The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-20
4 POOR OUTLOOK,

All reports from oyster bay seeiiA ~ 49,
dictate that Republicans arc by no means
agreed upon the plan for reforming tno
currency systom, and It Is now rreely
K nred,cted that no currency legislation
will be enacted either by the extraof-
binary session which Is to meet III &c
tober or November, or at the regular ses'
sion, which is to follow. AS the Repuol'-
4 can. control both branches of Congress
,ty,s IN to that party to give the country
relief from currency famines that occur
periodically! It is nonsense to say that the
demand for currency reform proceeds en-
tirely from Wall Street Tho demand
"a comes from the extensive business IN
4 terests, and It Is imperative. We nave
an abundance OF assets, but "hen inc
crops begin. to move the banks are strain
ed to their utmost capacity to supply the
necessary funds and during that period
II Is hard for business concerns to get
a enough money to carry on their opera
tions. Call money just now is cheap be-
cause the banks have been boarding their
8 resources to meet the crop emergency.
but time money is ruling firm at
from 41-2 to S per cent for ninety days.
q and 5l-2 to per cent for six months
With the enormous wealth OF tho United
States, with all Industries hard at wors,
with railroads taxed to move freight,
with commerce flourishing everywhere,
there Is no reason for tight money In
IS the United States except that the banks
are hampered by restrictive legislation.
Yet Republican members of Congress
are wranglng among themselves. and It
is said that the policy OF Democrats will
be to sit off and enjoy the fun.
That is a poor prospect for the business
interests OF the country. but, unfortunate
~ the business Of politicians is to play
politics, no matter who suffers.
The New York Herald will say that this
is not question OF politics, but of husl-
ness. and advises the Democratic members
that If the Republicans cannot agree
among themselves upon relief measure,
1t is all the more reason why the leaders
of the minority should not sulk or merely
strive to put In hole their political
opponents, but. In patriotic spirlt>take
an active part in tho work and endeavor
to shape monetary legislation not In the
interest OF any class. but for the welfare
of the whole people.
mot obstruction. but construction" It
insists, will win public confidence for the
party" and then. coming to discuss the
merits Of the case. 1t says
1T Is not Increased quantity but elias
tlcity In the currency that thoughtful men
advocate, and a moderate degree OF elias
ticity can be secured by merely removing
the obsolete provision that restricts the
retirement OF bank notes to three millions
In any one year for the entire country
Once issued they must. because OF this
restriction, remain out indefinitely--n
species Of that imitation which Senator
E Daniel opposes so vigorously, and banks
refuse to Issue notes to meet pressing
demands because OF their inability to
withdraw them afterward. Democrats and
Il Republicans alike can agree upon repeal
Of this restriction. and also upon repeal
~ Of the law which ordalns that customs
NJ moneys must be drawn out OF the lands
OF the people and locked up IN treasury
vaults. With the banks FREQ to issue and
retro notes and customs funds loft In
tho channels OF trade n considerable
measure OF relief would be afforded when
the yearly strain comes from the with.
drawal OF currency In the wheat and corr
and cotton regions OF the West ant
South"
This would not meet the demand for al
asset currency, and would give only par
tlal relief, but It would be better thar
the present wretched system which ham
pers the banks OF issue and locks u
money In the government vaults when
Is sorely needed In the channels OF trade