The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-10
THE MONETARY COMMISSION.
Advised to stand Firm and Not Cons
gent to- ComnrOminc.
New York Evening Post.

New York Evening Post.
The general committee appointed by the
Indianapolis currency reform convention OF
last February will hold a meeting at Sara
toga shortly to fulfill the duties assigned 10
them. The resolutions of the convent on e.
CURED them to appoint commission OF
nine members to prepare plan of cur
rency reform and to have it ready TO be-
submitted to Congress at the beginning OF
the regular session in December. unrsss IN
the meantime Congress should have pro-
vided for the appointment / such comm Sc
sion. Although the House did pass reso-
luton for a commission, the Senate failed
TO act upon ii. Thus the condition which the
indianapolis convention contemplated ex-
lists, and II is, therefore incumbent on the
committee. of which Mr.. II. II. Hanna is
chairman, to take action. Washington dis
patches say that Mr. Hanna was in that
city yesterday in consultation with Secre-
tary Gage the subject.
The recent session of Congress cast SONS
light on the intentions of that body in ref
erence to the currency. Although the House
passed commission bill at the request or
II dld so In perfunctory manner, ana that
II intended to leave the currency exactly as
it is 1t is a safe prediction that aot one
step will be taken in The way OF reform or
change by the present Congress unless a
new crisis of some Kind SuperVenes. This
was made sufficiently plain when Speaker
chusetts, chairman of the banking commits
tee. Mr.. Walker has a bank plan of his
own. to which no other member of the COM
mittee will agree--a plan not without merit,
but so difficult to understand that so long as
1t stands at the head of the procession in
the House it blocks the way. This condi-
ton of inertia evidently meets the concur
renee of the speaker, so far as the present
Congress is concerned or, perhaps, he
thinks that it suits the temper of the pres
ent House to do nothing, and, therefore,
considers the deadlock in the banking COM
mittee which exists in the last Congress
the safest thing for the Republican party
in the present There has been some
talk of avoiding the deadlock by referring
Secretary Cages plan, when 1t comes IN,
the committee currency and bank
ing but that would be so outre, so con-
trary to precedent, and, withal. so insulting
to the latter committee, that 1t is not TO
be expected Moreover, if the speaker had
any such plan that in contemplation,
it would have been much easier to make
up a banking committee in harmony with
Secretary Cages plan than to meet his
views in a roundabout way through am
other committee.
we regard the temper of Congress. then.
to be that of absolute inertia, unless
events not now anticipated bring on an
other crisis. We think that 1t will refuse
the dotting of an or the crossing OF
the subject. Therefore, it is no longer
question with the friends of currency re-
form whether they will have half meas
ure or whole one, because Congress will
refuse the half just as certainly as the
whole. Under these circumstances, 1t
seems to us the wisest policy for those who
joined in or sympathiZed with the Indian
apolis movement to make no compromise.
but to proclaim the whole truth as they
understand 1t. The first truth is that the
gold standard must be maintained. The
second is IndI all government paper IiOftey
place must be filled with banknotes to-
be issued on some plan insuring absolute
safety to the notehOlder.
AS matters stand in the political world,
1t is not probable that even the first OF
these principles would secure the afirn1a-
tive action of Congress, whose temper is
to leave everything exactly as it now ex-
lists. The second is a correlative of the
dangered by the government paper that the
latter ought to be retired. The question
Of the standard is. and must continue to
be. political question as long as the
greenbacks are in the field Of circulation.
Doubts will ever be present in the PUBLIC
mind whether the government can, and
whether il will if it can, at all times re-
deem it's demand notes in gold; THESE
on the occurrence of any untoward event,
either political or commercial. 1t is gross
mistake, If not an intentional calumny, TO
say that friends of currency reform want
to increase the profits of bankers by CIV
ing them the exclusive field of circulation.
Not one in twenty of the men who partici-
pated in the Indianapolis convention was q
banker, or cared whether bankers profits
are increased or not. They were concerned
solely with the task of finding stable
foundation for all trade and industry. This
foundation they hold to be the gold stand
ard, and 50 declared in their resolutions:
What followed was merely the means or
removing whatever disturbs and threatens
the permanence of the standard
Now we think that these gentlemen cam
not afford to lower their colors an inch.
If the case were different--if there were
some probability that Congress would en-
act some measure which could be called
step forward-it might be worth while to
consider such step on the principle that
half loaf is better than bread. Yet
even here 1t would be the wisest policy
for the Indianapolis convention people to
claim everything and then take what they
can get. But as the circumstances point
to their getting nothing they would make
a great mistake to advocate any half meas
ure They ought to erect a beacon, at all
events, for future Congresses and their con-
stituencies. something by which they can
see their course when next they are toss
ing in the breakers, like those of 1893 1894
and 1895.