Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-12
It's Probable Action in Regard to
Currency Legislation.
REVENUES SUFFICIENT FOR EXPENSES
The Atlantic City Program and
How It May Be Carried Out.
BANKRUPTCY AMENDMENTS

predicted with something more than the
| usual accuracy, now that the speakership
has been settled and the general policy of
the republican majority is known. The
regular session-and there does not now
seem much prospect of an extra session.
will be one of constructive work. The most
important work Of the last Congress, how
ever-the revision of the revenue laws
will not receive any serious attention at
either session of the new Congress. Secre-
tary Gage has demonstrated in recent
magazine article what was already known
to those who have studied the treasury
figures, that the revenues will be Suflclent
to meet the expenses of the next two fiscal
years, if business conditions continue favor
able, or that, upon the worst showing, they
will be so nearly sufficient that the large
surplus in the treasury will cover any
trltiing deficit which may arise. The war
revenue law, with the stamp taxes and pro-
priety taxes, and the duty on tea will,
therefore. continue in force for two years
longer, and probably for three years. 1t is
certain that no action will be taken toward
repeating them at the long session and
there is very little probability of such ac-
ton at the short session which ends on
March i. 1901. This will throw the whole
subject over to the regular session of the
Fifty-seventh Congress, which viii meet in
December, 1901 and in the natural order OF
things would hardly pass a complete rev.
enue bill to take effect before the close oil
the fiscal year on June 30, 49,. II the
pressure of revenues should become ex-
cessive, some partial measure might be
possible at the short session in the winter
of 1900-l901, or u special session might be
called in the following spring. As matters
stand however, the danger is wholly on
the side of excessive revenue rather than
insufficient revenue so lonS as business
prosperity prevails, and the republican
managers do not look for another panic
until a long time after the reelection OF
President Mckinley, which is confidently
anticipated by them.
The Currency Problem.
The choice of General Henderson for
Speaker apparently insures some progress
sive action on the currency problem Gen
eral Henderson was chairman of the caucus
committee which met in April at Atlantic
City, and is reported to have agreed upon
vigorous assertion of the gold standard
and the adoption Of means whichesWiu
maintain the standard under all conditions.
1t is not unlikely, if Mr.. Reed had con-
! tinued to be Speaker, that General Hender-
son would have been made chairman Oh the
banking committee or of a special commit
tee charged with all sides of the monetary
problem. General Henderson will now have
the whole matter in his own hands, and is
likely to name vigorous supporter OF the
Atlantic City program as chairman OF the
banking committee. 1t has not yet been de-
cided by the republican leaders just what
method shall be pursued in putting the
currency bill on the statute book. The
regular course would be to refer the bill to
the banking committee, but as 1t represents
the mandate of a republican caucus, it may
not be thought necessary to refer it to any
committee before passing 1t through the
House by the solid republican vote. This
does not mean that the banking committee
will have nothing to do during the coming
Congress. The bill framed at Atlantic City
is avowedly only one of several steps in the
direction of putting the currency of the
country upon a scientific basis The bank
ing committee will perhaps be encouraged
to continue the process of popular educa-
ton by reporting another comprehensive
banking bill, like that framed by the sub
committee in the last Congress-Messrs
McCleary of Minnesota, Prince of Illinois
and Mitchell of New York-even if it is not
thought desirable to pass the bill Those
republican leaders who have examined the
question are satisfied that some steps must
be taken very soon to permit an expansion
of the paper currency to meet the demands
of business and the growth of population.
They do not favor increased greenback is
sues. and practically the only resource
when the country is ready for it, is the
adoption of an elastic banking currency.
Bankruptcy Amendments.
Some amendments CT the bankruptcy law
likely to be considered at the coming
session. General Henderson was one of
the most careful students of the bill which
ject and will be in position to understand
the need of changes and their scope if the
subject is taken up. Colonel Ray of New
York, who was the ranking republican on
the judiciary committee in the last House,
is considered in the speculation on the SUBJ
ject likely to be chairman in the present
House.
1t is said that 1t was largely by his
iabors that Senator Nelson Of Minnesota
who at first favored purely voluntary
bill, was brought to the acceptance of a
moderate bill for involuntary bankruptcy.
Whether an amendatory bill shall be put
through both houses will depend to some
extent upon the Importance and scope of
the amendments and the demand for them
by the business community. There is al
ways a disposition in Congress to give a
new measure trial without amendment,
especially where a hard fight is likely to
be required to put amendments upon the
statute book.
LITTLE CHANCE FOR CONVENTION.