Milford chronicle. [volume] (Milford, Del.) 1878-1974, 1901-11-29
WASHINGTON NEWS.


The past week in Washington
has witnessed the assemblage and |
the adjournment of the Reciprocity !
Convention. The convention passed
a resolution urging upon Congress
the maintenance of the principal
of protection and the opening up of
foreign markets by reciprocity,
"only where it can be done without
injury to any of our home interests
of manufacturing, commerce or
farming" Other resolutions urge
the establishment of Department
of Commerce and Industry, the
head of which shall be a member
of the Presidents Cabinet" and
the appointment Of a reciprocity
commission" as a bureau of that
department.
There is wide diversity of opin-
ion as to the results and effects of
the convention, but a careful can
vass among some of the leading Re
publican statesmen warrants the as
sertion that they consider it dem
onstrated the fact, that, while rec
iprocity is the next logical step of
the government, the time is not yet
ripe for it; but that the business
men of this country are essentially
practical and little given ito chas-
ing theories, and that as soon as
shrinkage of exports renders rec
iprocity advisable they will be ready
to endorse it.
From the West come continued
reports of a demand for immediate
reciprocity and some revision of the
Dingley bill, Governor-elect Com
mings, of Iowa, being the latest
caller at the White House to urge
caution in the 'let we'll enough
alone" policy" Some few even &c
SO far as to say that in the death Of
William Mckinley tariff reform lost
one of the best friends it evee had
but even in the West the senti
ment is divided and unless strong
pressure is brought to bear in favor
of free sugar from Cuba, there i:
little likelihood of any changes.
The President chief counsellor
{ have advised him that he will sat
isfy the people if he can prevail
upon Congress to perfect the anti
trust law and to establish the de
partment of Commerce and Indus
try and it is the belief that this &C
LtiQn will be accepted as an evidence
of good faith and, that before tn
, converting of another Congress, tn
situation will have further devel
oped to a point where "the plaii
duty" of Congress may be mad
: clear.
1 found a widely prevalent con
: viction among the delegates to til
, reciprocity convention that the bus
! iness interests of the country de
maEded some radical changes in tn
/ financial laws and that Secretar
, Gage was tight in his propositio
that the present is the most prop
, tious hour in all our history and a
favorable as any period we ma
e hope for in the future. "
i Speaking on this subject LEAD
t ing member of the New Yor
It Chamber of Commerce, who reque:
+ ted that his name be withheld saiC
= There could be no better evidenC
It of the necessity of change than
is afforded by the existing condition
The Treasury is OVERLOOKING wit
n a surplus of nearly one hundred an
/ seventy-hve millions, none of whic
is drawing a cent of interest.
course entire cooperation of IL
Il Congressional Committees on Al
Is preparations with the Secretary
the Treasury, and a careful balan
N ing of internal revenues with Gu
10 rent expenses will obviate the COZ
tinued accumulation of this il
ie mense non-interest bearing funt
e but the most serious feature of Il
:, situation is that we are now bu
IS ing bonds at I 40 that we sold
=, 1o4 e and Notwithstanding the ia
, that Mr.. Gage is purchasing boa
u with a view to maintaining
OF easy money market, gold is bell
Id shipped abroad at the rat. of 81
MS 900, 900 per week"
of Moreover, these very bonds tn
are now being bought up were SC
nc to induce the bankers to increa
VI the circulating medium by mea
OF increased issues of bank not
~ and now the banks are selling the
- bonds and retiring their circulate
because the governments acti
e. has 'bullied' the market to an e
ge tent which makes this course mC
"a proftablethan maintaining the c
40 culation. The Treasury is getti
% the short end of the deal, the bar
!, the profits and Europe is drawi
ne away the gold"
he "To the Mckinley administ
Su- ton accrued the glory of vanqui.
ex ing the free silver fallacy. If,
- the Roosevelt administration M
be recorded the credit of remeC
III ing the remaining defects in {
INT finan ,ial system, the gratitude
Is, the business men of America v
IN know no bounds and the Reput
- can party will have demonstrai
- its right to administer the affair:
no the country for long time.
or Secretary of the Interior Hit
for cock, has made public his ann