The San Francisco call., 1898-01-06
Currency Reform to Be Taken Up in the House
 To-Day.
OVerStreet Will Introduce the Indianapolis Commits
 SiOn's Bill.
Speaker Reed Opposed to a Lengthy Discussion of Monetary
 Measures.
Special Dispatch to The Call.
Call Office, Riggs House,

Washington, Jan. 5.
 Representative Overstreet will to- morrow introduce the currency reform bill proposed by the Indianapolis Mon etary Commission. A meeting or the banking and currency committee will be held tomorrow to determine whether four members of the Indianap- oils conference shall be given hearing on the bill Ex-Senator Edmunds, ex- Secretary Charles F. Fairchild, J. F. Fries of North Carolina and Judge Robert S. Taylor of Fort Wayne had expressed a desire to be heard.
 Early this morning Representative Johnson of Indiana asked Chairman Walker of Massachusetts to call meeting of the committee to enable the four gentlemen named to be heard. MT. Walker sat up an obstruction at the very outset. He declared that the rep resentatives of the Indianapolis plan should not be heard.
 There has been enough talk al- ready" said the chairman.
 Representative Johnson took the reins in his own hand and circulated paper among the members of the com mittee requesting the chairman to call the meeting to determine whether the four commissioners should be heard. He soon obtained a large majority Of the members of the committee and Chairman Walker weakened and con sented to call the committee to-mor- row. Walkers obstructive tactics have caused much comment.
 Now that the work of the Monetary Commission has taken practical shape in the form of the report which was published few days ago, the members Of Congress are waiting with interest the bill which has been prepared. Care full inquiry among the leaders in the House to-day would indicate that the prospect for such sweeping legislation as is designed by either the Gage bill or the forthcoming commission bili is not to be expected. Nor is there a prospect for long debate on currency and financial reform in the House. ! cussion by members of the House Pub lie sentiment has been aroused and public opinion formed by the work of the Indianapolis commission, and it is earnestly hoped by the leaders of the House that the commission will con- 1 tinue its work of disseminating infor- nation on the subject. It is not believed that much can be accomplished in the matter of passing currency reform bills. and, therefore, most of the time de- | voted to such debate would be wasted It has been set forth in these dis patches that no measure contemplating l the withdrawal of the greenbacks will ! become law. Nor is the time be- | lieved to be ripe for bills revolutioniz- | ing the present system of national | banking, based on the issue of cur rency by the banks against national ! bonds deposited by them. All such bills | as MT. Cages or of the commission ! l. g-E- ! rency by the banks, based on a per centage of their business assets are regarded by the leaders of the House | as premature. Even if they passed the House they would die in the Sen l ate.
 In the opinion of the House leaders. which includes every member of the | ways and means committee, the bank | ing and currency committee should ! confine itself to the introduction of the modest measures recommended by President Mckinley--namely, the es- ! tablishment of small banks in rural communities, permitting banks to is- sue currency to the par value of depos- l ited bonds and reducing the tax on l circulation. There is strong ground for the belief that these bills could pass l the Senate. A further measure restrict l ing the issue of bank notes of the de- nomination of $10 and over and requir- ing all banks to redeem their own notes in gold on demand might also be enacted into a law
 It is very probable that before the end of the present session the commit tee on ways and means will lay before the House bill to authorize the Secre-
 tary of the Treasury (whenever the ] expenditures of the Government for any one month have exceeded the re- ceipts) to issue short term bonds to
 the amount of such deficiency, the
 bonds to be redeemed after three years and bearing about 211 or 3 per cent in- 1 tereSt.