The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-24
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AIDING THE OPPOSITION


The victory of the champions of the
ship subsidy bill In the senate must be,
in the necessary aftermath, Favored with
the disagreeable conviction that 1t did
not receive the full support Of the re-
publican senators, for six of them voted
against it on the conviction that it would
not be a very healthful item to place upon
the record of republican legislation. 1t
certainly would not be.
And, for this reason, the house majority
may we'll hesitate about taking 1t up at
this session or at any other session. The
( BILL as it passed the senate, IS obJec-
tionable chiefly for these reasons: 1t
gives, unblushingly, the cream OF the out
lay to the combinations owning the big
fast steamers; fixes no limitation to the
disbursements in bounties per annum, the
amendment looking to such limitation be-
ing killed; provides for system Of mall
subsidies In addition to tonnage subsl-
dies which will cost far more than pay
ments under the contract system at pres
ent in use; provides for the payment Of
tonnage subsidies to ships whether they
carry cargoes or run empty; gives little
encouragement to the building of slow
freight ships which are most needed for
the ocean traffic. These features are
sufficient to show that the measure, while
not as bold in It's terms as the bill which
the house refused to pass in the last con-
gress, is yet pronounced generator Of
monopoly.
The opposition, If it has any wit
and wisdom, could utilize such measure,
if it is enacted, against the party in power
very effectively. The democrats are slow
to avail themselves of such opportunities,
but they are evidently struck with the
vulnerable republican action so far on this
subsidy business. There are two
measures to which the republican ma
jority in congress might direct their ro-
bust attention with great advantage to
the country and the party rather than to
the construction Of monopolisic opportuni-
ty. These are the proposed currency
reform bill now under revision in the
hands of the house banking and currency
committee, and the Kasson reciprocity
treaties, which the senate committee on
foreign relations has decided to take up
for such amendments as will insure their
ratification, after their long Imprisonment
in the pigeon holes. The currency reform
bill embodies Mr.. Fowler's plan for pro-
Viding an elastic currency always re-
sponsive to the demands of trade, for the
: interchangeability Of silver standard dol
lars with gold. the transfer Of greenback
and bank note redemption to the national
banks. the redemption of $195 200, 900 of
greenbacks and the ISSUE under restric-
, tions Of bank circulation and emergency
notes against commercial assets of banks
instead of bonds, and embodying a sys-
tenn of bank note redemption on a mod
ern progressive basis through each of the
clearing house districts into which the
country will be divided. This measure
effectively eliminates any lingering hopes
OF positive advocates of bimetallism, and
embodies a continuation of the sound
money policy for which the business and
progressive element of the nation fought
in 1896 and 1900. 1t would seem to point
to such reform Of our banking and cur
rency system as would be a safeguard
both in periods of business expansion and
business depression. 1t merits intelligent
discussion because the capacity for cur
rency expansion under the refunding law
is about exhausted and business continues
to expand. It should receive attention
because, If the business collapse should
come with the usual shrinkage of credit
and with no facilities for emergency
issues of currency we would be unpre-
pared to face the storm. 1t Is time to
prepare for storms when the sky is clear,
when conditions make for prosperity. It
will be well to make our banking and
currency laws accord with the needs Of
, our progressive country. 1t will be we'll
for congress to discuss fully the question
as to the security of currency based on
other than the United States bonds. It
will be well to demonstrate that, under
effective government supervision as now,
strong guaranty, by the way, and the
commercial assets and guaranty of the
national banks, we can have q currency
adequate to business needs, as good as
gold, available in critical periods At
. tention by congress to this subject and
to the revived reciprocity treaties, which
mean large advantage to our export trade.
would certainly seem to be good politics.