The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-16
Monetary Legislation Backdown.

Inc WltnQ1a avail OF the McCleary Dill
by the unanimous vote of the commit
tee on banking and currency Of the
house of representatives at Washing
ton is a clear backdown on the subject
OF monetary legislation for the time
being. The fact is, the bill in question
was hastily drawn and largely III the
nature of compromise in its provisions
and bearings, and consequently wholly
deficient when it came forward for
measurement against the intelligence
and popular will of the entire people.
II was easy enough for the Republican
party, in 1886, to declare in its national
convention it's purpose to revise the
laws relating to the currency; but the
complete incapacity OF the majority to
carry out the programme has now
been demonstrated. 1t was only nat
ural when the majority revealed their
helplessness, that the minority should
join with them to strange at once the
Hedging of the committee.
1t is claimed on behalf of the Repub-
lican majority that the withdrawal Of
the McCleary bill is simply In the line
of preparation of the way for an en-
tirely new measure based on wholly
Murray Mitchell, of New York city,
has, it is said, already announced his
purpose to again offer the McCleary
bill. Mr.. Mitchell is q persistent gold
Republican and even goes so far in
claiming distinction on this point that
he introduces in his biographical sketch
in the congressional directory that he
WAS the only gold candidate elected
south of Twenty-third street" in New
York city.
Representative Henry C. Van Voor-
his. Of GAINESVILLE, o., a Republican,
proposes substitute for the McCleary
bill embodying distinctly the recon-
mendation made by President McKin-
ley In his message in December. 1897,
and renewed in that of last month, as
follows:
That when any of the United States notes
are presented for redemption in gold and are
redeemed in gold, such notes shall be kept
and set apart and only paid out in exchange
Tor Tor gold This SIS, Is an {. obvious duty. If the
gold and gets 1t from the government, he
should not receive back from the government
a United States note without paying gold in
exchange for it. The reason for this is made
all the more apparent when the government
issues an interest-bearing debt to provide
gold for the redemption Of United States
notes-a misunderstanding debt. Surely 'i If
should not pay them out again except on de-
mand and for gold. If they are put out in
any other way, they may return again, to be
followed by another bond issue to redeem
them-another interest bearing debt to re-
deem Notwithstanding debt.
Mr.. Van Voorhis will add in his meas
me two provisions, the first authoriz-
ing the incorporation of national banks
with a minimum capital Of S25 900, in
stead of $4,000, as at present, and the
second permitting banks to Issue notes
to an amount equal to the face value
of the bonds deposited in the treasury
as a guarantee of circulation.
1t is maintained by the friends of
monetary reform that this last out
lined plan embodies everything that
can possibly be agreed upon in the
present complexion and temper of the
outgoing congress. Thus the backing
and filing process is maintained There
is an element which insists that some
thing must be DONE" even though that
something" is conspicuous for it's in
completeness. They argue that by
adopting some such tactics an answer
can be made to the taunts that the
platform pledges of 1896 have not been
fulfilled, and at the same time the more
VeXatiouS problems associated with the
subject may be relegated to the future
for perfection of treatment This is
the same old threadbare policy of COM
promise for party ends. The hope is
paramount that by pretending to do
something criticism will be hushed
If not altogether silenced; and that by
temporiZing in the actual matter of
providing substantial remedies for ex
listing evils at least a partisan ad
vantage will be gained. It is the old
story of putting off the evil hour to the
latest day possible.
The present is the time for intelligent
and wise monetary action to be under
taken. The exigencies prevailing In so
embarrassing degree two or three
years ago are by no means beyond the
possibilities of recurrence, and even at
an earlier date than now NAV seem
possible. The Republican party made
reform in the currency one of the COM
handing issues in 1896; but at every
point since, under the changing of the
industrial tide from depression to tenn
porary exaltation, their methods have
reflected either incompetency in deal
inc with the question or sheer insin-
certify with respect to purpose to
deal with it at all.
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