The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-01-24
New Jerseys Senator Intro
duces a Currency Bill
and Makes a Speech.
WISEST COURSE TO PURSUE
Advocates the appointment Of a
Non-Partisan Commission to
Consider the Matter.

pointment of a non-partisan monetary
commission and the issue OF $500, ooV'VuV
three per cent. gold bonds to meet the
current deficiencies in the Treasury IN
Introducing his bill, Senator Smith made
a brief speech, in which he said
What 1 have to say on this subject,
Mr.. President, will occupy a very few
minutes. 1t is with no little dittidence
that 1 venture to make even the sugges-
tons contained in the bill. Like many
others, I had hoped that long before this
a measure which would afford the relief
so sadly needed by the country and the
Treasury, and upon which we could
agree, would be introduced. But
as we draw near to the close of the
session it becomes evident that we can
not hope in the few weeks that remain
to enact any measure of general imam
cia1 legislation. The, opinions of members
Of both Houses are SO diverse and SO
firmly adhered to as matters of principle
that it is folly to blind our eyes to the
manifest impossibflity which confronts
US. Our sole practicable purpose at this
time, therefore. can be only, first, to
pave the way for a definite settlement
of the yexatious question Of a later lay,
and second. to provide for the immediate
pressing necessities pending the final de-
termination which we all desire.
1.-THE bill which I have introduced is
designed 10 achieve these two objects.
1t provides, first. for the appointment
of a non-partisan commission to have
ample time to consider all phases of the
complex question and to make report OF
the results of its inquiries, together with
such recommendations as may seem adj
visable at the next session of Congress.
I suggest a non-partisan commission. first,
because it would not be reasonable to
expect the incoming Republican Con-
gress to permit representatives of the
Democratic party to shape legislation for
which the majority would be held re-
sponsible; and second, because it seems
to me that purely financial questions
have no place in party politics and should
be determined by motives not of partisan
ship, but OF patriotism.
THE WISEST COURSE.
= believe moreover that the course
which v suggested is the wisest pos
sible course a a mere matter of ex-
pedieacy from ; the standpoint of all
parties. The people nave suffered great
ly during the past year. Their patience
is exhausted, and, in my judgment, no
Senate or Representative who delfber-
ately stands in the path of prompt re-
lief and returning to prosperity need
expect mercy at their n We Demo
Gratis have felt the full force of a popu-
lar rebuke. not, however, because We
were Democrats. but because we failed
to satisfy the expectations of the peo-
our Republican opponents will reap like
punishment, no less swift and no less
severe. # they are wise they viii heed
the patriotic counsels of their distin-
eJJiChnd SENATOR'S from CnInrqd0 2nG
Ohio, and strive with US honestly anc
manfully to cut the bone which now
binds the people to conditions which have
become intolerable and which discredits
our country and our form of govern
ment, before the civilized world.
IF, then, 1 am right in my judgment
that no general financial legislation
can be hoped for at this session-and ]
think there can be no dissenting opin=
ion on that point-why not pave the
way for intelligent and jud.cious work
makeshift Will not serve this purpose.
That alone. with no provision for the
future, would not only fail to restore
public confidence. but would leave US at
precisely the same position which we
coupled a year ago, confronted by the
same bewildering problems, the same I'M
modified prejudices and the same utter
lack of a foundation upon which to
build an enduring financial system.
Such a commission as | have sug-
IS G5lCu SllCQlQ La Undoubtedly W0QlD
comprise the ablest minds of our coun-
try. 1t should and doubtless would be
composed of men of all shades of op.n-
ion, not partisans but statesmen, big
enough and brave enough to sink both
politics and prejudice in an earnest
endeavor to confer an inestimabie boon
upon their fellow-citizens. In any event,
the very least that we could expect
as the result of such labors would be
something definite and tangible as a sub
stitute for the mere conglomerat-on Of
ideas out of which thus far we have
been able to produce nothing.
EXPLAINING THE BOND ISSUE.
THE second section of the bill which
l have introduced is so simple that ex-
an issue of small denomination TO meet
the exegencieS of the Treasury pending
a more trustworthy understanding of the
actual results of the new tariff bill as a
producer OF revenue, and pending the
recommendations OF such. a commission
Ike baie R RfGepsS nave i BEEN dlne i@ntr rpSm eth 6y
making the bond purchasable and re-
deemable in gold. l make this distinction
essential to a successful permanent policy
but because, in the present condition
Of the country and the treasury. I pc
fullest possible measure of temporary
relief and multiply in every way the
actual reasons for a restoration of public
confidence, national credit and prOpriety
of the people.
II ask that the bill be referred to the
sCOmInlJte9 on nan
WHAT THE BILL DOES.
The bill to which Senator smith re-
ferred is. in detail, as follows
"a bill to provide for the appointment
of a ~non-partisan monetary commission
and to provide means to meet temporary
deficiencies of the revenue of the United
"Be it enacted by the Senate and House
of Representatives of the United States
of America in Congress assembled.
of said commission, the President of the
m~issioners from civil life, no more than
two of whom shall be members of the
same political party; the President of
the Senate shah appoint four Senator'S,
serve in the F~ifty-fourth Congress and
no more than two of whom shall be of
the same political party, and the Speaker
of the House of Representatives all of
the Fifty-fourth Congress and no more
than two of whom shall be members of
The same political party; the ommis-
sioners so appointed to select from their
number a chairman by q vote of the
majority thereof.
Section 8. That it shall be the duty
of said commission to take into consider
| alton and to investigate thoroughly all
| the various Questions relating to the
| currency of the United States, SO far as
the same may be necessary to the estab-
lishment Of judfcious system of cur
mission, in the prosecution of its inquir-
les is empowered to visit such different
| portions and sections of the country as
it may deem advisable, and to employ
| a secretary and such other clerical as
| sistance as may be essential to the proper
performance Of its dutynnm
ssCoofjnn n A. That tho Communicative cbo1