The free lance. (Fredericksburg, Va.) 1885-1926, 1903-08-20
SENATOR DANIEL SAYS FINANCE
MAY BE ISSUE.
He Expects Long Debate That viii
Show the People That Democrats,
and Not Republicans, Should Be
Intrusted With the Government

In an interview. Senator John "
Daniel, who by virtue Of his position oi
ranking Democratic member Of the Com
mittee on Finance will be- the leader OF
the minority when financial legirlatiOnis
debated in the Senate asserted his Op-
position 20 the administration present
progrAmme Senator Daniel expressed
the belief that there will be no financial
legislation enacted at the coming session
unless the Republicans devise meas
ure radically different FROM either the Al
drich bill or the Fowler asset banking
bin At the same time he regards it as
ouite possible for the Republicans TO de-
wise bill that will win the support oi a
minority Of the Democrats in the Senate
The Senator believes financial legislation
will be 10y far the mostimpOrtant matter
before the next session. and he looks for
"A protracted debate that will cover every
phase Of the monetary question. lie
thinks that this will present an issue on
which the Democrats may appeal To the
country in IDOL
ELASTIC cifi fiEENfN AGITATION.
Asked il he would favor at the next
session the financial legislation proposed
AT the last session Of Congress in the Al
drich bill. Senator Daniel said
III You refer To the Aldrich bill ~ IL
stood at the last sersion. ! shall say that
was extremely doubtful Of its efficacy
or necessity when it was first presented.
There is a powerful element among the
great operators in finance, and also
among the bankers a. such, who are iu
favor Of what they call in general issuing
currency against assets, which would
have 10 be- supported hy additional taxa
| tion a. an assurance fund for its redcmp
ton. They wish 10 irsne this currency
but would make the government III
sponsor and redeemer. They consider
that "A tax On this currency would I'LL th'
double junction Of checking its loose issu'
and ut the same time provide fund iol
its redemption. The subject is too greal
"A one for n conclusion to be reached with
ont the closest study aud thegreatest en-
Hchtenment possible ! am, therefore
not prepared at this juncturc TO express
an opinion on this phase Of the subjec
that would be ready TO yindcate.
Am Of opinion, however, that this ques
tion will he The leading issue in the mex
Presidential campaign, and we know no
whnt alliances aud divisions II vii
create.
..rne holders OF trust stocks are likel.
To favor it, for values are so inflated b.
trust organization aud the interest il 81
widely difiused that it has generated
desire to initiate the currency in order t
prop 10 the sagging trust values Thi
marks a curious evolution in the ilnat
cial sentiment If the country, for only
few years ago the claim was made tina
T we had enough money and that argume1
was used sue, e5siully to destroy Rive
This was so far accomplished that thei
sue of 16 TO | has been rendered impra
ticeble and unavailable. II silver is ey,
restored TO it's old-time constitution
money relation we will come through {
II RIGHT after what fear will be a sad e
Il perience. This cannot be done by al
- immediate provision for free coinage.
a "If the al lrich bill is adopted it is
r. be apprehended that the hundreds OF N
k lions of surplus in the Treasury thus d
n hursed among the banks " Ould be loan
= and embarked in trade. This would
ford the depositaries apowerful ineentl
to nreyent the reduction OF taxation, a
:. thew would continue to become borrow
- oI the government at a cheap rate n
l., lenders 70 the people at aproiitable ra
n. ~, no condition more than this does
I'd iustdoctrine apply that unnecessary tal
10 tion IL unjust taxation. WINE sucn
10 measure might pass, II the public att
n tiop IL not aroused, it's evil consqeuen
N. soon would be disclosed and ereyolutl
lu would occur.
CHANCE Fon THE DEMOCRATIC NoAiNEl
III the object Of the advocates Of
Aldrieh plan i 70 Get Tie monsy oQt