The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-04
Senator Fairbanks Confident the Re-
port VIII Aid in Solving the
Currency Problem.
VIEWS OF HENRY U. JOHNSON
RICHMOND'S REPRESENTATIVES, Law
IsH IN COMMENTATOR.
He Thinks 1t Possible to Secure
Remedial Legislation Despite OPP
position in the Senate.
snecial to the Indlanapolis journal

Special to the indianapolis Journal.
WASHINGTON, Jan. 3-The report of
the indianapolis conventions monetary COM
mission was received in friendly spirit to-
day by Republican leaders in Washington.
Many of them were cautions about giving
their unlimited Endorsement to the scheme
of the commission One reason for this
care was to be found in the fact that very
few of them had read the full text OF the
report, and another reason was because a
good many of them are still undecided as to
what is really the best plan, and they do
not want to commit themselves too enthu=
siastically to any proposition at this stage
of the discussion. There is no telling what
plan Congress may ultimately fix on as be-
ing the best or the most feasible and there
is a feeling that it might be embarrassing
to indulge extensively just now in unquali-
fed approval AT the same time the work
of the commission meets with general COM
mendation and almost no criticisms are
heard. The patriotic motives of the gentle
men who composed the commission are ac-
knowledged on every side, and the convic-
ton appears to be held everywhere that,
whether Congress adopts the suggestions
and recommendations advanced or not the
cause will be helped and the public still
further educated to the advantages of a
stable monetary condition.
Senator Fairbanks was interviewed this
evening at his residence. At first he de-
clined to say anything, he had only
given the report hurried perusal. On re-
hection, however, he remarked: 81 have
not been able to examine the report of the
commission with that care which its i'm
portance demands. 1t is a valuable contri-
button to the currency question. and have
no doubt will aid materially in a solution
of the problem before The authors of
the report are men of such eminent ability
that their work will command careful and
most respectful consideration. The nom
partisan character of the commission in
creases confidence in the work accom-
plshed."
Representative Henry U. Johnson, of In
DIANA a member of the House committee
on banking and currency and one of the
best students of financial problems in Con-
gress, said: 1.-THE report of the indianapolis
monetary commission is plain and concise
statement of the evils of the present sys-
tenn. 1t is a document that will commend
itself to a man of average intelligence as
well as to those who have given deeper
study to the subject The suggestion that
the gold standard shall be maintained and
that there shall be a congressional enact
ment SO declaring, is. to my mind, the most
laudable part of the whole plan. A declara-
tion of that kind would inspire new conf
dence in our financial integrity and ability
and give us the highest possible credit at
home and abroad. This single achievement
would make the banking and currency pro-
vision matter of very easy solution. The
day has come for patriotic citizens to quit
temporizing as to the standard of values.
Neither national nor international bimetal-
lism is practicable or desirable, and we
mightfas well align ourselves with the law
of evolution and accept the gold standard
and defend it first and last. There is no
Disgusting the fact that the battle of the
standards is to be fought over again at
the biennial elections and the next presi-
Dental election. The honest-money people
should burn the bridges beyond them and
prepare for this contest
rs the plan likely to be more acceptable
to Congress than Mr.. Gage's?"
THE objects aimed at in the two plans
are the same, and the provisions are in
some respects identical. but 1 think the
plete and more likely to obtain the results
desired. 1t provides for the retirement of
the demand obligations of the government
at the minimum of cost, and so gradually
and safely as to avoid both the contrac-
ton of currency and the shifting of the
! commercial interests of the country. 1t rec
ognizes the fact that the true system of
bank-note issue is to permit, tc largely ex-
tend at least, the issue of notes on assets,
instead of bond security From the very
nature of things there never can be eIas-
ticity in our currency under a bond secur-
ity which is entirely too rigid and costly
10 admit of this. One of the most COM
mendable features of the Indianapolis plan
is the restriction of our paper, our curren-
cy to banks under national control This
secures not only safety but uniformity.
There is not the slightest question but that
with proper supervision of banks issuing
notes on assets, together with other safe
guards, including what is known as the
guaranty fund provided for in both the In
dianapols plan and Secretary Cages bill,
we can have a bank note just as safe as
those now secured by the government and
one which will possess, besides. the quail
ity of expanding and contracting with the
needs of trade and commerce"
Scan bill embodying this plan pass Con-
gress?"
:If the administration will, in good faith,
show its powerful and legitimate influence
in favor of such a bill and the Republic
ans who are in the habit of shaping legfs-
lation will do the same thing. there is no
doubt about IL. While expect the bitter
opposition In the Senate OF certain Populist
and free-silver men, there is such a quick
ening Of the public conscience now percep-
tible that I believe it possible to get ssch
a bill even through the Senate. Particular
ly in the South Is the sentiment for bank
ing and currency reform growing, and be-
lieve that section Is prepared to surrender