Events which are likely to. make Mr. Bryan's head swim are taking place in the Democratic ranks in Washington. One of the most significant of these events is the signature by five Democratic members of the Committee on Banking of a report written by Representative Talbert of South Carolina in favour of a banking currency. The minority of the House Committee on Banking, as usual with a minority, dissent from the majority report in favour of the Fowler bill. They declare, however, that their objections are not to the principle of a banking currency but to the insufficiency and ineffectiveness of the measure. The Democratic attitude is toreely set forth in the following language of Mr. Talbert's report:
"We believe that the banks of the country, under proper and wise legislation, safeguarded so as to secure a sound and solvent currency, are the agents and instrumentalities to issue the currency of the country; and we further believe that the legislation should be so framed as to permit the issuance of an amount of currency at all times adequate and sufficient for the business needs of the country, and which would be retired when not needed for the transaction of legitimate business." lades of the " Commoner" Hare the Democratic members of the Banking Committee forgotten Mr. Brran's repeated denunciations of a banking currency and his suggestions that the Government should issue the paper mone of the country Evidently they have forgotten them' or have decided deliberately to ignore them, They have gotten back to the fundament tal Democratic doctrine that government should interfere as little as possible with the instrumentalities of credit and that the banks should issue the paper currency. Mr. Talbert makes a strong and osoned argument against Government bonds as a basis of circulation and declares that "it happens that when curney is scarce and most needed to meet the legitimate and necessary demands of business, bonds are high, and it is found profitable to sell the bonds for speculation and the currency is contracted when it should be expanded." These wholesome declarations of monetary policy have been followed up by the introduction of a bill by Representative Padgett of Tennessee, another member of the minority of the Banking Committee, which is one of the very best bills on the subjects thus far introiluced into Congress. The bill pays dtie regard to the present bond-secured currency by providing that the new notes shall be issued only to banks having a tain proportion of the old currents, and provides for a graduated tax on citculation, which is to be reduced when the accumulations in the safety fund reach a respectable figure. The bill is worthy of the best days of the Democratic party, 1 President Cleveland and Secretaries ild and Carlisle urged a comprehen-of bank note reform upon Events like these are of high signif cance from a political point of view, irrespective of their direct bearing on the reform of the currency. They indicate tic party has awakened htmare of Bryanism and in to deserve the confidence of the conservative clement of the coun-Bank note reform is a long estab-democratic policy, favoured by all th ly men who acted with the Democratic party when it was possible to act with it, and endorsed in the strongest terms by the gold Democratic Convention at Indianapolis in 1896. The business men_ of the country are tired with Republican trifling on this subject. They have spent money, held conventions, written letters and extorted pledges on this subject from Republican conventions, only to be met with ridicule and indifference when they have come to Congress for action. It will be in accord with the ised Democratic policy for the Democratic party to take up this issue, now that it is preparing to cast off the smouldering regs of Bryanism. A strong declaration in the next Democratic convention for bank note reform, for moderate revision of the tariff, for economy in public expenditures, and for strict. adherence to the Constitution, would rehabilitate the Democratic organisation in the conservative States of the North in a manner which would astonish and alarm the party in power. It is encouraging that a Southern Democrat has written such a report as that submitted bs Mr. Talbert, and that another Southern Democrat has followed up the report by a bill so conservative and care fully framed as that of Mr. Padgett. Their action cannot fail to attract the attention of the great mass of independent voters in the North who feel that the party in power has had a sufficient tenure of office and that important reforms can only be carried out in earnest by a change of party control. It should be a subject for con gratulation not to Democrats only, or even to independent voters, bat to men of all parties who desire that a political campaign shall not involve a threat against the safety of property and a menace to the safety of business.—"
Journal of Commerce," January 28th, 1903.
Text read from the printed page and cleaned; old type leaves the occasional error.