El Paso daily herald. (El Paso, Tex.) 1881-1901, 1897-10-22
CURRENCY REFORM MEASURES
Two of Them to be introduced in the
Fifty-Fifth Congress.

A special dispatch to the Globe
Democrat from Washington, says:-
Despite the expressed belief of Speaker
Reed that any effort to secure financial
Legislation at the hands of the fifty
fifth congress would be time waste d,
because of the peculiar alignment of
polit teal parties in the senate. it is
quite certain that at least two currency
reform measures will be earnestly
pressed upon the attention of both
houses.
One Of the measures will be drafted
by Secretary Gage AID the other by
the non-partisen currency cOmmi sSlOn
which has lately been holding a session
in Washington. 1t is understood that
the bill which Secretary Gage is pre-
pairing will be introduced in both
houses simultaneously, with the sub
mission of his annual report which is
due the day congress convenes. The
report will contain an elaboration of
his scheme and arguments in favor OF
It's adoption.
The plan to be proposed by Secreta-
~ Gage will doubtless be backed by
the full strength Of the administration.
AID effort will be made to force it to q
vote in both houses. That the effort,
which will require many months will be
ime wasted, as Speaker Read has said,
financial legislation unsatisfactory to
the silver men can be gotten through
the senate as that body is now constitut-
ed. The determination Of,the silver adj
vocates to fight any administration cur
rency measure is evident by the reply
which Senator Clark, of Wyoming g,
made to a "Globe Democrat CORES
pondent's question as to wheather such
a bill was likely to be passed by con-
gress next year.
Not next year and not in twenty
years." he replied. such a bill could
not pass the senate as that body is now
constituted, and I doubt if it would be
passed even with small majority in
favor of it. If necessary, filibustering
will be resorted to defeat it,
Whether the currency com mission
will recommend changes in the present
system of banking, aside from the gen.
eral proposition Of currency reform,
is not yet known. If is should there
would be chance of the adoption of
the recommendations The members
of the commission are thoroughly i'm
press with the idea that the Amer
lean methods OF banking do not afford
proper facilities to, or meet the re-
quir ements of men of small means,
particularly farmers, mechanics and
small business men. In discussing this
phase of the question member OF the
commission said:
''Our banking facilities and bank
ing capital ought to be more evenly dis
trlbuted throughout the country.
Surely some method can be devised to
do away with this thing OF having
money command and 10 per cent
interest in the southern and western
agricultural states upon paper that is
perfectly sound, when the same can
command only 4 or 5 per cent upon
paper which is no better in the north
ern and seabOard states. We should
find way to encourage small loans.
am convinced that half the dis
content that finds expression in the
periodical demands for currency infla
ton arises from the fact that the man
OF Sun all resources experiences great
difficulty in obtaining loan at a rec SON.
able rate of interest,"