Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-12-24
PRESIDENT MKINLEY'S VIEWS ON
THE CURRENCY QUESTION.
FIRM FOR THE GOLD STANDARD
RELIEVES IN BIMETALLISM RUT NOT
IN "A DOUBLE STANDARD.
Desires to Have Financial Bill
Passed Which Shnii Furnish n
Platform and an Issue for
the Coming Congress
sionni Campaign.

WaShincton Dee. 23.-Thcre appears to
b.. an impression among some senators and
rcprescntatives-and what is even more
strange among certain newspaper meh-
that President Mckinley was elected upon
Il silver ticket, and that he is violating the
pledges of his platform and bctrayinS the
| Voters who supported him at the polls by
| allowing Secretary Gage to go before
| committee of congress and confess mis- be
| lief in a single gold standard. Anyone VINO
| takes the pains to compare Mr.. Mcl\ln-
ley's speeches during the last campaign
! and the remarks Mr.. Gage made before the
| committee on banking and currency last
v eek will discover that they conform In
! every essential particular, and people WHO
| expect either Of those gentlemen 10 tu-
| vocate a silver standard OF even Il double
| standard of money do not understand the
| policy of this administration. 1t is troe
| that the president and Mr.. Gage are both
| in favor of what is known as international
| bimetallism-that is, an agreement between
| the great commercial nations OF the Garth
| that silver shall be recognized as money
| to a greater extent than at present-and
| they would be gratiied if Great Britain
would join in such arrangements. IheF
| ccncurred in the advisabiiity OF sendlng Il
commission to Europe TO promote 1t; they
| both hoped that the commission might suc-
! Ceed, although Mr.. Gage, being Il man Oh
| practical experience and not OF such Il
| sanguine temperament as the president.
was not so hopeful as he for its success.
| The president. L believe. thinks an inter-
national agreement is still possible; Mir.
Cage considers it out of the question. But
| neither of them is conscious of betrayinS
| or attempting to betray the Republican
| rarty or violate the Republican platform
| or do anything that is not expected of them
| by the men who voted the Republican
| ticket last fall.
| During his second interview with the
| committee Oh banking and currency Mr.
| Hill, of Connecticut. purposely brought up
| the question and asked Mr.. Gage whether
| his plan did not conflict with the principles
enunciated in the Republican platform at
st. Louis and with the efforts of the Unit
| ed States to promote international bimet-
| alIism Mr. Gage replied in manner that
| made his position perfectly clear to every
| member OF the committee at that time,
| but some of them seem to have forgotten
| the significance of his remarks and have
| become befuddled on this point. He de-
| clared very positively that his plan did
| hot conflict with the st. Louis platform.
| ..Bimetallism." he said, must be one of
| two things-ether two different kinds OF
| money of unequal commercial value. circu-
| lating on an equality with each other by
| reason of the lower quality being made ex-
| changeable with the higher and thus OF
| equal value, or two kinds of money 50
| absolutely equal in value as to circulate
| OH 4 natural parity. \ bimetallic stand
| ard does not exist anywhere on earth. y
| bmetallc currency, as | understand BIZ
| netallism, does exist in the United States
row. The firm establishment of our sys-
| TEN upon the gold standard and the recoG.
| NIT Of Sil& Inv la ont In hQ
way of such interchangeability as may be
| necessary to keep it equal TO gold. will bet
ter maintain bimetallism, on the general
| principle l have just outlined. This has.
| in manner. been going on for eighteen
| or nineteen years. There is nothing at all
In the proposition to more firmly establish
| the gold standard to prevent us from doing
all reasonable things to accomplish such
an increase in the value of silver money
as will bring 1t TO a natural parity with
! gold, and thus relieve the government
| from the expense of artificial maintenance
and the embarrassment which has pre-
| vailed for many years and which will per-
| hapS prevail for many years to come in
our financial system
The president understands that he is COM
mitted 20 single gold standard. Mr. Bryan
not The president is also committed to the
principle that the. bonds of the United
States and its circulating notes and all its
where it is distinctly stated otherwise. He
considers that question settled by his cleo
IL
should be revived at this day.
Nor is there the slightest msunderstan
ing between the president and Mr.. Gage. It
was decided by the president and his con-
stitutonal advisers that the secretary of
the treasury should submit to congress Il
plan for the reorganization of our national
currency system. The cabinet was not en-
tirely unanimous upon all the points 'and
principles involved in the scheme presented.
| 1t is also true that the president did not
give the plan his unqualified Endorsement.
He did. however. commend 1t ito the earn
tba ot m WoS ba not @
entirely, but as a starting point in the cam
paign for currency reform. The plan of Mr..
Gage was presented to draw fire. to be the
text of discussion not only in congress but
in the press and wherever financial prob
lens, are considered; As IA plain-spoken
thought it good policy to give the country
| something to chaw on.
| There are twenty-seven or twcnty-eiGht
other plans more or less similar now pend
| ing in congress, and ii IS expected that out
of their discussion and consideration will be
| evolved Il law that may receive the sup
port of n majority of the Republican MEM
bers of congress. The currency commission
is also expected very soon to propose a
scheme which will undoubtedly attract at
tenton and may possibly have features to
he preferred to that of Mr.. Gage. At pres
cut the Republicans in both houses are
| much divided. They represent all shades OF
| opinion from one extreme to the other from
Boston to Denver. The banking and cur
rCncy committee is n fair illustra ton. There
arc twelve Republicans and no two of them
| think alike upon the most important aues-
| tiouS intrusted to their consideration. They
| do not even agree regarding questions OF
| fact. During his recent Interviews Mr.
| Gage cleared up some doubt in their minds
and solved several problems that were per-
picking them. and if he could sit with them
day after day and explain the points and
difficulties that are constantly arising tc
| perpex students of finance but are gen
orally clear to the minds of practical bank
, erS il would be easier for them to agree
upon Il bill. and they desire to see as much
OF him possible.
At present the signs are not favorable for
Il harmonious agreement of the committee
! on banking and currency on any measure
hut the discussion has only Just begun and
ncople of diversified views and strong onin.
days or sessions. 1t is. however. the desire
of the president and the intention of the
leaders of the Republican party that before
, the close of this session the house of rrD.
/ resentatives shall vote upon and pass some
bill which shall represent the policy of tht
, atimnistrati ton and furnish n platform anf
an issue upon which the next congressiona
contest shall be fought This bill will rep.
: resent the issues upon which President Nc.
! kinley was elected. and while no one car
predict its details. it will pledge the Re-
| publican party to single gold stand rd
| II will acknowledge the advantages Of in.
ternational bimetallism. it will sustain the
| present national banking system il will
propose an enlargement of the present ma.
| tional bank circulation and provide sout
5 method of protecting the gold reserve in th,
| treasury from the fluctuations of exchange
PLEA FOR THE GOLD STANDARD