The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-10
Adjourned Urgelloies.

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1t is announced from washington
that the gentlemen who shape poll
cies for the republican party are firm
in their determination, as demand
of political expediency, that, at the
extra and regular sessions Of con-
gress, beginning Nov. 9, there shall be
no currency legislation and no action
as to reciprocity treaties, except to
give effect to the long-delayed Gu
ban treaty, which embodies reciprocity
features of a limited kind.
{ This arrangement as to Legislative
action adjourns consideration Of cur
rency and tariff reform until after
the presidential and congressional
elections in November, 1904.
While it is true that the remarkably
wide differences of opinion on the
subject of currency reform make any
practical agreement on the subject
not irreconcilable. 1t would be rank
derogation Of the business reputation
of the American nation to say that no
agreement can be reached in con-
gress upon a plan to remedy the rec
ogniZed defects of our currency sys-
tenn, which possesses a minimum Of
the hexibility required by the necessi-
ties Of the country's business, year by
year increasing in volume.
A year ago, when an extraordinary
expansion of credit, the issue Of a
great mass of new industrial securi-
ties and the growth Of a strong specu-
lative spirit, engendered a rather ex-
plosive condition.. prudent bankers in
New York proceeded to call in loans
and cut credits to speculative fnan-
ciers, and stringency was produced
| which. affected the crop moving re-
| quirements, and the secretary of the
treasury tried to ease the situation by
the: only methods available-purchas-
| ing bonds at high prices and deposit
ing funds from the treasury surplus in
the national banks, and, because OF
bonds, allowing, the banks to hand
over state and municipal bonds
Of the first class as security for such
deposits. ,,1.. r. -. :.
After the government had done
what it could to remedy the strin'
gency, substantial relief was giver
by the action Of a syndicate of bank:
and bankers making themselves re
sponsible for 100000, available fo1
the relief Of, the money market. Thi
had the effect Of generating confidence
and leading the banks and trust com
panies to modify their demands TO
liquidation and the crisis was passed
by the last of December. =
Such simple remedy as that isug
gested by Secretary Shaw, i. e., Sprovi
sion for the issue of emergency note
by the national banks, under the SUI
pervision of the controller of tn
currency, such issue to be subject to
tax of per cent, which would fore
the withdrawal Of the notes when tn
, pressure for money was removed
would be practical and effective a
emergency relief. Conditions this au
turnn@ are much easier than in last au
J tumn, but next year there may b
given another object lesson of tn
j. inconvenience entailed by putting o.
:, the smallest measure Of effectives cur
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rency reform. Il e - - = =
This country has shown itself abb
to stand deal of a rather in uriou
kind of 'let we'll enough alone"~ pol
' icy, but there are some unmistakabl
symptoms cropping out, premonitor
of the sturdy and Wilful recognitio
by the public at large that the rec
interests of the nation require bot
judicious currency reform and tn
2 resuscitation of the reciprocal trad
r policy articulated by the lamente
f Mckinley with his almost dyin
S breath. 49, - 70
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II .talxas a great deal. of courage