The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-12
THE PRESIDENT AND CURRENCY
REFORM.

change his mind again he will to-day send
a message to Congress recommending the
creation of a special commission to report
a plan of currency reform. This was the
decision reached at the Cabinet meeting on
Friday. and is probably final. 1t is quite
evident that the Presidents delay and APP
parent indecision in the matter has not
been due to any lack of conviction on his
part as to the necessity of currency reform
to any doubt regarding his duty to carry
out the implied pledges of the party. Those
who have been in his confidence state that
he has not wavered for an instant on either
of these points The cause of his apparent
indecision has been his anxiety to act at
the right time and in the right way so as
to promote the cause Of currency reform,
without injuring the prospects of the tariff
bill He has evidently been actuated on one
side by conviction of the Importance of
placing the administration and the party
right on the money question, and, on the
other by an unwillingness to do anything
that would delay the passage of the tariff
BILL AS long as that measure was pending
it would have been unwise for the President
to have brought the money question before
Congress in any form, but the tariff ques-
ton being practically settled and the pas
sage of the bill in few days assured, there
is no longer any reason why he should not
call the attention of Congress to the next
most important question. On the contrary,
there are strong reasons why he should 90
so. The fact that the tariff question has
occupied public attention since Congress
met, to the exclusion of all other topics, does
not alter the fact that the money question
was the paramount one in the last cam
paign. True, it was presented only in the
form of maintaining or abandoning the gold
standard, but that includes the whole ques-
ton of currency reform. The election of
Mr.. Mckinley was quite as distinctly tri-
umph of sound-money principles as 1t was
of protection, and his mere election did not
settle the one question more than it did
the other. In his inaugural he distinctly
recognized the necessity or action on both
questions. After giving first prominence to
the tariff question, he said:
l believe it necessary to devise a system
which, without diminishing the circulating
medium or offering premium for its con-
traction, will present remedy for those ar
rangements which, temporary in their ma
ture might well, in the years OF our pros
perity have been displaced by wiser pro-
visions. With adequate revenue secured,
changes in our fiscal laws as will, while
insurlng safety and volume to our money,
no longer impose upon the government the
necessity of maintaining so large a gold re-
serve, with its attendant and inevitable
temptations to speculation.
The message which will probably be sent
to Congress to-day will give more definite
expression to these views and will show the
country where the President stands on the
money question and where he wants the
Republican party to stand.
There has been a good deal said about
the futiity of sending such a message to
Congress on the eve of it's adjournment and
the absurdity of expecting favorable action
from the Senate. That argument does not
touch the main question, which is the i'm
portance of the President giving his official
sanction to the necessity of currency re-
form and placing himself and the party
right before the country. The Journal has
not believed for some weeks past that any
definite action on the subject could be eX-
pected at this session of Congress- The
House may act on the Presidents recon-
mendation, but there is not the slightest
probability that the Senate will. But this
does not change the situation far as the
action of the President is concerned. His
duty to the Republican party and to the
country will have been performed when he
has laid the matter before Congress. In
fact, it is of comparatively little conse-
quenee whether Congress acts on the mat
ter at this session or the next one The
sending in of the message will bring on dis
cussion and insure action some time. If
Congress does not act now the chairman of
the executive committee of the Indianapolis
conference may appoint a commission and
Secretary Gage may continue to prosecute
the investigation which it is understood he
has in hand, so that by the time Congress
meets again the administration will be pre-
pared to submit definite plan of currency
reform. Thus, from whatever point of view
the matter is considered the time seems to
be opportune for the sending to Congress
of such a message as the President is said
to have decided upon. The Journal regards
his decision as a wise one and believes the
message will be distinct gain for the
cause of sound money and will strengthen
the administration and the Republican
partV before the country.