The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-21
BREAK THE ENDLESS CHAIN
THE RECOMMENDATIONS TO BE MADE
By n PRESIDENT.

Nc Will ASK Congress TO bepeet Use HeeouiEo-
ment that Greenbacks shall ne Redeemed
in Geld, ana to Provide That they
Shall Ne Paid Out Only Against Gold Deposits
WASHINGTON, Nov. 2o.-Currency reform
will be strongly urged by President Mckinley
in his forthcoming message to Congress-. That
portion OF the message relating to this subject
was read to the members Of the Cabinet yes
to-day, and the views Of the President were
highly satisfactory to Secretary Gage, whose
own scheme for reform, as given In THE SCN at
the time, was read to the Cabinet Just three
weeks ago. But the President has not gone
as far rs his Secretary Of the Treasury went.
Tho great advantage that friends OF currency
reform see In the attitude Of the President is
that he is not deferred from bringing 1t to the
attention Of Congress and urging action, not
withstanding the general impression which has
obtained that nothing could be accomplished,
at least until the present complexion OF the Sem
ate 10 changed. But there never was any good
reason for believing that the President would
ignore the subject, or that any possible adverse
sentiment In Congress could influence him to
withhold his views and recommendation re-
garding the necessity Of legislation on this sub
ject. Even before he spoke on the tariff In his
inaugural address last March, he said to tho as
sembled thousands in front of the Capitol:
Our nnhnClal system nebub bOu0 IeNibiOus
AL our money is now good, but Its value must
not be further threatened. 1t should be put on
n nar e is .FnSi,, sHs 10 d RSf sa Or disp to easy Our a1's eSr:
rency should continue, under the supervision
of the Government. The several forms Of our
enbarrassmen to the Government and q safe
balance In the Treasury. Therefore I believe It
diminishing the circulating medium or. offer
ing a premium for its contraction, will pre-
temporary in their nature. might we'll have
been displaced by, wiser provisions In the years
OF our prosperity"
Pursuant to the idea thus expressed It Is said
that the President will ask Congress to enact a
law repeating the requirement that green
backs shall be redeemed In gold when pre-
scented. and to supplement that with q pro-
vision that the greenbacks shall be paid out
only against deposits of gold. That would
break tho endless chain" and relieve the Treas
ury Of one of its greatest dangers. This is an
adoption of Secretary Cages recommendation
in part, emitting the funding Of any portion Of
tho greenbacks and tho accompanying issue Of
bonds.
Whether or not the President expects this
recommendation to meet the support OF the sill
YER Republicans and Populists, without some
OF whose votes 1t cannot become law. cannot DO
stated. It is said that some OF them viii vote
for It, IL there Is added q provision for the re-
/ OLl Va oA ~ SNhhSf>s
Treasury notes OF lower denomination than $40.
This, however, cannot be confirmed.
Senator Wolcott said tonight that he had no
knowledge whatever Of what tho Presidents
message would contain regarding the currency
and financial questions, and that he had had no
consultation with bis fellow Senators on tho
subject, and could not say how they would vote
on q proposition with the merits OF which he
was not acquainted. Ipasmuoh, however, as
- S--t- !. -. .~o,,aen1 3,.t %ha anr.a
thing-the retirement Of all notes OF less than
slot seems reasonable to conclude that If the
opposition of these Senators to the main propo-
sition can be overcome by that concession, it
will be made.
Tho President has completed his message in
so far as II relates to the currency question.
without waiting for tho report OF the Monetary
Commission appointed undor authority OF the
Indianapolis Convention. which has been sit
ting In Washington at intervals In the past
two months. 1t may be only q coincidence, but
at tho session Of the commission last night, just
after President Mckinley had made his Cab
met advisers aware of his financial views, an
adjournment was taken until Doc. 10, ut which
time, 1t was announced, they would meet to
complete their report Whom they came to-
eether the last time 1t was expected that their
deliverance would DO made by Dec. l. A state
ment prepared yesterday and announced as
an expression from tho commission, In Wow
Of to-day's developments 10 somewhat amusing:
THE commission will report, when they have
concluded their work. to tho Executive Com
mittee :f the Indianapolis Convention. The
committee will probably make tho report pub
lie soon after they receive it, In order that 1t
may como under q thorough public discussion
In the press and before the public. 1t is proba-
bio that the report will be withheld from the pub
lie until the message of the President and tho
annual reports Of the Cabinet officers have been
made public"