New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-10
CURRENCY REFORM OUTLOOK
THE ATTITUDE OF THE ADMINIsTRA-
TON
WHAT THE PRESIDENT SAID TO HENRY W. PEA
BODY OF BOsToN-PRAIsE FOR THE REPORT
OF THE MONETARY COMMISSION.

OF THE MONETARY COMMISSION.
GBY TELEGRAPH TO THE rRrBuSEI
Washington. Jan. 0-"I am deeply Interested
in the progress Of monetary reform and desir-
GUS Of prompt action by Congress" said Presi-
dent Mckinley the other day to Henry W. Pea
body. Of Boston. who had been spending several
days here for the promotion OF currency reform
Mr.. Peabody is one OF the delegates Of the
Boston Chamber OF Commerce to the convention
Of business men, which meets in Indianapolis
this month to consider the report Of the None
tary Commission. He has been a careful student
Of and frequent writer on financial topics and
came to Washington for the purpose OF present.
ing to the Republican leaders and the Massa-
chusetts members OF Congress the desires OF the
business men Of New-England in regard to the
reform Of currency. Mr. Peabody said to-day:
Il am greatly pleased by the attitude OF the
Administration on this important subject OF at
ting the currency on a stable basis. The Presi-
dent is heartily In favor OF action. and Will ex-
ert his influence so far as is proper for the pur-
pose OF securing the success Of a currency re-
form measure at the proper time. Secretary
Gage is in accord with the President, ana the
measures which he has submitted In a bill 10 the
Committee Banking include the recomneh-
dations of the President. and both are covered
in the comprehensive report OF the Monetary
Commission This report presents a rallying
point for all sound money influence to concen-
trate public opinion In one direction. NO meas
are can reach Congress without approval or the
Committee Banking and Currency ana the
responsibility will be first upon them.
80 far as your observation extends now 40
public men regard the Commission report
Mr.. Peabody asked
The report has been termed by many OF these
.,ia ce
Ten on our currency problem. and its recon-
naendations are regarded very wise Ihe re-
mort has created strong and favorable I'M
preston I learned at the headquarters OF the
Commission that many members of Congress
who had hesitated 10 commit themselves before
the appearance Of the report have coruidHy
come forward and given It their support sihce
II appeared. The report handles the supJect ~
skilfully, and in manner TO give so n't.e ~. On "a,
fence to different elements, that tnink IL VIII
obtain support for the plan OF the Conlfniss'oiI
which would not have been given Tor pan OIL
a partisan character ~
There is one feature Of the recommendations
Of the Commission which follows the line of
what ! have repeatedly discussed IN cohVersa-
tiOn and in letters to the press. Ihls Is III re-
gard to the redemption Of the silver dollars and
silver certificates. The Commission make me
silver dollar and silver exchangeaole TOT soiu'
thereby putting both forms or meta @meialnc GuIie.SS ~,
upon an equal plane. but they AVOID MAKING tns
silver certificates a serious charge upon the goid
reserve because they do not require that they
shall be redeemed in gold. man VINO mas A
silver certificate and desires gold can Obtain II
hI first presenting his certificate for the silver
dollar which ii represents, and then presenting
the silver dollar for gold. But there Is consid-
era bic difference between this process and the
direct redenption Of silver certificates In gold.
The gold exporting houses would not care 10
nrAsent silver certificates for redemption IN Sill
ver coin and receive nearly thirty tons or SILVER
dollars in order 70 obtain SlWD.Ooo In goid'
which IS the size Of ordinary export order.
This Is only OF many features Whicn !
think the Commission have handled with great
ability and which / think commends their plan
10 the careful consideration Of Congress ana the
people I believe that the popular demand TOT
in the Senate al the proper time, and that the
display Of courage and confidence by the friends
OF currency reform will result in very SUP