Prof. Adam's Ideas

Prof. II. C. Adam-, OÍ Michigan Univcr.-itv, i-i tbc Review oí tte-rtews, bas nu article upon the lut es of conurc-s al 'us present Bessfon, In wnlcn he saya : "II is nnich e&sler to eay what the extra sessiion i congpess oughi nol lo do .-lK.iit currency than to SUggeel a plan wiiu-li wlll mee the demanda al the linden! exlgenay and at the same time lead to a sound monetary policy. 'liiis congrees ought not to repe&l the 10 per cent. tas on the note i sues . state bankg. I appreci;itc ïtilly tli" chamges whlch have baken place etaice 1840 and the argument in favor oí free banking based apon 1 1 i . !■ changas, but I have no confldence In state banks oí iamte, nor eau 1 avoid the coiu-lu-ion that ahould they agaJn be established state tegielatures wlll agatn endeavor to build up local industries ]y providiu-r lavlshly for "local capital." ('oramerce e national and the Instrumeni of co mm ere e should fie national al.-o. Again, congreee ougbt nol at present to oseume burden of the world's sllver. 'liatcver I he ultima!'- resulte ol rad) a policy, Ite Immediate effect would be widespread merctal dteaster. Nor, on the other hand. ghould the extra session of coogresB tormally recognize the universal dominatioai of the gold standard. The iminediate effect of tiiis might be advantageoua to all but the allver mininii Interest : but tile universal aliaiidonnirnt ol Bilver eitber as staadard luoney OT as the besls of Issues wouM inaugúrate a period of gradual and peratetent contract ion. '1 'In-;, oí course, mcans ruin. Wliat, ttoen, oujihl -onicre.ss to do? Answerlng bhe question aategorlcally, I would say : l'irst. in view of the present exlgency, congfreee onght to pepee.1 til!' sllver pwehaae clanse. Second, holding in miad tlie future, congrios nuiiiii to créate a commLs-ii,H wiiicli sliould take iuto consideration tiic estalilisliment oí a general banking System undec tlie control of federal law. Third, liavint; done this, igreea ought to adjourn." This a Uttle astontahing to the peojile wlio ace iamiliar with I'rof. Adama' viewe on tJie tariff questioai. 'llie idea th.it COOgPeas should adjourn and take no actiou upon that all important subject, lias caused m.iny to speculalc as to wliethcr this was an admission by the professor t3it tha tariíí legtelation ought not lo Ir' mi-dlld with, whether the money queatipo was m over-shadowIng i-iai be forgol all about tarlfl tegtolatlon. lt Is geaecally coastrued into an admi-sioii that congreet will do well to let the tariíí alone as t is. Mr. Cleveland in Jiis message, ad .-. - coamess jioc ito legidlate any upoa the tariif at present ! How is liat ï Ii the piesen! iaw tg WrOOg U it Ia in]urlng the coontry as the demócrata claim ; il' it is the cauee of the present luw prlcea and general si au natiou in business; thvn certaiuiy eongress can not Iegj9lat upon it too . or too radically. iiy poötpooe it V v.'hy not gel down to business at anee, and gtve bhe country tiie benelit Of (ree trade laws, and relieve tihe people irom the preaani stringency ? l)(,-s nol the jiresident's message practlcally admit that ooe oí the ohiei cau-'s for the present low commercial and financlal condltlon of tne Iniled States tb-day is tilt'. ïear of free trade legtelation by congrí -- '.' And does lic noi propoee to concíllate and-case up maners by advtelng tiial body to let t!ie tariff alome tor the present ? Tiiere Is ni other conclusión iio-si ble. It all well enougb tor the goveni'iicin to control the rallroads i i ar as to prevent thelr Imposlng upon and robblng bhe people by exliiirbitant ratea and ohargee, but wiicn goveenment owaeranlj) is proposed ihcn the questloo assumes a ms aspect, and the party thal shonldcrs a proposltjon oí that kind wlll lind itaelf loaded down with a mili Btone. But few people bod any hope thal bhe presen! lliriise of Kcpi't s.'ii t a t i ves would be fair enough bo aeal Gen. Belknap, of bhe 5th Michigan distbhongh he was fairly electel. 'l'lie populist RichardBOo had a technicality in his favor, and that is enouKh tt sive him the Beat With the demócrata.