The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-03
WAGON WHEAT
Hig hest Market Price.
ARC iDE MILLS.
WHAT CONGRESS SHOULD DO
Gen. Lew Wallace, Henry Clews and
Others Discuss the Important Question.
The lndianiau Fears There Will Be Great De-
lay and that Harm Will Result-Charles
P. Huntington's Scheme.

NEW YORK, Aug 2-Gen. Lew Wallace,
who Is in this oity on business connected
with the publication of his latest book
wasinterviewed to-day regarding the finan-
cial situation. 'Anent the opening of Con-
gress." said General Wallace. there
are three questions which naturally arise:
What ought Congress to dol What can
these wise men dot What Will they dof
Those questions would make u good text
for sermon. Speaking generally. Con-
gress ought TO take immediate action to re-
strain the tendency to the bow-wowa On
that point it occurs to me that there will
be such an aggregation of wisdom at this
present session that 1T Is extremely
doubtful if what ought TO be done
will be done. Were / q member Of Con-
Rress 1 should certainly try TO bring about
repeal of the purchasing clause of the
Sherman law. 1 should 60 about il very
cautiously, however, keeping In mind that
the immense accumulation of silver which
the government has lying In innocuous
desuetude should be protected as fss as
possible"
what will Congress dof'
Il am very much afraid that there will
be great excitement in the extra session,
and party lines will be drawn so tight that
II anything Is accomplished at all it will
be delayed. Meanwhile the people, the
bankers and manufacturers ana the thou
sands and thousands of employees will
suffer. LIZ / were called upon to state
what originated our present calsmities,
! should say it was the failure OF Mr..
dency. to tell the public his views. wishes
and policy. Had he attempted something
of that kind In his Inaugural or during tho
many opportunities which have pre-
sented themselves since the 4th Of
March last--had he attempted to de-
fine what he thought best TO do under the
circumstances it Is my candid Judgment
that the calamities upon ms would not
have been so general. As IL Is. Ii Is prob
able that no state paper was ever looked
forward to with as much solicItude as is
his message to the forthcoming Congress.
He may advise Congress so as to allay the
fears of tie public Whether he will sue
ceeG remains to be SEEN"
What place do You think ehould be
given TO silver in the currency OF the
United Statesf" asked the reporter.
IL would give gold. silver and paper cur
rency all place. am in favor
of system which shall have gold
should not be placed in the position
of q silver power exclusively. There
are two points to be kept constantly in
mind. One is that silver coin 90 to some
extent is a commercial necessity of this
country. The other is that all the nations
of the world are to-day trending to
gold. The silver. like the paper
which we issne. should have gold basis,
and should be legal tender. 1t might be
used exclusively for the subsidiary com
age. mp to. say $40. There should be no
price fixed for silver, but the Secretary of
the Treasury should be authorized to buy
It at the market price whenever and In
whatever quantitiessit was wanted.
"As to the resources of this governments
at the present moment. it is worthy of con-
sIderstion by Congress and by thinking
men. whether IL would not be wise for the
Sovernmept %, to let loose; say $500 ooooo of
government to furnish itself with
q supply of gold which would enable the
Secretary of the Treasury TO put a
QuIetns on the panlcs and TO ease mp the
money market. That Is the particular
should be directed IN the quickest time
possible. That would be $500. 0O0. 900 added
70 the public debt of this country, q mere
bagatelle."
Southern Pacific company. dictated the
following upon the situation: 'If Congress
will repeal the Sherman act and make.
saw $40. a legal tender of silver and
not allow any paper to be issued
under S. that would put q large amount
of silver In circulation. Then let
the government issue SS00.000.000 of gold
bonds bearing interest not exceeding per
cent. they to be used a. collateral for na-
tional banks. and let the banks have par
in currency on the old fours. That would
restore confidence. MAKE money plenty
and. believe. would be good thing for
silver"
Henry Ciews said: Zone of the first
things Congress should do after repeating
the purchase clause in the Sher-
man law should be TO repeal the
law which authorizes the United
States Treasury To Issue gold Ger
tincates against the deposit of gold, there
by making the treasury "A storebouse with
out any gain whatever. The effect 10 to
lock up the gold IN the treasury vaults in
place of it being in circulation"