The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-07-10


OF a Currency Com mission.
Washington. July s. = After a dis
cussion lasting more than an hour the
cabinet Wednesday decided that the
president should send 10 congress a
message recommending legislation pro-
viding for a commission 10 adjust the
currency question OF the country.
1t was resolved that this message
should be sent to congress to-day. 1t is
the expectation of the president that
the message will receive the attention
of congress during the. present extra
session.
The message was framed by the pres
ident himself. and, like his other special
messages 10 congress, states the neces-
stiles of the occasion tersely. IL was
prepared by him after a consultation
with one or two advisers and submitted
to the cabinet as whole only on
Wednesday, when IL was read in COM
plete form. IL recites the fact that the
house and the senate, and hopes that
IL will soon be concurred In by both
houses. With that acted upon. sub
ject Of equal importance. he says. de-
mands immediate attention-that Of
reform in our currency. The message
quotes from the presidents inaugural
address. in which he said:
"Our financial system needs some re-
vision; our money Is all good now. but its
value must not be further threatened. II
should all be put on an enduring basis. not
subject TO easy attack nor its stability TO
doubt or dispute. Therefore / believe II
necessary TO devise a system which with
out diminishing the circulating medium or
Offering a premium for It's contraction
will put a remedy for these arrangements
which, temporary I'm their nature. might
well in the years OF our prosperity have
been displaced by wiser provisions. With
adequate revenue secured. but not until
then. we can enter upon such changes In
our fiscal laws as Will. while insurlng safety
and volume to our money no longer impose
upon the government the necessity OF
maintaining so large a gold reserve, with
its attendant and inevitable temptation 10
speculation"
The president will ask authority to
name nine commissioners and for an
appropriation for the expenses of the
commission, but will make no sugges-
ton as 10 the political or other compo-
sition of the commission, nor will he
make any suggestion as to the lines of
investigation. He will simply call at
tention 10 the necessity of reform in
our currency and national banking
laws, and state that in his opinion this
reform is equally important with the
enactment or protective tariff law.
IL also cites the work and recommen-
dntions of the Indianapolis currency
convention, and says IL the power Is
vested in the president IL is his purpose
10 appoint a commission, nonpartisan,
consisting OF prominent, well-informed
citizens, who will command public con-
fidence. The message closes with the
hope that the congress will enact leg
islation at this session TO authorize this
commission, TO be made up Of represen-
tatives OF both parties, so that the pres
ident may be prepared to report to con
gress when il reassembles in the first
term Of the next regular session.
The president. while believing that
congress will respond to his message.
is not oyerconhdent. and there was
some difference of opinion expressed by
the cabinet as TO the fate the recon-
mendation would meet at this session.
The majority, however. believed the OPP
porturity was at least favorable one.
and that IL was al any rate the duty OF
the administration to do what il could
10 hasten the reform.