The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1903-09-02
OUR WASHINGTON LETTER.

Special Correspondence Of Intci'ipncu.
Washington, ID. c., Aug. 81, 1908.
Prominent Republican and Demo
cratic senators and representatives and
we'll informed students of financial
subjects agree that tho prospects of
important and beneficial financial
legislation Mt 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 unanimous
for the Aldrich bill again as they were
grcss, when the bill was defeated
merely because there was not sufficient
time 20 allowa few OF the opposition
senators to give their views Not only
IS there less unanimity of Republican
sentiment for what was known u. the
Aldrlch ideas, but the Democrats prom
iso to oppose these ideas, although de-
claring that they will welcome tinan-
clal legislation that will be of real
benefit to the country.
The Democrats will not OpDOse any
legislation OF n financial nature for
which there ia united demand by the
business interests of the conntry, but
they realize that there is wide differ
ence OF opinion as to the AlGrich bill
and they will attack that measure or
it's principles embodied in any other
measure.
A principal feature of the AIdrich
bill was the provision that state, NUM-
cipal and railroad bonds OF approved
classes might be accepted by the Sec
retary OF the Treasury as security for
the deposit Of public moneys. The
Democrats arc attacking this feature
on several grounds. Their first obiec-
ton to 1t Is that it encourages the CON
tlnuatiOn of a surplus in the Treasury,
when the taritflnws ought to be amend
ta SO as to prevent such surplus;
second. that ii the people were reliey-
Gu OF tariff burdens to the extent of
$50, 100000 or S4O,OOOOO0 IL year that
amount would not have to be placed in
the hands OF national banks Tor their
benefit; third, that in making such
deposits the banks are being allowed
10 use the government money without
interest.
The leading feature of tho Demo
cratic position, however, is that the
government is every day accommodating
money that It cannot use, ard that to
prevent financial crash by reason Of
the accumulation Of this sum outside
OF trade channels, the Treasury De-
partment is compelled to do something
with it; that ono Of the ways of putting
is to deposit it in national banks.
Another contention is that the p,ac-
ing OF this money in banks encour-
ages sOver-speCulation 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 legitimate business,
but that it they have IL plethora of
funds, including those OF the govern
ment, they will lend on stocks that are
not giltedged, and thereby encourage
over speculation and dangers that
might menace the business of the
country.
10 sum it up briefly. the Democrats
will say. that to get rid of this state of
affairs. instrend of providing for easier
methods OF putting our government
money, the reformation of the tariff
and tho reduction of the government
income would be tho best and safest
plan, tho position being that there is
plenty ot money in the country.
The Republicans are all tangled up
on this money business, and the Demo
Gratis will take advantage of their
Democracy the best possible oppor-
tunity OF giving the country an object
lesson on tho blessings of tariff reuuc-
ton as q means Of keeping all this sur
plus in the pockets of the people, in
stead of lighting over plans for getting
it back to the people after taking it
away from them for tho behoof of
the trust and monopolies of the coun-
try.
There is sOmo rather severe criti-
cism of the President here in political
circles in tho national capital on ac-
count OF the recent naval review.
That review ordered by the President
to he held practically in his back yard
in Oyster Bay, partOOk very much of
the antocratic methods OF the Car or
tho Kaiser. No previous President
ever ordered the ships of tho American
Navy to come to his home in order to
review them and make war-!i,.c
speech to the officers and men of the
Navy. Tint review, for which there
was no need or warrant,eXcept to make
q hooilum holiday for tho inhabitants
Of Oyster Bay aud vicinity, cost the
taxpayers of the country not less than
burned in salutes to tho Commander
in Chief of the American Navy. He
may next take notion that he wants
to review the American Army. 1t he
does it will cost the people not less
than half million dollars to concen-
trcte the troops Tor the review. The
people need not be surprised at any
thing.
The Post Office Department investi-
cation seems to have petered out COM
pletely. II anything is doing at the
big pile on Pennsylvania Avenue no
man can find it out. Since the statute
Of limitations let out go many who
ought to be wearing stripes, it seems to
have paralyzed the energies of the in
yestigators: Although the Grand Jucy
vers for completely in the frauds and
peculations in the Post Office Depart
ment, no attempt has ever been made
to apprehend him and bring him to
the bar of justice. 1t IL believed here