The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-08
MANYFAVOR THEPLAN
HOW BUSINESS MEN VIEW THE MON
ETARY COMMISSIONS REPORT.
Majority of Letters Indorse the Cur
rency Reform scheme, but some
Criucise Certain Features.
FIELD DAY FOR HOLSTERS
TWELVE RECEIVE P0sTOFFICEs
AND ONE GETS A CONsULsHIP.
w. II. II. Graham, Of IrvingtOn. to BE
Located at NEUTRALITY-SUSPICIOUS.
in Money Order Accounts.
.necinl 70 the 1ndiananolls journal.

Special to the indianapolis Journal
WASHINGTON, Jan. notwithstanding
the report of the Monetary Commission was
only made public on Monday last large
number of letters approving its recon-
mendations have already been received at
their headquarters here. These letters are
written by political economists, bankers
merchants and others who have given in
telligent thought to the defects in our cur
rency system and are accepted by the COM
mission as representing the best sentiment
of the commercial interests of the country
on the subject. Some of the writer's do not
approve certain details of the report re-
specting the redemption of the silver dol
lars in gold, the method Of bank-note re-
demption and the sale of the silver bullion
in the treasury. AS rule, however, the
plan is regarded as economically sound
and as Offering the best solution of the prob
lem that has yet been presented
One of these letters received to-day was
written by Mr. j. j. Stewart, of the Ohio
Falls Manufacturing Company, of Jeffer-
sonviIle. Ind, who says: While have only
had time to read the report hurriedly, am
impressed with the wisdom of its recon-
mendations respecting the retirement of the
United States notes 1t is my belief that
the money question will never reach prop
ton of government notes is wholly aban-
doned; that is until the government has
absolutely retired from the banking bust
ness as such and instead of the present
system there be constructed properly
guarded banking currency, which Will ex-
pand and contract with legitimate trade de-
mands. 1t is conceivable, no doubt, that
a plan might be adopted whereby redemp-
ton of outstanding government notes In
times of financial peril could be assured,
but the experience of the world up to this
time has been against it. No contrivance
for redemption, however scientific and in
genious, can give any permanent assurance
so long as the theory exists that forced
loans through legal-tender issues upoa the
part of the government are right and prop
err In order to inspire full and permanent
confidence OF the trading world there should
be no equlvocation to the position of the
United States on this question"
William II. II. Graham, of Irvington, Ind,
who was to-day named as consul to Win
nepeg, owes his appointment to the kind
offices of Mr. Hahn, of Ohio Mr.. Hahn is
q close friend of the President and was
slated for marshal of the District. He final
Nv decided not to accept the place, but in
lieu of his own appointment asked the Win
nipeg consuiship for his relative, Graham.
Mr.. Graham has lived at Irvington for five
or six years. Neither Senator Fairbanks nor
Mr.. Overstreet were consulted about the APP
pointment.
The Senate committee on interstate COM
merce has about decided to give George M
Mckenzie, commander-in-chief OF ticket
scalping forces in Washington, a chance to
make good his charge that IS per cent. of
the understanding business is done in col
fusion with railway OFFICIALS. The commit
tee will ask to be authorized by resolution
to summon witnesses, and then Mckenzie
will be put on the stand and under oath
asked to make disclosures which he threat
ems to do. or else force him to take water
The scalpers are desperate and Mckenzie
is bent doing all the damage he can
to his enemies, even though he should go
down himself in the ruins. The railroad
men know pretty well what Mckenzie has
in reserve, and they are not in the least
frightened.
Treasury officials are beginning to breathe
easier. Out of the million dollars or there
abouts, in 800 silver certificates. which have
thus far been called in ard counted since
the discovery of the new counterfeit, not a
single spurious certificate has been found
and tie hope is now entertained that the
number in circulation may be very small
1T is possible that the introduction of this
bogus money was interrupted at the very
beginning. The facts which are developing
tend to confirm that theory. Former Chief
Drummond of the Secret service Bureau,
made the treasurers office feel good to-day
by the statement that in his opinion less
than hundred of the counterfets were
afioat.
The treasury to-day shipped $1,000,OOO in
fives tens. twenties and fifties to the New
York subtreasury to assist in the redemp-
ton of the OBSERVATION-DISCLOSURES certificates
Orders have also been given to the Bureau
of Engraving and Printing for $2OO0,0OO in
fifties and in smaller denominations. The
bureau turns out about $4,000 a day.