New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-31
CrPPEyCY LEGISLATION IMPRA CTTCABLE.

Answering INQUIRIES regarding the chance or
onv tariff changes ut This session Representa-
two PAYNE gave several sound and conclusive
reasons for belief that no attempt in that direc-
tion ought 10 be made or could succeed. The
ohv,ous fact TINT It would fail for want OF time,
and would only plunge the country INTO vex-
otious uncertainty disturbing TO all business,
was one sufficient reason, and yet only one.
Among others was the impossibility of deciding
ms vet what revenues or expenses would be
needed in view OF the new possessions or the
Tnion. These and other reasons given by him
apDlv with equal force to the proposed currency
hills The country knows nothing as yet OF us
future requirements on the monetary side. AS
The Tribune pointed out before Congress met
ooroomont on any measure so simple that It
could no nassed at n short session was not 10
be expected The Banking Committee having
failed 20 produce such a measure, the Coinage
Committee has proposed one. apparently IN
tended to cmbody in compact form the one
recommendation of the President But 1t was
not found possible 10 keep various theories from
attaching other provisions which prevent agree
,nent. and The Financial Chronicle pro-
nounces II IAN extremely defective piece Of cur
rency machinery" VII le admitting It's highly
commendable features
However heartily ono may desire to see the
suggestion of the President adopted. the situa-
ton nj the beginning OF February is not what 1t
WAS at the beginning of December. Practical
legislators have to recognize the impossible 1t
is now plain that the Democratic factions have
become so heated that any measure whatever
on which free coinage can be fastened as an
amendment will instantly be used in order TO
hot iecu 10 he
bic TO prevent that in the House. in the Senate
II would he utterly impossible. Nor is there the
least evidence that the same Senate which
voted 30 TO 81 for the Teller resolution year
aco would fail to fasten a similar provision
upon any currency bill whatever that can be
brought before II. Until the Senate has been
changed March f. sending any bill Oh the cur
rency question to the Senate could do no good
but would only produce mischevous agitation
Perhaps sound-mOney advocates. in Congress
and elsewhere, fail to realize how their own
cause is hindered by persistent agitation when
nothing can be accomplished The question Is
one which must be decided by pubic feeling
With popular sentiment at the West and South
strongly opposed to measures offered, it is i'm
possible 10 get anything done which is not
unitedly and heartily favored by the business
interests, especially AZ the East. Perpetual
agitation, which only creates uncertainty and
disturbance without q chance OF good results
is always vexatious 10 the great body Of manu-
facturers and mechants, who want confidence
and prosperity and do not largely share the de-
sire of bankers for legislation favorable 10 their
interests. The tendency Is TO cause separation
of interest and feeling between those who per
sist in urging banking legislation and the much
greater body of business men who want no use
less disturbance which tends to restrict accom-
modations and is at times made pretext for
advancing rates.
Chairman Walker Of the Banking Committee
II correctly reported. recently declared that the
people would not favor any measure retiring
greenbacks and substituting banknotes. The
opinion from Massachusetts, member Of large
experience Is rather suggestive Presumably he
Judges that the feeling caused by Secretary
McCullochs efforts to that end In 1866 has not
passed away. The Secretary was n banker of
high standing, and his proposals were adopted
by Congress with remarkable unanlmity-in the
House 144 TO 6. The bill TO take up legal tend
ers with bonds on which banknoes could he
issued became law March 10. 1866, and in
January, 1883, the popular demand for n re
yersal Of that course was so overwhelming