The record-union., 1897-07-08
THE CURRENCY QUESTION.
A MESSAGE TO BE SENT TO THE
SENATE TO-DAY.
President Mckinley Will Advise
That Action be Taken at
the Present Session.

WASHINGTON, July 7-President
Mckinley called a special meeting of
the Cabinet for to-day.
After a discussion lasting over an
hour the Cabinet decided that the Pres
dent should send to Congress a mes
sage recommending legislation provid-
ing for commission to adjust the cur
rency questions of the country. 1t was
resolved that this message should be
sent to Congress tomorrow, provided
the tariff bill is by that time passed
by the Senate. 1t is the expectation of
the President that the subject will re-
ceive the attention of Congress during
the present session. The message itself
is written and is short It's principal
feature is a quotation from the Presi-
dents inaugural address on the finan-
cial subject
The tariff bill was not considered at
the meeting to-day, except in its bear
ing on the currency commission propo-
sition.
The President will ask authority to
name nine commissioners and for an
appropriation for the expenses of the
commission, but will not make sug-
SO5NiOiio e'o ~ tAiC pOllblNcli VI OthCI
composition of the commission. nor will
he make any suggestion as to the lines
of investigation He will simply call
attention to the necessity of a reform
in our currency and national banking
laws, and state that in his opinion this
reform is equally important with the
enactment of a protective tariff law.
The message was framed by the
President himself, and like his other
special messages to Congress- states the
necessity of the occasions tersely. 1t
Was prepared by him after a consulta-
ton with one or two advisors, and sub
mitted to the Cabinet as whole only
to-day, when it was read in complete
form. 1t recites the fact that the
tariff bill has now passed both the
House and the Senate and hopes that
it will soon be concurred in BIZ both
houses. With that acted upon, a sub
ject of equal Importance, he says, de
mands immediate attention-that of re-
form in our currency. The message
quotes from the Presidents inaugural
address, in which he said:
Our financial system needs some re-
vision; our money is all good now, but
its value must not be further threat
ened. 1t should all be put on an en-
during basis, not subject to easy at
tack, nor its stability to doubt or dis
pute. Therefore believe it necessary to
devise system which, without dimin-
ishing the circulating medium or Of
ferlng a premium for it's contraction.
will put a remedy for these arrange
ments which are temporary in their
nature, and might well in the years of
cur prosperity have been displaced by
wiser provisions. With adequate reve-
nue secured, but not until then, we can
enter upon such changes in our finan-
cial laws as will. while insuring safety
and volume to our money, no longer i'm
pose upon the Government the neces-
sity of maintaining so large a gold re-
serve, with it's attendant and inevitable
temptations to speculation
1t also cites the works and recon-
mendations of the Indianapolis Cur
rency Convention, and says if the power
is vested in the President, it is his pur-
pose to appoint a commission, non-par-
tiaan, consisting of prominent, well-in.
formed citizens. who will command
public confidence
The message closes with the hope that
Congress will enact legislation at this
session to authorize this commission to
be made up of both parties, so that the
President may be prepared to report to
Congress when it re-assembles in the
first term OF the next regular session.