The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-12-01
President CIevelnnd's Message VIII
Broach liz and His Finance MIN
lister VIII Exploit IL.
MERELY A PUBLIC FEELER
LITTLE PROBABILITY THAT THE
PRESENT CONGRESS WILL PASS 1T.
Crisp Doubtful whether Any LegisIa<
ton of Importance VIII BE Enact
ed During the short Session.
special TO the IndianapolIs journal.

Special TO the Indianapolis Journal
WASHINGTON, Nov. 90 = President
Cleveland's message TO Congress will be
ready for transmittal TO that body on Mon
day and will be followed the next day by
the annual report OF the Secretary OF the
Treasury. OF the two documents Mr.. Car
isles promises to be the more interesting.
for there is excellent authority for the
statement that President Cleveland VIII
content himself with a reference TO thu
urgent need for a reform in our currency
laws. but that he will make no recon-
mendations. 1t is true there has been much
grave and instructive discussion OF the
currency scheme which Mr.. Cleveland will
breach in his message. and Il has been
intimated that he will blaze the way for a
great reform in our currency system. as
he did in his message OF 1887 on the subject
of the tariff. AS matter OF fact, II f. be-
ginning TO appear that the message will be
merely report OF what has been done by
the various departments rather than the
able state paper which Mr.. Cleveland has
hitherto sent TO Congress on its convening.
In former years Mr. Cleveland has request
ed his Cabinet officers TO furnish him
memoranda of the principal events that have
occurred in their respective departments.
and the data Mr.. Cleveland has elaborated
in his famous style. This year the various
secretaries have written out the matter
which will appear in the message touching
their work. Mr.. Carlisle has been an
especially valuable contributor. So far.
therefore as the Presidents message vii
discuss our financial laws, 1t will merely
pave the way for the report OF the Secre-
tary OF the Treasury. This Mr.. Cleveland
intends as a graceful compliment to his
<off ffa nd q a
ton OF the statements that there is seri-
Gus disagreement between them on oues-
tions of policy.
II can be stated with the came deinlteness
that Secretary Carlisle has no hope that
the recommendations which he will lay be-
fore Congress will be enacted into laws by
the present Congress. but he does expect
sound financial legislation from the next
Congress, which will be Republican, just
as he and Mr.. Cleveland have come 20 de-
pend on the Republicans in Congress at all
times TO come 10 the aid Of the administra-
ton in all Of its struggles for honest money
and sound financial methods. 1t is not
claimed by the correspondent OF the Jour
nal that he can state in detail what Mr..
Carlisle's plan win be. The Secretary is
guarding his report with jealous care. and
those highest in his confidence are pledged
to preserve the secret. but the broad out
lines OF his scheme may be indicated Mr.
Carlisle will advocate the repeal OF the IL
per cent. tax on State banks under certain
rigid conditions He will also advocate the
vital features Of the so-called "Baltimors
plan" These two propositions, 1t Is as
sured at the treasury, may be conhdenuy
expected in the Secretary's plan- The as
sets of national bank will be under some
conditions its basis of circulation and In
some way 1t will be required 10 maintain
large deposit OF legal tenders SUFFICIENT In
the aggregate of all national banks TO ao-
sorb the greater part OF the outstanding
legal tenders. 1t is furthermore Mr.. car
isles hope 10 provide for the ultimate re-
tirement of the legal tenders, though IL ~
not known to- what extent the Secretary
will dwell on that subject in his message.
The inspection, redemption and other I'M
nortant features OF the national banking
law will remain unchanged. One or the I'M
nortant objects sought by the administers
tion is the termination OF the existing sys-
tenn of banking by the government. II de-
sires to shift the pressure for gold export
from the treasury to the banks, and prompt
redemption OF notes in coin at the counters
of the banks is considered important TO ac-
complish this result One OF the plans
under consideration 10 secure prompt re-
deunption OF bank notes is the establlsh-
ment OF branch redemption agencies under
the control of the treasury in the leading
cities of the country 1t has been proposed
70 recommend to Congress the re-enactment
of the law compelling the payment OF all
customs in gold. This. however. win hard
lv be suggested in Mr.. Carlisles report