The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-08
SATURDAY. FEBRUARY s. 1913.
TAKE UP BOTH TARIFF AND CURRENCY.


fore the country today the tariff and the
currency The leading issue in the recent presi-
Dental campaign, aside from personalities, was
The tariff. but close second in interest and an
equal in Importance was the currency problem
Since the election. the money question has
grown IN interest and now shares place In
the popular discussion with that of the tariff.
The two are so intertwined with each other
that discussion of one is incomplete without
q discussion of the other and consequent
demand for the consideration Of both problems
at the extra session of congress has arisen. The
trust question and the Philippine question are
also before the public, but interest centers In
the tariff and the currency and members of
congress are divided along the lines of the expe-
diency and desirability of legislation on one
of these questions or both.
President-eleet Wilson, according to adyices
from Trenton, has not made up his mind as to
whether or not he favors consideration of both
questions by the extra session, but indications
are that be win decide for both tariff and cur
rency legislation. II may be gathered from the
reports of his interviews with congressional
leaders and from the questions he has asked that
he is inclined to regard as meritorious the argu'
ment that tariff legislation must OF necessity
result in some business depression and that
1t would be wise to insure against possible panic
as result by reform in banking and cur
rency laws. Under norma conditions these laws
invite trouble Our currency system Tags under
the slightest strain and however conservative
may be the new tariff act and however wisely
and cautiously revis on may be made some effect
upon business must be felt Win those who
control our credit system opposed to tariff re-
vision and with numerous business men in a
state Of mind bordering on panic, there exists
danger. That there In reason for the ex-
istence of this panichy state of mind and that
1t is the product of cowardiee does not change
the situation. Pancs are never reasonable. The
very word means fear without cause. Few peo
pie believe that we will undergo financial panic
as q result Of tariff revision, but the danger
lists nevertheless Reform of the currency sys-
tenn undertaken at the same time tariff revision
is underway will give confidence and should
trouble result 1t would be checked in its incip-
iency
That the tariff will be revised is accepted as
settled and TO that extent this century old
problem lis still the star on the legislative stage.
The only question is to how 1t shall be I'M
dertaken. A difference of opinion exists to
whether the bin should be adopted en- bloc or
schedule by Schedule, The natter could be com
pleted with less delay by the former method
as only one vote would be required for the pas
sage OF the measure, whereas a vote in the
house and senate on each separate schedule
would consume much longer time Advocates
of the latter method contend, however, that
the danger OF trading between sections would
be increased by the adoption of the act en- bloc
and delay is preferable to castrated measure
This may be true to the house, but in the
senate where the Democratic majority Is small
and the danger Of trading is greater, the re-
verse holds true The plan said to have been
decided upon by the progressive or revision, De-
Eocrats is 10 settle the matter il caucus SO that
the high tariff Democrats will have no oppor-
ttfEity To trade with Republicans, and then to
report tie entire biil 10 the senate for ratihca-
tion or rejection. In caucus the progressives
have q majority and on each schedule would
outyote the protection Democrats. When the
Democrats would be compelled by circumstances
To vote for it. In other words the Republicans,
having no hand in the making Of the bill could
not trade with the protection Democrats. The
Democratic senators from Louisiana, for in
stance, could not make a IDEAL" with the Re-
publican senator's from New England promising
10 vote against cut In the duties on shoes on
Condition that the New Englanders would vote
against cut in the sugar duties. In caucus
the sugar senators could trade with no one for
t.efe would not be enough protectionsts, or
enough Of those desiring protection for products
of their own sections, with whom to make a
trade. The out and out reyisionists have ma
lority In caucus. while in the senate the mar
Sin is small enough to create the opportunity
OF trading.
With the progresEiyes controlling the Demo
cratic caucus and the finance committee and
with progressive in the White House the dan
gers of such party treachery as Cleveland had 20
contend with slight With the country pros
porous, The dangers OF panic as a result of tariff
legislation il small. With the enactment of a
currency reform bill such danger as EXISTS will
Be greatly miniinized Altogether the outlook