Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-07-30
NO. 81.
A CURRENCY MESSAGE.
House Passed II Monetary Com
mission Bill
But the senate Referred the Message to
the Finance Committee, ana No Fur
ther Action Was Taken.

But the senate Referred the Message TO
the Finance Committee, and No Fur
thtr Action Was Taken.
After the tariff bill had been signed
Saturday afternoon President Mckinley
sent a currency message to Congress. He
referred to his inaugural, in which he said:
"Our financial system needs some revision.
Our money is all good now, but its value
must not be further threatened. 1t should
all be put upon an enduring basis, not
subject to easy attack, nor It's stability to
doubt or dispute. The several forms of
our paper money offer, in my judgment, a
constant embarrassment to the government,
and imperi a safe balance in the treasu-
Iy." The President said the soundness of
our currency is nowhere questioned. 1t is
the system which should be simplihed and
strengthened, keeping our money just as
| good as it is now with less expense to the
government and the people He COM
mended the report of the business mems
convention held at indianapolis, which
recommended a commission "to make
thorough investigation of monetary affairs
and needs of this country in all relations
and aspects, and to make proper sugges-
tions as to any evils found to exist and the
remedies therefor"
In closing the President said: 81, there
fore, urgently recommend that a special
commission be created, bipartisan in its
character to be composed of well-informed
citizens of different parties, who will COM
mand the confidence of Congress and the
country because of their special fitness for
the work, whose duty it stall be to make
recommendations of whatever changes in
our present banking and currency laws
m ha fnnnl
and to report their conclusions on or before
the 1st day of November next, in order
that the same may be transmitted by me
to Congress for its consideration at its first
regular session.
ut is to be hoped that the report thus
made will be so comprehensive and sound
as to receive the support of all parties and
the favorable action of Congress. At all
events, such a report cannot fail to be OF
value to the executive branch of the gov
eminent, as well as to those charged with
public legislation, and to greatly assist in
the establishment of an improved system
of finance"
Following the reading of the message in
the House Mr.. Henderson, from the COM
mlttee on rules, reported resolution pro-
vlding for the immediate consideration of
bill creating a currency commission in
accordance with the recommendations of
the message. After 40 minutes debate
the resolution was adopted by a party
vote. Under the rule adopted 80 minutes
were allowed for a debate on the bill.
Charles w. Stone of Pennsylvania, author
of the bill, explained its provisions.
He said that the proposition was SIM
ply that Congress and the President
should call to their assistance the best
minds OF the country for the purpose of
gathering information and making sug-
gestions upon the currency question. 1t
was desired to lift the question above the
sphere OF party politics, and create nom
partisan commission composed of men
best fitted to deal with it, and not leave
the matter solely to a committee of the
House of Representatives composed main
ly of lawyers.
The Democrats opposed the bill upon
the ground that ii would be a practical ad-
mission that Congress, body chosen by
the people TO represent them in every par
ticuar, was incompetent TO perform its
office. 1t was further alleged that the
bill was brought forward for partisan pur-
poses, and mainly to influence the coming
election in Ohio.
A motion to recommt the bill, with in
structions 10 report substitute, providing
that the commissioners shall consist of
three senators to be appointed by the
president of that body; three representa-
tves, to be appointed by the speaker, who
should be taken from the three dominant
parties, and three citizens of the United
States, TO be appointed by the President.
The substitute was rejected, and the bill
as reported was passed by yeas, l26; nays,
90. The vote was strictly partisan, with
the exception of Mahany of New York,
and Linney of North Carolina, Republi-
cans, who voted in the negative. The
Democrats and Populists voted solidly
against the bill.
The bill authorizes the appointment by
the President of a monetary commission of
l / members, who shall be persons specially
fitted by experience, training and study for
the consideration of subjects coming be-
fore the commission. The commission
shall investigate and report what changes,
if any, are necessary and expedient in our
present banking and currency laws, and
what further legislation, if any, is desir-
able relative to our national banking sys-
TEN and our government paper currency
of notes and certificates, and may, in con-
nection Herewith, report codication of
| existing laws on these subjects.
The bill provides for means for obtaining
| information from the governmental de-
partments, ETC., and names 100000 as
compensation for the commission and its
! expenses.
The Presidents message was read in the
Senate and subsequently communication
! from the House was received announcing
the passage by that body of the bill ere
ating monetary commission. There was
slight debate over the matter, and it was
eferred to the committee on tinnace,
where it is likely to remain until the expi-
ration of this Congress.