The Indianapolis journal., 1898-12-03
And Suggests Some Points on Which
He Believes the Friends of Sound
Money May Agree.
VIEWS OF GEN. HENDERSON
HE THINKS CURRENCY REFORMERS
SHOULD GET TOGETHER
And Decide on a Bill That Congress
Can AdOpt-The Presidents Finan-
cial RecOmmen dation.
Special to the indianapolis Journal.

special 10 lue JnuldIldpoilS JOuTudI.
WASHINGTON, Dec. 2.-Representative
Overstreet is about the first among the ar
irving Republican leaders to take positive
position for a special session of the Fifty
sixth Congress for the enactment of none
tary legislation. General Henderson, of
Iowa, a member of the committee on rules
and close friend of Speaker Reed, comes
out almost as strongly as Mr.. Overstreet for
a special session to enable the Republican
party to carry out its pledges on the subject
of currency reform and lift these questions
from the field of politics. Mr.. Overstreet
says:
1T is, in my judgment, almost a necessity
that an extra session of Congress should
be had. The reform of our currency is a
matter so vital that it should not be post
poned. There is no time so opportune and
proper as right after the adjournment of
the regular session. The extra session of
1897 demonstrated that there is no danger
to the business interests from a special
gathering of the national legislature If
there should be delay until the opening of
the Fifty-sixth Congress in December, 1899,
the country would not be benefited and the
Republican party would have to enter the
campaign of 1900 as the defender of financial
legislation that had not been in operation
long enough to demonstrate it's benefcent
effects. The Republicans were beaten on
the Mckinley bill simply because the law
was Of such enactment that time enough
had not elapsed for a fair trial 1t is to
avoid such danger that a speedy con-
sideration of currency reform, in my judg-
ment, is imperatively demanded. There is
not the slightest fear but that the Repub-
licans can agree among themselves on all
-;Ix
the gold standard shall be established by
statute; that provisions shall be made for
the ultimate retirement Of the greenbacks;
that national banks shall be allowed a cir
culation equivalent to a par value Of the
bonds held by them; that branch banks may
be authorized to supply local demands for
money, and that no paper currency outside
of silver certificates shall be issued for a
less sum than $40 in order to promote the
circulation of gold and silver coins. Some
legislation along these lines is expected of
the Republican party, for the party has
given its solemn pledge to that effect"
Discussing short-session probabilities, Mr..
Overstreet said: 'I do not think that much
can be done at the short session aside from
the passage Of appropriation bills and to
provide for the increase of the regular
army. as it is to the regular army that we
must look for garrison duty in our new pos
sessions. The best government for all our
newly acquired territory for while at least
is military rule, for it is elastic and will
meet emergencies as they arise. We have
need to proceed slowly and cautiously with
regard to our Spanish acquisitions, but there
is no cause for fear that American genius
will not triumph over any obstacles that
may arise from this source, as it has sur
mounted far greater difficulties in the past"
General Henderson prefaces his argument
for special session with the proviso that
before asking the President to convene Con-
gress the currency reform leaders should
get together and agree on a measure that
will stand analysis and be satisfactory to
the people-a measure that Congress can
indorse and adopt. That DONE he feels con-
fident the President will assemble Congress
for currency reformation. General Hender-
son is opposed to turning Congress into a
debating school.
The Presidents leading financial recon-
mendation will be for the conversion of the
treasury gold reserve into trust fund for
the redemption of greenbacks, the gold and
greenbacks to be interchangeable, and the
paper thus taken in to be reissued only for
gold. This plan was suggested by the Presi-
dent year ago and will be emphasized
in his forthcoming message. He is salts
fed that it will be the easiest aud best
method of relieving the treasury of danger
Of ''endless-chain' runs on the gold reserve
and that it will never be a disturbing fac
tor. In the course of time it may dawn
upon the country that the gold reserve can
not be put TO better use than to pay off
the greenback section of the governments
demand obligations.