The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-25
WAGON WHEAT, 92C
ACME MILLING CO.,
Old 352 West Washington St.
THE CURRENCY MEASURE
MAY INCLUDE WITHDRAWAL OF Sill
YER CERTIFICATES ABOVE SO.
Monetary Commission VIII BE Ready
to Announce It's Policy When 1t
Convenes Next Week.

Special to the Indianapolis Journal.
WASHINGTON, Oct 24-When the none
tary commission reconvenes on Nov. it
will be ready to begin the preparation of
its currency measure and the report that
will accompany it. The measure itself will
not be one of great length, and it is prob
able that the report instead OF attempting
to give digest of all the suggestions and
testimony before the commission will con-
fine itself to a clear statement of facts and
terse argument in support of the measure
agreed on.
The people generally have responded very
freely to the invitation of the commission
TO contribute their views, and it has re-
ceived in this way a very fair index of
public opinion on the subject in every sec
ton of the country. The crank letters
have been very few. The great mass of the
suggestions has been from men who have
evidently given much careful study and in
telligent thought to the currency question.
The suggestions range over every possible
phase of the subject, and almost every
writer has some suggestion to make as to
the place that silver should hold in the cur
rency of the country. A number of men
suggest the acceptance of silver in unlimited
quantities with the issuance of certificates
demption of these certificates when pre-
sented at ruling market rates. But the plain
effect OF this plan would be to make the
silver certificates nothing more nor less
than warehouse receipt with the govern
ment acting as the warehouse man. Others
suggest that no paper money less than $40
denomination be issued in any form, thus
requiring larger circulation of silver dol
lars and subsidiary coins But the expert
ence of bankers has been that the small
notes have an enormous popularity. Several
men suggest the coinage of monetary unit
composed of a combination of gold and sill
yer, and others suggest simply the issuance
of certificates representing gold and sill
yer ingotS. This would contemplate a gold
1ngot unit and a silver ingot unit and
whether the government simply issued a GER
t1t1cate or coined the metal, its only con-
nection with the currency would be a
guaranty of weight and fineness of the
metal. Such q plan as this would of course
cause an enormous amount of confusion in
the future settlement of existing contracts
The commission asked a series of questions
of a number of financial experts and men of
large experience in financial affairs. The
tenor of the replies received to these Ques-
tionS is conservative and demolishes the
rather widespread notion that there is a de-
sire among men of this class for a with
drawal of greenbackS and treasury notes.
One of the best known tnanciers of the
country who recently submitted his views to
the commission on request, in discussing the
work of the commission said:
Il think the revenue and finance depart
mentS of the government should be COM
pletely separated. Revenue is one question
and the problem of currency and banking
Is another, and in their details they have
no proper connection. l should like to see
our variegated paper currency unified into
TWO issues of coin certificates and silver
certificates. the coin certificates to be con-
nned to denominations of $40 and over and
the silver certificates to tive-dollar, two
dollar and one-dollar bills. gradually with
drawing all silver certificates of denomina-
tlons higher than S.. The treasury should
nold gold reserve equal to 25 per cent. of
the treasury should be authorized to cancel
all coin certificates when paid in gold He
SnOuld nave authority to maintain the gold
reserve at all times by purchasing gold
with surplus cash in the treasury and short
time obligations of the government The
tariH Jaws should be so adjusted as to in
sure q small surplus revenue, and when they
DO not do so Thea secretary of the treasury
should be authorized to borrow enough
upon short-time obligations to cover any
deficiency in the revenue The national
banks should be permitted to issue notes To
the par value OF the government bonds held
by them. Canada has fairly good system
for the regulation of bank circulation. and
ii might be studied with profit. / do not he
lieVe the American people are prepared for
the withdrawal of the greenbacks or treas
ury notes. nor will they be until a banking
act establishes an absolutely safe hank
note circulation and the people come 70
cy must be national in character Ii is idle
to talk of a state bank Issue. This countrv
has had bitter experience in that direction
and the people understand it's evils"