The herald., 1897-07-08
CABINET MEETING
Congress Will Consider the Question
Of Currency

WASHINGTON, July 7.-Presidant
Mckinley called a special meeting of the
Cabinet today. After discussion last
ing over an hour. it was decided that
the President should send message to
| Congress recommending legislation
providing for commission to adjust the
currency questions of the country to-
morrow, provided the tariff bill passed
the Senate then.
The message was framed by the pres
| ident himself, and like his other special
messages to congress states the neces-
sity of the occasion tersely. 1t was pre-
pared by him after consultation with
one or two advisers, and submitted to
the cabinet as a whole only today, when
it was read in complete form. 1t recites
the fact that the tariff bilE has now
passed both the house and the senate.
and hopes that it will soon be concurred
in by both houses. With that acted
upon, a subject of equal Importance, he
says, demands Immediate attention
that of reform in our currency.
The message quotes from the pres
ident's inaugural address, in which he
said:
Our financial system needs some re-
it's value must not be further threat
ened. 1t should all be put on an endur
ing basis, not subject to easy attack.
nor it's stability to doubt or dispute.
Therefore 1 believe it necessary to de-
wise system which, without diminish
ing the circulating medium or offering
a premium for its contraction, will put.
remedy for these arrangements which
.l.s
we'll in the years of our prosperity have
been displaced by wiser provisions. With
adequate revenue secured, and not until
then, We can enter into such changes
in our financial laws as WILL while in
suring safety and volume to our money,
no longer impose upon the government
the necessity of maintaining so large
sold reserve, with it's attendant and in
evitable temptations to speculation"
1t also cites the work and recommen-
dations of the Indianapolis currency
convention, and says if the power is
vested in the president it is his purpose
to appoint a commission, non-partisan,
consisting of prominent, evil informed
citizens, who will command public con-
fidence.
The message closes with the hope that
the congress will enact legislation at
this session to authorize this commits
sion to be made up of both parties, so
that the president may be prepared to
report to congress when it reassembles
in the first term of the next regular ses-
sion.
The president, while believing that
congress will respond to his message.
is not over confident, and there was some
difference of opinion expressed by the
cabinet as to the fate of the recommen-
dation at this session. The majority.
however, believed that the opportunity
was at least favorable one, and it was
at any rate the duty of the administra-
tion to do what it could to hasten the
reform.
ADVICE FROM HADLEY
NEW HAVEN, Conn, July 7.-Secre-
tary of the Treasury Gage has been in
correspondence with Arthur Hadley of
Yale on subjects relating to financial
matters of the government. Professor
Hadley is an authority on finance and
was conspicuous member of the In
dianapolis monetary convention. The
correspondence relates to the features
Of the bill which has been introduced in
Congress embodying the ideas of Sec
retary Gage.
Mr.. Hadley said today: 1.-The bill is
not prepared yet. 1t is not completed
and not possible to make public it's sa-
lient features Hardly any attention is
being given to it and the indications are
in few weeks it will be put before Con-
gress. The bill will be in accord with
the currency views of the leading finan-
ciers of the country