The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-27
He Says the Country Is Now Con-
fronted with n steadily Growing Def
fcit i'm the National Treasury.
THAT RELIEF is NECESSARY
THAT DEMOCRATS IN CONGRESS
SHOULD SUPPORT THE PRESIDENT,
And that There Is No Time to He Lost
Currency Reform n Second and
Later Confederation.

NEW YORK, Jan. 2s-The Democratic
nent Democrats to enjoy dinner and hear,
among other speakers, Senator David B..
Hill. There were many prominent persons
present. President John Fox presided, and
introduced Senator Hill, who said:
1.-The country is now confronted with a
steadily growing deficit in the Treasury, &C.
casioned by a failure of the recent fiscal
legislation to produce the necessary rev.
enues for the needs of thesgovernment 1t
70 hoped that this difficulty will prove but
temporary But what is to be done in the
interim? How Is the credit of the govern
ment to be maintained and it's liabilities
liquidated. The spectacle should no longer
be presented Of a Democratic administra-
ton appealing to a Democratic Congress for
necessary legislation to secure funds to carry
ON the government during a temporary
emergency. and that appeal made in vain
Why should we put unnecessary obstacles
On the way Of our successful administration
of the government, or wait, falter, haggle
or do nothing-and turn over Democratic
administration to the tender mercies of an
Incoming Republican Congress for relief?
Such course from a party standpoint is
suicidal, demoralizing, unpatriotc. The sim
pie legislation demanded should not be re-
fused upon false or untenable grounds; it
should not be COMPOUNDED with other pro-
posed financial legislation, which may or
may not be desirable; it should not be ASSOC
ciated with the silver question, with which
1t has no connection, but it should be
granted solely upon It's merits, as a neces-
sary measure Of relief to a depleted treas
ury. and as an act of justice and propriety
In ~
cratic administration.
Whether the moneys necessary to be bor-
rowed should be raised upon bonds, treas
ury notes, exchequer notes, certificates or
Indebtedness or other means which are
usual or which may be devised, is mere
matter of detail, easily adjustable, involving
no essential principle, and which should not
hinder or prevent the concession of the
main relief sought. No hostility to the
present administration; no political griev-
ances and no fractional differences should
be permitted to retard immediate legisla-
ton so indispensable at this time for the
maintenance Of the credit and honor of the
government. To arbitrarily refuse such
action now unless some legislation for silver
shall precede. accompany or supplant it
and thereby compel the calling of an extra
session of a Republican Congress is the
height of political folly, only equaled by
the opposition to the repeal Of the Repub-
lican Sherman law in 1893 and the foisting
of the Populist income tax upon the country
in 1894.
MONETARY REFORM.
I'm urging temporary financial relief,
do not forget nor underestimate the i'm
portance and desirability of some appro-
pirate legislation in behalf of monetary re-
form We are afflicted with too many diff
ferent kinds of currency, issued under di-
verse and somewhat conflicting statutes,
possessing different qualities and subserv-
ing different purposes. some Of which is
legal tender and some Is not, and some is
limited legal tender. The establishment
of permanent monetary system adequate
for the needs Of the country seems to be
urgently demanded. Neither do we forget
the facs that the Democratic party is, by
tradition and interest the hard money par
". the party that believes in the money of
our fathers, the money of the Constitution,
the money of intrinsic value.
I'm the carrying out of that policy the
gradual retirement and extingu.shment Of
the United States notes commonly known
rs 'greenbacks is an important, If not the
not money according to the Democratic
ldea, but only currency redeemable in
whch should be- pad and
reled. There is no time to be lost. The
moneys necessary for their payment and
extinguishment can he supplied through a
popular loan, with low interest and long
time securities.
att is difficult to discover why the true
friends Of free bimetallic coinage In Con-
grees or elsewhere should object to the
elimination of this greenback paper cur
rency. which is now so generally conceded
should be Cancelled. Yet most of the advo-
Gates Of silver in Congress- with character
istic< unwisdoIn, seem to regard 1t as their
duty to antagonize every practical sugges-
tion In and of monetary reform unless It is
coupled with the full and instant relief
which they seek. declining even to assist
In the very preparation which is absolutely
necessary for the eventual success of their
own proposition. They should be impressed
with the fact that the goal which they help
to attain only be reached after ade-
quate preparation, revised laws, with full
treasury, with competent administration and
friendly administration. 1t cannot be done
by magic. 1t will not come by miracle. 1t
cannot be prematurely forced. The pathway
must be cleared for it. 1t is a business
question, and 1t must be solved according
10 business principles.
'In any event 1 see no objection to the
suggestion Of the New York Chamber of
Commerce for the appointment of a none
tary commission, composed of men of ex-
perieLce in financial affairs, men versed In
monetary science and also practical men
having no selfish interest to serve a COM
mission representing all phases of the finan-
cial question in which the country will
have confidence. to report to the next Con-
gress comprehensive system of national
finance. 1t. at least, can do no harm; it
may be productive of much good.'
Robert b. Roosevelt spoke on the cur
rency question.