The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-08-02
THE INDIANAPOLIS PLAN
For Currency Revision Has Been In
corporated in a Bill by Sec
retarY Gage.

New York, Aug. "a special to a To-
cal paper from Washington says:
Secretary Gage has formulated a def
mite plan for the revision of the bank
ing and currency laws, which he hopes,
after modification, to see incorporated
in bill to be introduced in congress in
December. The plan is of the bf oadest
possible scope, providing for the thor
ough reorganization of our financial
system, though it is not intended that
this shall be accomplished by any sud
den or unwarranted upheaval of the
existing system.
tirement of the greenbackS and their
proper replacement by other forms OF
issue. He also favors the complete
separation of the issue and fiscal
branches of the treasury, both in &C
counting and in operations.
The whole plan of the secretary was
formulated some weeks ago and has
been submitted under pledge of Sc
crecy, to- a number of prominent Sena-
tors and members of congress and to
leading bankers in various parts of the
country.
Several members of the financial
committees of the senate and house
have given the secretary the benefit of
their suggestions, and in some cases
these have been adopted. The same is
true of several bankers and associa-
lions of bankers in New York and New
England. BY all of these persons the
plan of Secretary Gage has been guard
been treated as a party matter by the
Repu b1icans who have been taken into
the confidence of the secretary.
In general the critici. ms OF Secretary
Cages proposition have not been I'M
favora BILE. Communication have been
sent TO him from bankers in the east
very freely, and many members of con-
g,ress discussed the scheme with him in
person before congress adjourned. 1t
has been found that the plan found
most general favor in the west, and
hot hon Of IL Il
the north generally find some things in
it to criticise adversely.
a member OF the house banking and
currency committee, in speaking of the
matter, said: Mr. Gage has tried to
take the broadcast possible view of the
financial situation. He has modified
the ideas which he possessed when he
first came to Washington, and by so
doing he has not pleased the conserva-
tive bankers of the east This is not
because his plan lacks cOnserva tism ex-
actly, but because he believes that the
banking and currency laws of the coun-
try cannot be framed with reference to
the east alone, where methods and in
situations have become long esta bIish-
ed, and where business conditions are
different from those in the west"
Secretary Gage himself refuses to say
anything to outsiders with regard to his
plan, and when told recently that some
who had not been taken into his Sc
crets We're aware OF his general propo-
sition, he answered that the plan as
submitted is strictly tentative in it's
character. The impression was con-
veyed that the proposition was made as
a '1eeler'' of the sentiment of the cOun-
try's best bankers and financial stu
dents. 1t is certain, however, that the
scheme, such as it is, embodies nothing
less than the secretary's best ideas, and
that he expects to see a modification of
his original plan Incorporated in a bill
to be considered by congress early in
the coming session.