Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-06-16
Zashington
w LETTER
CURRENCY LAW ROCK

star staR correspopdenI.
Star Bureau.
Metropolitan National Bank Bldg,
NUASEIHNf.nnN V.,,.a "a

No other question is being as often
asked nor does any other form the
topic of so much speculation here at
this time.
It is generally conceded that there
are no serious obstacles left in the
path of the Underwood tariff revision
bill. The tariff measure, secretly
patched up by the Democratic mem
bers of the finance committee, will
be threshed out in the caucus of DEM
ocratic senators this week. The
President has dominated the work o.
the finance committee. On the spec
tacular features of the revision, such
as sugar, wool and the market basket,
the committee has conceded every
thing the President has asked There
will be fight of several days in
caucus and the President will win.
The administration senator's, sup
ported by a number who would be in
surgents If they dared, but who are
restrained by the hunger for withheld
patronage, will control the caucus,
and the bill will go to the Senate
with all the Democrats excepting the
two from louisiana pledged to pass it
without dotting an or crossing a t.
Fight VIII Be vain.
The Republicans will fight and
make speeches and urge amendments
for six weeks or two months and the
Democratic majority will vote down
all amendments and pass the bill re-
CARELESS of what the Republicans
may say or do.
With the currency question, how
ever, neither the White House nor the
caucus is likely to be as effective in
forcing united party action.
There are already signs of rebellion
among Democrats over the rumors
Of the administrations plan to sup
port an asset currency measure. Eff
forts to force such legislation are
likely to lead to an open break.
A split between the Wilson and
Bryan wings Of the party in Con-
gress and a. possible situation which
may force an open rupture between
the President and his secretary of
state, are some of the contingencies
forming topics for speculation.
Bryan Forces In Revolt.
The Bryan forces In the House, led
by Representative Henry, are already
openly in revolt@against the plan for
forcing currency legislation at this
session. They want a fuller investiga-
ton of the money trust before there
is any legislation. Henry. OF Texas,
who is looked upon as Bryan's spokes-
man in the House, has already openly
announced his opinion that the Pujo
committee did not finish the job.
They see in the present demand for
immediate currency legislation the
hand of the money trust itself at
work, and assert that Wall Street is
planning to get on the blind side of
the administration through certain
men in the Presidents kitchen cabi-
net, with the purpose of heading off
a real investigation of the money
power and passing the Aldrich bill
thinly disguised.
Just what sort of a bill the Presi-
dent wants passed nobody seems to
know. 1t is announced that IN his
message to Congress on the subject
he will urge the need of remedial leg
islation, rather than the form such
legislation should take. Unoficially,
it is said that the White House plan
is to take the various currency meas
ures proposed and have them
whipped into compromise bill by
Secretary McAdoo and others of the
Presidents advisers on financial
questions, and to have such har-
mony or compromise bill iammed
through Congress as an administra-
ton measure. under the spur of the
party whip and party caucus, as the
= Iii =.
through.
Bryan's Opposition.
The real split in the Democratic
forces, If 1t comes, viii probably be
forced by the question of whether
the country is to be given an asset
currency system or currency based
on government credit Bryan has
has been an opponent at all times
of asset currency. He is not known
to have changed his views, and his
followers in Congress are insistent
that the government should not only
issue all the paper money of the
country. but that the currency should
be based wholly upon the govern
ment's credit, rather than upon the
assets of the banks of the country.
While the Democratic platform of
last fall denounced the Aldrich BILL
It is being recalled here that at a
Board of Trade dinner in Newark,
while Mr.. Wilson was Governor, for
mer United States Senator Nelson
w. Aldrich. who was one of the
speagers, expressed qualification that
the Governor was in accord with his
financial and currency views. Mr.
Wilson. it is asserted. did not ques-
ton the statement.
Most of the opponents of asset cur
rency are irreconcilables While the
Democrats have differed on the tariff
bill, practically all have recognized
the fact that any form of tariff re-
vision accomplished would have to be
compromise. and many Democrats
who are not in sympathy with the
Underwood bill have welcomed the
idea of being bound by party caucus
on the subject as a way of relieving
them from personal embarrassment.
On currency legislation. however.
such compromise is not at all likely
Motley Rules Them.
Wilson's election brought to Congress
la majority with motley views on money
and currency. There are conserva-
tives, in entire agreement with AID
rich and Wall Street; 1896 free silver
enthusiasts, who have never changed
their ideas to the cumulative theory
of money; former Populists and
Greenbackers, who grow wildly ex-
cited as they bark back to the ma
tional bank act as the greatest crime
in American history. and single-tax-
ers and others who regard the money
and c11rrencV system as nna mlaicl a