The Minneapolis journal., 1903-03-09
Will Not Down.

Some American statesmen seem to nave
adopted Robert Walpole's cautionary mot
to: "Quieta non movere, ''-''Don't stir
up quiet things" When they think they !
have succeeded in getting the tariff or !
currency reform out of the realm of pub |
lie discussion and put those topics to !
sleep, so to speak, they make the plea,
with much emotion, don't stir them up
During the late session of congress they
tried very hard to keep the tariff among
the "quiet things but, unwittingly, they
themselves very. decidedly increased the
serious thinking Of the public on the tariff
question by their behavior as to, the Cuban
reciprocity treaty, bitterly opposing a
compare lively small reduction on certain
Cuban products on the ground that the
tariff wall would be weakened if the pro-
tective duty on sugar, for instance, was
reduced from 81 per cent to "A per cent!
The American Protective Tariff League
Illuminated against the proposed reduction
and denounced it's advocates in the most
scurrilous terms, thereby proclaiming it's
hostility to any kind of tariff reforms and
distinctly affirming it's determination to
fight bitterly every movement toward
reciprocity or the mildest kind of tariff
revision. They made up the issue un-
mistakably.
The opponents of currency reform made
a strong effort to keep that subject among
the quiet things. They were content to
let the gold standard legislation of 1900
stand without putting the finishing
touches upon it in a provision, certainly
essential, to make the standard silver dol
lars exchangeable with gold. This would
have been the capstone of such legislation.
+ But notwithstanding the failure of the eff
forts at currency reform during the first
session of the fifty congress, the
house committee on banking and currency
reported favorably on the credit currency
measure. which was discussed by the
house and favored by the house repub-.
licans. whenever a vote against demo-
cratic flibustering was taken. The
measure was designed as substitute for
Senator Aldrchs bill, which failed in the
senate. and provides that the government
may deposit internal revenue and Gus
toms receipts in the national banks to the
amount Of rs per cent of the paid up and
unimpaired capital OF any national bank,
q without exacting government Or other
bonds. the government TO. have a lien
CfirstD on the assets Of such bank, receivz
ing interest from the bank at per cent
per annun1n, payable semi -arlnua H. yss This
. would release the government bonds de-
posted to secure government deposits and
the state and municipal bonds vet held by
& the treasury as such security, and the
released government bonds could be used
4. by the banks to increase their bond-se-
cured circulation. The Aldrich bill hac
the same object Of putting back into cir
culation, Immediately, any money the
government may collect through customs
e Or internal revenue, by depositing it ir
the nationals taking as security state mu
nicipal and railway bonds Of the frs
class, receiving therefor interest at ~
per cent per annuna. Both measures
failed. but they We're brought up at tn,
close Of an unusually important session
and there is no doubt that the fifty -eightl
congress. unless diverted by some grea
absorbing topic, will take up the measur
reported by the house banking and cur
rency committee at the late session, an
the Aldrich BILL reported in the senate
These measures both have the laudabl
object Of meeting monetary stringenc
by giving the treasury means to stop con
traction in the cropmoving period of tn
year, when money is always greatly need
ed The American Bankers associatio
has appointed strong committee to de
wise a measure which will effectively mse
such situation. The failure Of currenc
LEGISLATION at the late session OF congres
leaves the country without remedy exceI
osfal1 back on the government to provid
by bond purchases at high prices, chief,
resources for the money. market, a funs