The times. [volume] (Richmond, Va.) 1890-1903, 1897-11-20
AN ELASTIC CURRENCY.
j.. WEED THE MONETARY COMMITS
sTOy HOPES TO MEET.
An Active Campaign Of Education 10 lie
Inaugurated--Con OF
business Sentiment.

HiNGTON. IL. - NV - ~
cial-The Monetary Commission
again I'm session. after adjournment LOT
d. rov, DAYS for the completion OF com
mittee reports and will probably get 'hor
worI well advanced before another re-
cess. II is not expected az present that
tl,ir renort will ne completed until AFTER
H.. meeting OF Congress. Its outlines
hovs already been decided upon In
tentative way but the perfection OF me
details IS taking more lime IMAM some
of The members orielnauy .tNper,cu
Every point is being SUBJECTED 10 tn l',
ough discussion with view 20 nak.iE
The renort and bill unassailablc. me
Commission will report. when they nave
concluded their work. TO INC tNecullN'
Committee OF the indianapolis CohVeh-
ton A..
The Committee will probably make inc
report public soon after they receive
IN ordor that it may come uhocT
thorough public discussion III inc pres
and before the public. II IS proOdble
that the report VIII be withheld from the
public until after the message OF tne
President and. the annual reports OF me
Cabinet officers have been made pupIc.
President Mckinley Will be informed IN
advance of the general tendency OF the
report and its supporters believe that ne
viii conform the recommendation OF his
annual message to the underlying prin-
ciples Of the plan Of the Commission.
EDUCATIONAL CAMPAIGN
The work OF the Monetary Commis-
sion as an organized body will substanti-
ally come to an end when they make
their report to the Executive Commit
tee Some OF the members may appear
before committees of Congress in be-
half Of the report. but the work Of secur-
ing its adoption Will dcvolvc upon the
Executive Committee which was APP
poinfeG at Indianapolis IN January. The
pT - under
Craftsmanship Of Mr.. II. ~. Hanna, OF
indianapolis. recognize the fact that
they have no holiday task before them
in securing the adoption OF the report by
They believe they can win. however.
because they believe they will be able
TO demonstrate that the overwhelming
majority of the business community are
I'm sympathy with them. Some time VIII
be allowed to pass after the publication
OF tho reuort before an attempt is made
10 force it 10 a vote I'm either House OF
Congress This time VIII he employed
ln "a campaign of education by means
OF thorough discussion In tho press and
i'm the popular magazines ct the merits
of the proposed financial reforms. These
reforms will be conservative I'm large
sense but they will be somewhat rIdi-
cal from the standpoint of the existing
currency system. with its rigid mass OF
government legal tender paper and liz
luclastlc and restricted bank-nOtc sys-
ffm. me COMMISSION anu ii' ifAftH~
tive Committee recognize that in so far
rs their propositions constitute new
departure. an interval OF time VIII be re-
quired 10 make them understood and ac-
Cepted. They mc confident. however:
that they viii b, so sound in theory ana
so practicable aq concrete measures that
the great body Of c0rcated public opinion
I'm the country viii come 10 their sup
port
tee do not attach special weight 10 some
of the current predictions that they can
not pass a bill through the two houses
of Congress. They do not consider them
selves rainbow chasers. and most OF them
are practical men of business. but they
believe that thorough organization ana
the crystalliZatiOn of public opinion IN
favor of their work will remove any rea-
son or excuse for the refusal OF Congress
to carry out their wishes. II is under
stood from the friends of Speaker cd
that he appreciates the necessity OF some
measure OF currency reform He may not
De quite ready 10 90 the length proposed
by the Monetary Commission but he viii
permit the consideration Of currency
'''' " HOUSE AND SENATE.
Friends of the commission project be-
lieVe that Mr. Reed and other leaders ln
the House will support the essential fea-
lures of The commission plan aft"r IL has
been subjected TO the test Of thorough
discussion. 10 requires only the word OF
Mr.. Reed and the support which is usu-
ally given him by the Republican ma
iority 10 pass measure through me
House. Tho crucial point. II is well nm
derstOOd. will be found i'm the Senate.
The persistent declaration In certain quar-
tnrs that there Is no hone of action ip the
Senate is not considered well founded by
the Executive Committee. They see no
reason WHY a majority should not easily
be found for an intelligent measure Of
currency reform among the fortN-threc
Republican senators. three gold Demo-
Gratis and the eight sound money Demo
Gratis who supported Mr. Bryan because
he was the regular party nominee These
votes alone make a total of nfty-fOur.
and leave only thirty-iiVe votes i'm OppO-
stion. II is possible that a few Of the
silver Senators who supported Mckinley
may refuse 10 vote FOR gold bonds II thcY
are proposed as a part Of the new cur
rcncv scheme. but several of their votes
could be spared without rishng defeat
The new currency project however. Will
ombodv advantages to the South which
will make "a provision for gold bonds. n
there is any such provision in tho bill.
merely subsidiary feature. great mass
or public opinion exists I'm the South DO
favor of an elastic banking currency. and
this opinion viii be brought 10 bear in
manner which will. at least. temper the
opposition Of Southern Senators If IL
does not bring them 10 the vigorous sup
port of the new project Some or the
more sanguine or the friends or currency
reform believe that. after the subject Is
thoroughly threshcd ont. thci~ plan viii
pass the Senate without a roll-call. and
that some Of its most enthusiastic sup
porters will he found among the Southern
Senators. Whether this proves to he the
case or not. the members Of the Execu-
tive Committee are not disturbed bv crit
les who declare that there Is no possibility
Of action nv Congress They propose an
active campaign OF education and tho
.ntF N Of limo n
support OF their measure; they already
have the support OF the President and
some Of the most far-seeing leaders IN
both Houses. and they are confident that