The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-28
THE OUTLOOK FOR MONETARY
REFORM.

Late Washington dispatches are confirm
atory to an encouraging degree of the in
tention of the administration to take def
mite action in regard to currency reform,
though they are somewhat conflicting as to
whether the matter will be brought to the
attention of Congress at this session. A
Washington special to the Chicago Times
Herald says:
President Mckinley has decided that he
Will not send to Congress at this session
message suggesting the creation Of a
currency COMMISSION, as ne had intended
a snort time since. Instead of a commits
sion 10 investigate the subject and report
to Congress- an administrator bill is to be
drawn up and presented to Congress next
winter. The preparation of this measure
- 10 be the special work of Secretary Gage,
troller Eckels and OF a number OF oIher
o1ncials and public men who are close
students OF the currency and banking
problem. This measure, when prepared, is
10 be submitted TO the President, and after
receiving his approval win go to Speaker
Ile5d and TO number of leading Repub-
mean senators. III any of these have serious
objections to its details, an effort will be
MADE to harmonize all the differences, so
Congress is entered upon there may be
TO delays through Republican dissension
The correspondent who sends this is pref
~ near to Secretary Gage and Controller
Eckels, and may have special information
on the subject A special to the Sunday
Journal quotes Senator Fairbanks as say
ing:
1t would have been fatal to tariff Iegis-
lation TO have permitted the Introduction
or monetary reforms INTO the field of con-
gresslonal discussion until the revenue
measure could be disposed of. That out OF
the way, the HELD viii be clear for the Re-
pubicans TO make stalwart attempt to
accomplish something for the Improvement
of our currency system and such attempt
will be made before adjournment of the
special session.
Senator Fairbanks is usually guarded in
his expressions, and would hardly have
made so unequivocal a statement as this
unless he had ground for it. He is near
the President and probably comes as near
knowing the latters intentions on the SUBJ
ject as any man in the Senate. The chief
point of interest in his statement is that
the matter will be brought before Congress
at this session, Immediately after the tariff
bill is out of the way. 1t is not likely that
Congress would take any definite action on
the subject this session, but the sending in
of a special message would give the Presi-
dent chance to define his position and
NOQiO nave dIi SACSllcul 6iltCl III CLEARING
up the atmosphere and establishing con-
fidence in the intention OF the Republican
party to take the question up as soon as
possible. Even if the President favors the
preparation of currency-reform bill by
Secretary Gage and other capable finan-
ciers, in preference to the appointment OF q
monetary commission, a special message
informing Congress and the country of his
intention ould be in order. This plan has
some advantages over the commission plan.
If a commission were raised it could only
devote the recess to formulating a cur
rency-reform bill TO be submitted at the
next session of Congress, and this could be
done by Secretary Gage and otksr experts
Just as we'll No commission that might be
appointed would command more confidence
than one headed by Secretary Gage and
Controller Eckels, assisted by the United
States treasurer at New York and other