The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-02
CURRENCY REFORM.

For nearly year past, since soon after
the last presidential election, and especially
since the indianapolis monetary conference,
in January last, the Journal has been ar
guing the duty of currency reform 1t has
done this partly because it believed the Re-
publican party was virtually pledged to
some action in that direction, but more be-
cause it thought public interest required it.
The tariff question being out Of the way the
duty of currency reform seems to have be-
come imperative-at least, the duty Of
facing in the right direction and taking the
first step towards a reform which will cure
place 1t on a solid stable and healthy basis
commensurate in volume with the business
needs of the country and with a degree of
elasticity that will make it responsive to
every legitimate demand. Whatever the
Journal has said on the subject has been
said from the standpoint of public welfare
and public duty. The question of currency
reform is not partisan one and should
not be discussed as such. 1t is one in which
all parties and all classes are alike inter-
ested in reaching a right conclusion and
having wise action The Journal still be-
lieves it the paramount duty of the hour
and the most important matter that will
come before Congress at the coming ses-
sion. For it must come before Congress. Tt
is before the country now, and the Presi-
dents message and the forthcoming report
of the monetary commission will bring it
forward still more conspicuously. Congress
ought not to wish to evade it, and cannot
do so without a degree of cowardice that
will amount almost to imbecility.
OF the many plans of currency reform
which have been submitted to the monetary
commission by persons who have made
study Of the question quite number have
been laid before the public. All of these
without exception, recommend either the
redemption and permanent retirement Of the
greenbacks, or the repeal of the clause re-
quiring the secretary of the treasury to pay
them out again when redeemed, and pro-
viding instead that they shall only be paid
out in exchange for gold. Some of the
plans favor the raising Of gold for this pur-
pose by the issue of bonds at low rate
of interest which shall also be used as a
refunding bond and for national banking
purposes, while others favor the accumula-
ton of gold without a bond issue. If the
latter is feasible, and the Journal believes
it is, it is preferable. A new issue Of bonds
for refunding and banking purposes, though
an entirely legitimate measure, would be
certain to excite popular opposition, and
that should be avoided if possible The
idea of currency reform needs to be popu-
larized, and to this end public sentiment
should, if possible, be conciliated instead of
antagonized. If the retirement of the
greenbacks could not be accomplished with
out an issue of bonds then it should be
done, but if it can be accomplished without
that. so much the better. BY retirement in
this sense is meant repeal of the law re-
quiring the greenbacks when once redeemed
to be paid out again as such, thus putting
them on a gold basis. For first step to-
wards currency reform on this line that
would be sufficient. This can be done with
out an issue of bonds, provided the revenues
shall increase so as to exceed the eXpendl-
lures. and there is reason to expect that
will occur within two or three months. The
Journal believes the business senlilienI VI
the country would rally strongly to the sup
port of such a measure and that 1t would
pass Congress. 1t will be wiser for the
friends of currency reform to unite in sup
mort of a moderate measure that will proba-
bly, pass and serve as a first step in the
right direction than to take the risk OF
failure by trying to accomplish too much