Year: 1878

Questions OF the Day.


The following is the Nonpareips s
condensation of an interview with
Senator Allison a few days ago by a
reporter of the Chicago Times:


Senator Allison told Times report
er while In Chicago the other day en-
route to Washington that he did not
anticipate any financial legislation in
Congress this winter. Measures may
be debated, but it isn't probable that
anything will be carried through.
There is a good deal of feeling in the
South and West against National
banks, and there are good many
men in Congress who want to put
themselves on record against them,
but Mr.. Allison doesn't think any
large number of them are ready to
commit the country to change in its
banking system at this time. Re-
sumption prospects he considers very
good. We can resume just as well as
not, but the thing wants to be done
alone. The less said and done about
| it just now the better. He doesn't
think the plan proposed by the New
York Clearing House is practicable,
and doesn't see any need of it in the
interest Of the banks. The silver
question is question of the future,
not Of the present. We have now
perhaps $4,000, 900 in silver, of which
SIC, 100000 is in the Treasury. That
Is too small an item to seriously affect
the situation. We are coming only
about S2,000,000 month, and at that
rate it will take a long time to coin
enough TO disturb the banks. 1t will
take year at least before there is
enough silver out to affect resumption
and the banking interests, and by that
time, if any remedy is needed, some
can be provided for. Whether the
reissues Of greenbackS will thwart re-
sumption, Mr.. Allison is unable to
say. 1t is possible that the business
Of the country does not require SO
large volume Of currency as the
greenbacks and coin would make to-
gether, and that q preference for coin
to the disadvantage Of greenbacks
may be the result, but that cannot be
known in advance. The only thing
that will endanger resumption will be
q combination among bankers and
capitalists to call on the treasury for
large amounts of gold. If such q
combination should call on the treas
ury for $50, 100000 in gold, it would
seriously endanger resumption, but
even then he thinks the gold would
speedily find its way back into the
treasury. The fact Is, that the treas
ury is about the most convenient place
where tho banks can keep their gold.
The substitution of greenbacks for ma
tiOnal bank notes would probably
keep the financial question in politics,
and in SO far would be disadvanta-
geOus.


Senator Allison is satisfied that the
Grant movement has great popular
strength, especially in the West. The
Presidents admission that his treat
ment of the South hadn't been sue
cess will doubtless have some effect In
strengthening the Grant sentiment.
The extent to which the Grant move
ment will go depends entirely on the
South. If the South is solid, and If 1t
is fact that political persecution pre-
walls there, 1t will popularize the idea
Of nominating Grant. In the face OF
a solid South the average republican
turns toward Grant. Blaine Is an
able man and has q strong following.
He will be leading candidate for the
nomination In 1880, and so will Conk-
ling be. Conkling is a popular man
and will have New York to back him.
But 1t Is extremely uncertain who
will be put forward by the republic
ans. or the democrats, he thinks
Tilden out politics. Bayard Is safe
and an able man. He would make
good President, but he can't be nomi-
mated. He Is too strongly pronounc-
ed hard-money man. Thurman and
Hendricks seem to be the leading can
didates for the nomination. Thur
man isa popular man and he Is shrewd.
He was very cautious In that speech
he made at the opening Of the late
campaign. He didn't really commit
himself to soft money. He left his
position rather ambiguous. In fact,
Thurman Is In pretty fair way to
come up on whichever. side of the f.
nancial question the democratic party
happens to be In 1880. If that hap
pens to be the hard money side he
will have some satisfactory way ofex-
plainining what he said during the
late campaign.