The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-20
Confident the New Currency Scheme
Both Houses of Congress.
WILL SOON BE MADE PUBLIC
AND THEN AN ACTIVE CAMPAIGN OF
EDUCATION WILL BE BEGUN.
Sentiment of business Men to Be
ing Our Financial System.
Special to the Indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, Nov. 19.-The monetary
commission is again in session, after adj
journment for a few days for the compile
ton of committee reports, and will proba-
bly, get it's work well advanced before an
other recess. 1t is not expected at present
that the report will be completed until after
the meeting of Congress. It's outlines have
already been decided on in a tentative way
but the perfection of the details is taking
more time than some of the members orig
inally expected. Every point is being sub
jected to a thorough discussion, with view
to making the report and bill unassailable
The commission will report, when it has
concluded it's work. to the executive COM
mittee of the indianapolis convention. The
committee will probably make the report
public soon after 1t receives it, in order that
it may come under thorough public discus
sion In the press and before the public. 1t
is probable that the report will be with
held from the public until the message of
the President and the annual reports of the
Cabinet officers have been made public
The work of the monetary commission as
an organized body will substantially come
to an end when it makes it's report to the
executive committee. Some of the members
may appear before committees of Congress
in behalf of the report, but the work of
securing it's adoption will devolve upon the
executive committee which was appointed
at Indianapolis in January. The members
of this committee, under the craftsmanship
of H. II. Hanna, of Indianapolis, recognize
the fact that they have no holiday task be-
fore them in securing the adoption of the
report by Congress. They believe they can
win, however, because they believe they
whelming majority of the business COM
munty is in sympathy with them. Some
time will be allowed to pass after the pub
Iication of the report before an attempt is
made to force it to a vote in either house
of Congress. This time will be employed
in a campaign of education by means of
thorough discussion in the press and in the
popular magazines of the merits of the pro-
posed financial reforms. These reforms will
be conservative in a large sense, but they
will be somewhat radical from the stand
point of the existing currency system, with
it's rigid mass of government legal-tender
paper and it's inelastic and restricted bank
note system. The commission and the ex-
ecutive committee recognize that in so far
as their propositions constitute a new de-
parture 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 committee
do not attach special weight to some of the
current predictions that they cannot pass
a bill through the two houses of Congress.
They do not consider themselves rainbow
nd -
men of business, but they believe that
thorough organization and the capitalization
OF public opinion in favor of their work will
remove any reason or excuse for the re-
fusal of Congress to carry out their wishes.
It is understood from the friends of Speaker
Reed that he appreciates the necessity of
some measure of 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
project believe that Mr.. Reed and other
leaders in the House will support the es-
sential features of the commission plan
after it has been subjected to the test of
thorough discussion.
The crucial point, it is well understood,
will be found in the Senate. The persistent
declaration in certain quarters that there
is no hope Of action in the Senate is not con-
sidered we'll founded by the executive COM
mittee. 1t sees no reason why majority
should not be found for an intelligent meas
ure of currency reform among the forty
three Republican senators, the three gold
Democrats and the eight sound-money
Democrats who supported Mr.. Bryan be-
cause he was the regular party nominee.
These votes alone make total of fifty-four
l. xa.&-s Gr-1 l.,
ton 1t is possible that few of the silver
senators who supported Mckinley may re-
fuse to vote for gold bonds If they are pro-
posed as a part of the new currency scheme,
but several of their votes could be spared
project moreover, will embody advantages
to the South which will make provision
for gold bonds if there is any such pro-
vision in the bill, merely subsidiary fea-
ture. A great mass of public opinion exists
in the South in favor of an elastic banking
currency, and this opinion will be brought
to bear in p manner which Will, at least,
temper the opposition OF Southern senators
If ii does not bring them to the vigorous
support of the new project. Some of the
more Sanguine of the friends of currency
reform believe that after the subject is
thoroughly threshed out their plan Will pass
the Senate without roll call and that some
of its most enthusiastic supporters will be
found among the Southern senators.
Whether this proves to be the case or not
the members of the executive committee
that there is no possibility of action by Con-
gress. They propose an active campaign of
education and the concentration OF business
sentiment in support of their measure; they
already have the support of some of the
most far-seeing leaders in both houses, and
thew are confident that they can command
a safe majority in both the House and Sen
ate when their PROJECT is submitted 10 the
Of ~D1l