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Show CURRENCY LEGISLATION. The dispatches from Washington evince a moro confident tone evory day on tho probability of currency legislation legisla-tion at tho present extra session of Congress. Con-gress. President "Wilson is said to he studying the question fully, and reporc is that ho is disposed to -consult the Republican Re-publican members of the Senate in tho proposed currency legislation. Still, as we have pointed out heretofore., currency cur-rency legislation is so necessarily snp- plemcntal to tho passage of the Democratic Demo-cratic tariff revision bill that we do not see how this extra sessiou can adjourn ad-journ without revising th9 currency system so as to make a firmer foundation founda-tion for our banks and provide for emergency issues of currency at need. Such legislation must provide more immediate im-mediate supplies of currency than would be otherwise possible in the application ap-plication of tho revised tariff law to our conditions, in case of, business trouble. There is no question but that the passage of this tariff revision will make a considerable strain on credits, and on tho banking system, since the changes in the tariff will create new conditions practically all over tho country, coun-try, and especially in the great money centors. As wo have staled before, tho banks which are now at the back of large business concerns, manufacturing and otherwise, are likely, to feel that those business concerns are not to be considered .15 prosperous, at least for a time, under the new tariff conditions as under tho conditions that have been created by protection. It will be necessary, therefore, for the banks to get into a stronger position posi-tion to face the new conditions that are to be presented because of those changes in the tariff. It will be the mo3t natural nat-ural thing .in the world for the Democratic Demo-cratic politicians and. for the administration adminis-tration to wish to ward off any trouble that may arise in the business, financial, finan-cial, or currency system, after tho passage pass-age of this tariff bill, since any adverse ad-verse conditions that appear will inevitably inev-itably be charged against tho Democratic Demo-cratic tariff legislation. It is quite natural, nat-ural, therefore, for tho administration to consider that something is imperatively impera-tively necessary in banking and currency cur-rency legislation, in order to provide against tho charges that will certainly be brought against their tariff legislation legisla-tion iu case there is a banking or currency cur-rency flurry by reason of tho chaugod conditions in manufacturing, industrial, and other business conditions in the United States. Since any adverse conditions that may come up will assuredly be charged against the Democratic tariff legislation, legisla-tion, nnd since the banks are certain to feel' the first effects of those adverse conditions, it is clearly the province of forethought and wisdom for the Democrats Demo-crats to take such steps as may be pos-j pos-j Bible to change our banking and currency cur-rency system in the direction of strengthening tho banks and providing for any contingency that may arise over the Jack of currency. In this view of the case, it is clear that the Democratic tariff revision almost al-most necessarily requires that there shall Vu a revision of the banking bank-ing and currency laws, ao that any bad effects from tho tariff changes may be provided against in strengthening strength-ening the banking and currency conditions. condi-tions. So tho expectation of banking and currency legislation is likely to be realised. |