The progress-advertiser. (Lexington, Miss.) 1902-1903, 1903-09-03
WASHINGTON LETTER.
Fresh, Crisp Paragraphs Concerning People
and Affairs Around Or National
Capitol.

Special Correspondent of the Prog
ress Advertiser. Washington D. {
Aug. End 1903
Prominent republican and demo
cratic sena ors and representatives
and we'll informed students of finan
cial subjects agree that the prospect
of important and beneficial fnancia
legislation at the next session of con
gress. viewed from the present out,
look, is extremely doubtful. 1t is
freely predicted that the republican
senators cannot be made as unani.
NOUS for the Aldrich bill again as
they were at the close of the last
session of Congress, when the bill
was defeated merely because there
was not sufficient time to allow a few
of the opposition senators to give
their views. Not only is there less
unanimity of republican sentiment
for what was known as the Aldrich
ideas, but the democrats promise to
oppose these ideas, although declar-
ing that they will welcome financial
legislation that will be of real benefit
to the country.
The democrats will not oppose any
legislation of a financial nature for
which there is united demand by the
business interests Of the country, but
they realize that there is a wide diff
ference of opinion as to the Aldrich
bill and they will attack that mea-
sure or its principles embodied in any
other measure,
A principle feature of the Aldrich
bill was the provision that state, mu-
nicipal and railroad bonds of appvoy-
ed classes that might be accepted by
the Secretary Of the Treasury as Sc
curity for the deposit Of public mon
eys. The democrats are attacking
this feature on several grounds. !
Their first objection oit is that it
encourages the continuation of a sur
plus in the Treasury, when the tariff
laws ought to be amended so as TO
prevent such a surplus; second that
if the people were relieved of tariff
burdens to the extent of $30,000,-
900 or $40,000,0O0 a year that
amount would not have to be placed
in the hands Of national banks for
their benefit; third, that in making
such deposits 'he banks are being al
lowed to use the government money
without interest.
The leading feature Of the demo-
cratic position, however, is that the
government is every day accumulating
money that it cannot use, and that
to prevent financial crash by reason
Of the accumulation Of this sum out
side of the trade channels, the Treas
ury Department is compelled to do
something with it: that one Of the
ways Of putting the money back into
circulation is to deposit it in national
banks. Another contention is that
the placing of the money in banks
encourages overspeculation and the
putting out of endless stocks Of all
kinds. 1t will be claimed by the dem
ocrats that if the banks are not bur-
dened with money they will not make
loans on anything except legitimate
business, but that if they have pie
thora Of funds, including those Of the
government, they will lend on stocks
that are not giltedged, and thereby
encourage over-speculation and dam
gers that might menace the business
Of the country.
To sum it up briefly, the democrats
will say that to get rid Of this state
Of affairs, instead of provid ing for
easier methods Of putting out govern
ment money, the reformation Of tariff
and the reduction Of the government
income would be the best and safest
plan the position being that there is
plenty Of money in the country.
The republicans are all tangled up
on this money business, and the dem
ocrats will take advantage Of their
demoralized condition. 1t gives the
democracy the best possible oppor-
tunity Of giving the country an OBJ
ject lesson on the blessings Of tariff
reduction as a means Of keeping all
this surplus in the pockets Of the