The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-07-15
70 REFORM THE CURRENCY
THE PRESIDENT WILL IMuEDt-
ATELY TRANSMIT TO CONGRESS-
A MESSAGE.
A COMMISSION OF NINE MEMBERS
To investigate and Formulate a
Plnn-The President Holds the
Subject Equally as Important
as the Tariff Measure.

Washington, July AFTER discus
sion, lasting an hour, the cabinet today
decided that the president should send
to congress message recommending leg
islation providing for a commission to adj
just the currency question of the coun-
try. 1t was resolved that this message
should be sent to congress tomorrow pro-
viding the tariff bill is by that time
passed by the senate. 1t is the eXpccta-
ton of the president that the subject
will receive the attention of congress
during the present extra session of con-
gress. The message itself is written,
and is short. Its principal feature is
a quotation of the presidents inaugural
address on the financial subject. The
tariff bill was not considered at the
meeting today, except in its bearing on
the currency commission proposition.
The president will ask authority to
name nine commissioners and for an Gp-
preparation for the expenses of the COM
mission, but will make no suggestion as
to the political or other composition of
the commission, nor will he make any
suggestion as to the lines of investigation.
He will simply call attention to the ne
cessity of reform in our currency and
national banking laws and state that III
his opinion this reform is equally i'm
bortant with the enactment OF protec-
tive tariff.
sSrhe message was framed by the pres.
ident himself, and like his other special
messages to congress, states the heces-
sty of the occasion tersely. 1t was pre-
pared by him after consultation WIN
one or two advisors, and submitted to
the cabinet as whole only today. 1t
recites the fact that the tariff bill has
now passed the senate and house and
bopes it will soon be concurred in by both
houses. With that acted upon, sub
ject of Importance equally as essential,
he says, demands immediate attention,
that of reforms in our currency.
The message quotes from the presl-
dents inaugural address, in which he
said:
vision; our money is all good now, but
its value must not be further threatened.
1t should all be put on an enduring basis,
not subject to easy attack, nor its ability
to doubt or dispute. Therefore be-
lieye it necessary to devise a system
which, without decreasing the circulat-
ing medium or offering Il premium for
it's contraction, will put forth a remedy
for these arrangements, which are tenn
porary in their nature and might well in
the years OF our prosperity nave Deeil
displaced by wiser provisions. with
adequate revenue secured, but not until
then, can we enter upon changes in our
fiscal laws as will, while insuring safety
to our money, no longer impose upon the
government the necessity of maintaining
of so large gold reserve with its at
tendant and evil temptations to specu-
lation."
1t also cites the work and recommended
etions of the indianapolis currency con-
BENTON and says if the power is vested
"a the president it is his purpose to ap-
point commission, not partisan. CON
sisting of prominent, well-informed cltl-
zens, who will command public conf
dence.
The message closes with the hope
that congress will enact legislation at
this session to authorize this commission
to be made up of representatives of both
parties, so that the president may be pre-
pared to report to congress when 1t re-
assemblies in the first term of the next
regular session.
The president, while believing that con-
gress will respond to his message, is not
over-confident, and there was some diff
ference of opinion expressed by the cab
met as to the fate the recommendation
would meet at this session. The ma
jority, however believe that it is the duty
of the administration to do what it could
to hasten the reform.