The times., 1897-07-08
A CURRENCY commission
President Mckinley Wishes Au-
thority to Appoint One.
A MESSAGE FOR CONGRESS-
1t Is All Prepared and Will Be
Sent in Today-The Action Long
Premeditated-S Speaker Reed aud
Other Leading Republicans o.
posed to the PIan-It VIII FAN.

at the special Cabinet meeting held yes
terday it was decided that it would be
advisable for the President to send to
Congress today message on the currency
question. Such action has been favored
all along by Nj. Mckinley, and nothing ex-
cepting The tariff bill has delayed the send
ing OF the message. Theinclinations orthe
President concerning the currency prob
lem were outlined when in bis inaugural
address he said:
"OuI financial system needs some re-
vision; our money is all good now, but It's
value must not be further threatened. II
should all be put upon an enduring basis,
not subject TO easy attack, norlts STABILITY
to doubt OF dispute. our currency should
continue under The supervision OF the Gov
ernment. The several forms Of our paper
money offer, in my judgment, constant
embarrassment to the Government and a
safe balance in the Treasury. Therefore 1
believe it necessary 10 devise system
which, without diminishing the circulating
medium, or Offering premium for ITS cois-
traction, viii present remedy fer these
arrangements. which, temporary in their
nature, might Well in the years OF cur
! prosperity have been displaced By Wiser
provisions.
With adequate revenue secured, but not
until then, we can enter upon such changes
| in our fiscal laws as Will, while insuTieg
| safety and volume To our money, no longer
| impose upon the Government the necessity
| OF maintaining 50 large gold reserve, with
| its attendant and inevitable temptations -
| speculation. Most of our financial laws arc
| the outgrGwth OF experience and trial, anu
| should no. he amended dwithoutinvestigatio
| and demonstration Of the wisdom OF the Pro-
! posed changes. We must be both sure we
| are right and make haste slowly
| IF, therefore, Congress in its wisdom
| shall deem it expedient TO create COM
mission to take under early Consideration
| the revision OF our coinage, banking and
currency laws, and give them that ex-
| haustive. careful and dispassionate ex-
| animation that their importance demands,
| l shall cordially concur In such action. II
! such power is vested in the I resident, It
| is my purpose to appoint a commission
/ of prominent, well-informed citizens OF
| different parties, who VIII command public
! confluence, both on account OF their ability
/ and special fitness for the work. Business
| experience and public training may thus
1 be Combined, and the patriotic zeal Of
| the friends OF the country be so directed
| thar such Il report viii be made as 10
| receive the support uf all parties, and
our finances cease to be the subject OF
mere partisan contention The experiment
| is, at all events, worth a trial, and, in
my opinion, it can but prove beneficial TO
| the entire country
| The Cabinet was OF tie opinion yester-
| day that the submission OF message at
this time viii not clay Congress in
| reaching ii day FOR adjournment. The
messaeeis already prepared and has been
| for several weeks, aad all tha. it requires
now is to be officially delivered to Congress
for its action. 1t win request Congress 10
| provide tie President with authority 20
| appoint commission to MAKE a thorough
examination into the currency question
ard to report with recommendations.
Speaker Reed and number Of leading
| Republicans are opposed 10 the plan.
Speaker Reed, in conversation with a .nem-
ber OF he House Banking and Currsncy Com
| mittee OF the last Congress, recently ex-
| pressed not only his opposition to the ap-
| pointment tofacommission. OF bHt decIa red that
he believed the President would not recom-
| mend such action. Within three or four
| days prominent members OF the Senate and
| House have expressed emphatically their
| belief that the currency commission scheme
| would be abandoned
| Members OF the Senate, in the intervals
| of the tariff debate, discussed the ex-
| pected message and its result Opposition
| to the currency commission plan was
| and Democrats
Senator Lodge said: az am sorry that
this praiseworthy plan OF the President
cannot be carried out. The silver element
in the Senate has declared opposition,
and this is enough to defeat the measure -
Senator HGwley said: Il an sorry to
| hear that President Mckinley is TO recon-
mend this course 1t will lead tn "A long
discussion which will accomplish noth-
| ing. There is not majority In the
Senate In favor Of any one scheme Of
| financial relief Let us have the tariff
b,ll in operation and there viii be much
less call for currency REFORM"
Senator Faulkner. representing the silver
Democrats made this brief Comment: 'The
| recommendation of the President will not
be discussed. 1 give you no reason
but simply say We shall adjourn iInne-
diateiy after the passage of the tariff
| BILL
Senator Teller said: 1--WE win stay here
until winter. if necessary, 70 defeat it,
but no authority shall be given for this
| currency commission