. II appeared probable that at
tempts to force action on the question were not
merely mpractlcable, but calculated to produce
discord in the party.
That the special committee reached substan
TALLY the same conclusion may be inferred
from the provisions upon which 1t seems tc
have agreed They are as little calculated tc
| provoke opposition as any Sound Money bill
| could be- and while two of the three are fol
the benefit of the National banks, enabling then
TO issue larger circulation on the same deposit
Of bonds, and permitting their formation with
smaller capital, these need not excite opposi
ton. The National banking system has beer
blessing to this country, and II Is not tina
system or its reasonable enlargement which
has aroused strong opposition from many Re
publicans, but only the effort TO give It exclu
sve control OF the paper circulation. The un
Importance OF the changes proposed. unless Il
the banks. will perhaps suggest the inquir.
whether II is really worth while to add any
thing 10 the one little remedy proposed by tn,
President. II 1t Is not found practicable 4
agree that others Of any consequence are SAT,
and desirable, II Is once moro a question