The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1903-09-05
LETTER FROM WASHINGTON.

LETTER FROM WASHINGTON.
Prominent republican and democrat
ic senators and representatives and
well informed students of financial sub
lects agree that the prospects of i'm
portant and beneficial financial leeis-
lation at the next session of Congress.
viewed from the present outlook. is ex.
tremely doubtful. 1t is freely predict
ed that the republican senators cannot
De made as unanimous for the Aldrich
bill again as they we're 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 senator's to give their
views. Not only is there less unanim-
ity of republican sentiment for what
was known as the Aldrich ideas, but
democrats promise to oppose these
ideas, declaring 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 differ.
ence of opinion as to the Aldrich bill
and they will attack that measure or its
principles embodied, In any other
measure.
A principal feature of the Aldri5h bill
was the provision that state, municipal
and railroad bonds of approval classes
might be accepted by the Secretary of
the Treasury as security for the depos.
it of public moneys. The democrats
are attacking this feature on several
grounds. Their first objection to it is
that 1t encourages the continuation of a
surplus in the Treasury, when the tar
III laws ought to be amended so as to
prevent such a surplus; second, that if
the people were relieved Of tariff bur
dens to the extent of $50, 900, 900 or
100000, 900 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 the banks
are beng allowed to use the govern
ment money without interest.
The leading feature of the democratic
position, however, is that the govern
ment Is every day accumulation money
that 1t cannot use, and that to prevent
a financial crash by reason of the ac-
emulation of this sun ourside of trade
channels, the Treasury Department Is
compelled to do something with it;
that one of the ways of putting the
money back into circulation is to de-
post II IN national banks. Another
contention is that the placing of this
money in banks encourages over spec
ulatlon and the putting out of endless
stocks OF all kinds. 1t will be claimed
by the democrats that if the banks are
not burdened with money they will not
make loans on anything except legiti-
meut business, but that If they have a
plethora OF funds, including those of
the government, they will lend on
stocks that are not giltedged, and there
by encourage over-speculation and dan.
gers that might menace business of the
country.
10 sum 1t up briefly. the democrats
will say that to get rid of THIS state aft
airs, instead of providing for easier
methods Of putting out government
money, the reformation of the 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
or this money business. and the dem
ocrats will take advantage OF their de.
morallzed condition. 1t gives the de-.
mocraey The best possible opportunity
OF giving the country ar object lesson
on the blessings Of tariff reduction as a
means Of keeping all thi surplus in the