The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-20
CHANGES IN THE CURRENCY.
COMMISSION HOPEFUL OF ACTION
by SENATE AND HOUSE.

Senate Not ImprObability - An
Elastic Currency to he Provided
For.
Washington, Nov. 19.-The monetary
commission is again in session, after adj
jourument for a few days, for the COM
pletlon of committee reports, and will
probably get their work we'll advanced
before another recess. 1t is not expected
at present that their report will be com-
pleted until after the meeting of congress.
It's outlines have already beeen decided
upon in tentative way, but the perfec-
ton of the details Is taking more time
than some of the members originally ex-
pected. Every point is being subjected to
a thorough discussion, with a view ia
making the report and bill unassailable.
The commission will report, when they
have concluded their work, to the execu-
tive committee of the Indianapolis con-
ventlon. The committee will probably
make the report public soon after they
receive 1t, in order that 1t may come un-
| der a thorough public discussion in the
press and before the public. 1t is prob
able that the report will be withheld from
| the public until the message of the Presi-
| dent and the annual reports of the cab
| met officers have been made public.
The work of the monetary commission
as an organized body will substantially
come to an end when they make their re-
port to the executive committee. Some
of the members may appear before CONF
| mlttees Of congress In behalf of the res
| port, but the work of securing its adoption
| will devolve upon the executive commits
| tee, which was appointed at Indianapolis
| in January. The members of this com-
| mittee, under the craftsmanship of MIR. II.
III. Hanna of Indianapolis recognize the
| fact that they have no holiday task befors
| them in securing the adoption Of the re-
| port by congress. They believe they can
| win, however, because they believe they
win be able to demonstrate that the over
whelming majority of the business cons
munity are in sympathy with them.
Some time win be allowed to pass after
| the publication Of the report before an at
| tempt is made to force 1t to vote in
either house of congress. This time will
| be employed in n campaign of education
| by means of thorough discussion in the
| press and in the regular magazines of the
merits OF the proposed financial reforms.
| These reforms will be conservative in a
4 large sense, but they viii be somewhat
| radical from the standpoint of the exist
| ing currency system, with its rigid mass
| OF government legal tender paper and Its
inelastic and restricted bank-note system.
| The commission and the executive COM
/ mttee recognize that in so far as their
| propositions constitute a new departure,
| an interval Of time will be required to
make them understood and accepted They
are confident, however, that they will be
| so sound in theory and so practicable as
concrete measures that the great body of
| educated public opinion in the country will
come to their support.
| The members of the executive commit-
| tee do not attach special weight to some
| of the current predictions that they cam
not pass a bill through the two houses OF
| congress. They do not consider them
| selves rainbow chasers, and most of them
/ are practical men of business, but they be-
| lieve that thorough organization and ths
| crystalization of public opinion in favor
of their work will remove any reason or
| excuse for the refusal of congress to car
| ry out their wishes. 1t Is understood from
| the friends of Speaker Reed that he ap-
preciated the necessity of some measure
| or currency reform He may not be quite
| ready to go the length proposed by the
| monetary commission. but he will favor
| the consideration of a currency bill by the
| House. Friends of the commission pro-
| ject believe that Mr.. Reed and other lead
| ers in the House will support the essen
tial features of the commission plan after
| 81 has been subjected to the test of thor
| ough discussion.
| The crucial point ii is well understood,
| will be found in the Senate. The persists
/ ent declaration in certain quarters that
| theIe is no hope of action i'm the Senate
| is not considered wen founded by the
| executive committee. They see no reason
| why a majority should not be found for
| an intelligent measure of currency reform
| among the forty-three republican sena-
| tors, the three gold democrats, and the
| eight sound money democrats, who sup
/ ba uoA ~
| regular party nominee. These votes alone
| make total of fifty-four. and leave only
| thirty-hve votes in opposition. 1t is pos
| sible that a few of the silver senator's,
who supported Mckinley, may refuse to
| vote for gold bonds IL they are proposed
! as a part of the new currency scheme,
| but several of their votes could be spared
/ without rislking defeat. The new currency
project, moreover, will embody advant-
| ages to the south which will make pro-
| vision for gold bonds, il there is any such
| provision In the bill, merely
| subsidiary feature. A great mass of pub
| lie opinion exists in the south in favor OF
an elastic banking currency and this opin-
| ion viii be brought to bear in a manner
| which will, at least temper the opposition
| of southern senator's, If it does not bring
/ them to the vigorous support of the new
| project Some OF the more sanquine of the
| friends of currency reform believe that
| after the subject is thoroughly threshed
out their plan will pass the Senate with
| out a roll call, and that some of its most
| enthusiastic supporters will be found
| among the southern senator's. Whether
| this proves to be the case or not the mem-
| bers of the executive committee are nat
| disturbed by critics who declare that there
is no possibility Of action by congress. They
| propose an active campaign of education
and the concentration of business senti-
| ment In support Of their measure. They al
| ready have the support of some of the
| most farseeing leaders In both houses. and
| they are confident that they can command
| a safe majority in both the House and Sem
ate when their project is submitted TO the
test of roll CALL