The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-26
THE CURRENCY REFORM MESSAGE

Els
The Presidents special message to Con-
gress regarding the appointment of cur
rency commission is admirable in form and
expression and places him in line with the
best business sentiment of the country on
that question. The Journal has heretofore
expressed the belief, based on information
received from Mr.. H. Fl. Hanna. chairman
of the executive committee of the Indian
apolis monetary conference, that such mes
sage would be sent to Congress before the
close of the present session, and it is glad
to have this belief confirmed. 1t is at lib
erty to state, on the same authority, that
al no time during the session did the Presi-
dent waver or vacillate in his purpose to
send the message to Congress. He is ear
nestly and heartily in favor of such a re-
form Of the currency system as he outlines
in his message, and his convictions on the
subject are based on considerations higher
than party policy. There was good reason
for Withholding the message until the tariff
bill was finally disposed of, and in so doing
the President showed tact and wisdom.
/The tariff situation was delicate almost to
a straining point, and it would have been
unwise to have complicated it by introduce
ing another issue. The Presidents message
shows that he regards the currency ques-
ton as only second in Importance to the
tariff question, and the Republican party as
no less pledged to act in one case than in
the other. He says
Nothing was settled more clearly at the
late national election than the determine
ton the part of the people to keep their
currency stable in value and equal to that
of the most advanced nations of the world.
l lie soundnesS of our currency is nowhere
questioned. No loss can occur to its hold
ers. 1t is the system which should be sim
plified and strengthened, keeping our money
just as good as it is now with less expense
to the government and the people.
This states the case correctly. There is
no necessity for making our paper currency
better than it is at present, for its various
forms are par with gold and with each
other. and none of them fiuctuates in value,
but there is need of reform in the direction
of uniformity and simplicity in the system.
The present system is the result of years
of patchwork legislation, a series of emer-
gency acts rather than parts of homoge-
neous system. 1t should be simplified, uni
fed and placed on a permanent basis.
The President refers with approval to the
monetary convention that met in this city
in January last and shows that it's action
had weight with him. That convention was
the most representative body of business
men, irrespective of politics, ever assem-
bled in the country, and it represented a
mass of conservative influence which no
party or administration could afford to ig-
more. Representing voluntary movement
of the business element of the country
without any party or political ends to
serve, it occupied a peculiar and unique
position among popular assemblies. The
President recognizes this fact by referring
approvingly to the convention in his mes
sage, thus Identifying it in an unusual de-
gree. He practically indorses its views and
adopts it's main conclusion by recommend
ing that a special commission be created,
nonpartisan in it's character, to be COM
posed of well-informed citizens of different
parties who will command the confidence of
Congress and the country, because of their
special fitness for the work, whose duty it
shall be to make recommendations of what
ever changes in our present banking and
currency laws may be found necessary and
eXpedient, and to report their conclusions
on or before the 1St day of November next,
in order that the same may be transmitted
by me to Congress for it's consideration at
its first regular session" The House re-
sponded promptly to the message by pass
ing bill providing for the appointment of
a commission The Senate took no action
beyond referring the message to the finance
committee. There were votes enough in the
Senate to have passed the measure, but it
would have involved a discussion of some
weeks duration, and this the friends of cur
rercy reform did not desire. However, the
cause will not be side-tracked nor retarded
by this action of the Senate. The House
has Endorsed it, the President and secretary
of the treasury are in favor of it, and the
executive committee of the Indianapolis
sound-money conference will see that it
gets hearing. Within a week or ten days
Mr.. Hanna, chairman of the committee,
will call it together for the purpose of ap4
pointing a commission to proceed on it's
own lines.