The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-07-08
DECIDED BY THE CABINET !
THE MESSAGE TO GO ~ JUN
GRESS TO-DAY.
WANTS A CURRENCY COMMISSION
"Our Financial System Needs Some Revision
and the Advance Agent of Pros
perity" Proposes to Have 1t.

Washington, D. c., July 7.-President
Mckinley last night called special meet
ing Of the cabinet for to-day. The regu-
lar meeting would not have occurred un-
til Friday and there were some matters
If was desired to give early consideration.
After a discussion lasting over an
hour. the cabinet decided that the Presi-
dent should send to Congress a message
recommending legislation providing for
a commission to adjust the currency
question of the country. 1t was resolved
that this message should be sent to Con-
gress tomorrow provided that the tariff
bill is by that time passed by the Senate.
It is the expectation of the President that
the subject will receive the attention Of
Congress during the present extra session
Of Congress.
The message was framed by the Presi-
dent himself, and like his other special
messages to Congress, states the neces-
sity of the occasion terSely. 1t was pre-
pared by him after consultation with
one or two advisers and submitted to the
cabinet as a whole only to-day, when it
was read in complete form. 1t recites
the fact that the tariff bill has now
passed both the House and Senate the
President hopes that it will soon be con-
Cured in by both houses. With that acted
upon, a subject of equal Importance, he
says, demands immediate attention, that
of reform in our currency. The message
quotes from the Presidents inaugural
address, in which he said:
..Our financial system needs some re-
vision; our money is all good now, but
its value must not be further threatened.
1t should all be put on an enduring
basis, not subject to easy attack nor Its
stability to doubt or dispute. Therefore
l believe it necessary to devise a system
which, without diminishing the circu-
lating medium or offering premium for
it's contraction, will put a remedy for
these arrangements, which temporary in
their nature, might well in the years of
our prosperity, have been displaced by
wiser provisions. With adequate revenue
secured, but not until then, we can enter
upon such changes in our fiscal laws, which
will, while insuring safety and volume
to our money, no longer impose upon
the government the Necessity VI hidlii'
taining so large a gold reserve, with its
attendant and inevitable temptations to
speculation"
1t also cites the work and recommends
tions Of the indianapolis currency con-
vention, and says if the power is vested
in the President it is his purpose to ap-
point commission, non-partlsan, con
sisting of prominent, weil-informed cltl'
zens. who will command public conf
dence. The message closes with the hope
that the Congress will enact legislation
at this session to authorize this comms-
sion to be made up of representatives OF
both parties so that the President may
be prepared to report to Congress when
it reassembles in the first term of the
next regular session.
The President, while believing that
Congress will respond to his message, is
not over confident and there was some
difference of opinion expressed by the
cabinet as to the fate the recommends
ton would meet at this session. The
majority, however, believed the opportu-
nity was at least favorable one and
that it was at any rate the duty of the
administration to do what it could to
hasten the reform.