Rensselaer Semi-Weekly Republican, Volume 19, Number 34, Rensselaer, Jasper County, 31 December 1897 — WORK FOR CONGRESS. [ARTICLE+ILLUSTRATION]

WORK FOR CONGRESS.

THE PRESENT SESSION WILL BE A BUSY ONE. Questions of Great Importance to Be Discussed-Currency and Cuba Likely to Be the Most Forward—Bryan's Vis'.t to Mexico. j Wise jrt>liey Outlined. Washington correspondence: While the first fortnight of a session of Congress cannot always be looked upon as an index to its prospective action, the developments thus far have strengthened the feeling that the present session of Congress may be assatisfactory arid prompt in its action on great national subjects as was the special session held just after the inauguration of President McKinley. Three subjects have especially attracted the attention of statesmen since their arrival and discussions have already indicated a gratifying drift of sentiment. These subjects are currency reform, revenue and expenditures and the Cuban question. The Currency Question. While definite prediction as to what Congress will or can accomplish upon the vexed question of currency is not easy to determine, the developments thus far are encouraging to those Who hope for action. It will be remembered

11#irt there were-many misgivings about tie future of the tariff bill in the Senate because of the fact that the Republican party did not control that body and cannot during then resent Congress. The element which did control it, however, saw that public sentiment was so strongly im favor of a protective tariff that a refusal to permittliepassageof a bill with whose sentiments they did not fully agree would be resented by the people. Now there are indications that the same wlse polIcy will be pursued with reference to the currency question. President McKinley’s proposition for a retention in the treasury of the United States notes which are redeemed in gold and legislation which will bring an increase of national bank circulation by an increase of the sum which they may issue against their deposit of bonds is proving extremely acceptable, and being generally commended, not only by a large majority of the members of Congress, but by the people throughout the country, as is shown by the reports received here by members of both houses of Congress. The fact that this proposition seems to lay the foundation for an easy transformation of the currency system without the shock to the business world which a sudden change would produce and without increasing the, interest bearing indebtedness, causes it to be very warmly commended by people of both parties. This is so clearly apparent that there is reason to hope that the members of the Senate, who have it in their power to defeat any legislation offered and supported by the Republican party, will take the same ground upon this question that they did upon that of the tariff and omit such factional or exfreme opposition as to prevent its final passage.

It must not be supposed, how r ever, ♦liat'tliis will be done Instantly. There are so many currency propositions, so many men who have plans of their own or plans which they have decided to support that the whole matter will necessarily be very thoroughly discussed before action is taken. But the fact that the President’s plan grows more popular every day as it is discussed, and that it appears to be a simple method of finally taking the Government out of the banking business and permitting the responsibility for malntainlng a sufficient currency and the gold reserve to pass from its shoulders to those of the banks of the country, may lead a sufficient number of members of the Senate who are not within Republican ranks to support it and place a measure of this kind upon the statute books. Government Revenues. Every day’s developments at the custom houses of the country and at the trosaurv are being carefully watched

by those who are Interested da to the question of whether or not the .Dingley law Is going to produce sufficient revenue to meet running expenses. Mr. Dingley still maintains the belief that fct will, and treasury officials who are watching Its operations closely also believe that its revenue In the next fiscal year will equal, and probably exceed, the expenditures. Mr. Dingley shows that the revenue collected on the anticipatory Importations during the four months prior to the enactment of this law were nearly $40,000,000, all of which would have been collected under the present law had the Importations prior to its enactment been only normal. He predicts .that the December receipts, excluding those from the Pacific railroads, will equal the December expenditures, and that long before the fiscal year is ended the receipts under the Dingley law will be sufficient to meet all running expenses and produce a surplus in the next fiscal year of at least ten million dollars. There is a general feeling at least that the new law should be permitted to show what It can do under normal conditions, and that if at any time it should be found advisable to Increase the revenues, which, however, Is not probable, it would be accomplished without any general disturbance of the present law or readjustment of its rates. The Cuban Question. Members of Congress having had opportunity to talk over the Cuban situation calmly in the light of the state-

menits in the President's message seem j to be thoroughly satisfied with the developments this far under the new administration. The sensational sugges-tions-of ex-Minisiter Taylor, that-the people of the United States should rise and demand instant action irrespective of its prospective effect upon the country and its relations with other parts of the world, do not seem to have met with any response on the part of the people. Members of Congress report their constituents well satisfied apparently with the developments thus far and quite willing to trust the administration, which has handled the matter with such success both in obtaining the release of all American citizens in Cuban prisons and seeing its recommendations to Spain followed by propositions of an offer of autonomy. While the Cuban matter is not forgotten or overlooked by members of Congress, there is a disposition to permit the administration to carry out its plans. Bryan and Mexico. A curious fact which comes to the surface here just now is especially interesting, in view of Mi'. Bryan’s "triumphal” tour in Mexico. It is a comparison which somebody has made of the currency conditions in Mexico, compared with those of the United States. It is observed by this statistical delver that the Mexicans who are heaping adulations upon the American apostle of the Mexican system of finance have a currency amounting to 30 cents per capita in gold, aganist $9.35 per capita in Mr. Bryan's own country; $7.70 per capita in silver dollars, worth 45 cents each, against $8.78 of silver per capita in the United States in dollars worth 100 cents each; 32 cents per capita in silver basis paper money, against $5.00 per capita in gold standard paper money in the United States, making a total of $8.41 per capita, with $8.02 of it in 45-cents-omthe-dollar money In Mexico, against $24.03 per capita in 100-cents-on-the-dollar money in the United States. Tills statistical fiend also discovers that the increase in money in circulation in the United States since Mr. Bryan’s nomination amounts to twice as much as the entire gold, silver and paper currency of all Mexico. When it is remembered that Mr. Bryan in the speech which captured the Chicago convention and in all of his speeches of the campaign urged that the currency of the Unked Stfrtes could not be increused in proportion to the growth of the population without the adoption of the free coinage of silver at 16 to 1, the fact that the money in circulation has increased in a sum twice as great as all the money In all Mexico in a abort seventeen months’ time seems to cast a shadow of suspicion upon the accuracy of the financial views of the statesman who Is now receiving the plaudits of the Mexican populace. Tbe increase of money in circulation in tbe United

States from the beginning of the month in which Mr. Bryan was nominated to the beginning of the present month was while the total money of Mexico—gold, silver and paper— Is $100,000,000. A. B. CARSON. Steady Advance in Prices. The close and continuous study which Bradstreet’s Journal is giving to prices of farm and manufactured products shows a continued growth in the price of the products of the American farmer. Its statements have from month to month shown a steady advance in prices of farm products during the year, and its statement which covers the developments of November shows an advance in wool, oats, potatoes, peas, beans, milk, corn, barreled beef, sheep, mutton, eggs, hops and other articles o r s this character, while there has been a decrease in prices of numbers of articles which the farmers must buy, such as print cloths, cotton sheetings, coffee, and other articles of this class. ■*" May Accept the Plan. It now seems quite possible, if net probable, that the United States Senate may accept President McKinley’s currency plan in which he proposes the destruction of the “endless chain” system by which gold is drawn out of the treasury, and a gradual transfer of the gold responsibility to the national banks of the country, in conjunction With an increased circulation on their part. Prior to the presentation of the

President’s simple and apparently feasible plan it was believed that nothing could be offered, which would be accepted by the silver element in the Senate, unless a free coinage proposition were attached to it. The unanimity of popular sentiment in favor of the President’s plan, however, seems likely to lead this element of the Senate to assume an attitude towards the preposition similar to that with which they accepted the protective features of the tariff bill, permitting it to pass because of their recognition of its popularity with the people.

Prospect of a Surplus. Painful as the fact may be to the croakers who are finding fault with the operations of the Dlngley law, there is prospect that it will produce a surplus during December. Its actual earnings, omitting the sums received on account of the Pacific Railroad sale, were, during the first half of the month, just about equal to the expenditures, and it is probable that when the December figures are made up they will bring a New Year’s present of a surplus for the month of December. Americans Will Make the Laws. Notwithstanding the absurd talk about our prohibitory tariff, tbe world is buying more liberally of the United States than before. And for tbe very good reason that it can get Its wants supplied here better than anywhere else. Meanwhile thfe American Congress will continue to make American laws. The s<fb will not be let out to foreigners just yet.—Troy Times. Under the Mistletoe.

“He found her under the mistletoe and kissed her in the good old-fub' Soned way.”