The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-04

the idea Of state banks Of issue and accept
national control If they only get banks au-
thorized to issue notes secua ed, at least in
part, on assets The people Of the South
and West do not care so much for free sill
yer they do for sufficient money to trans
act their business with, and If, through a
well-conceived system of banking and cur
rency, they could be offered the prospect
of elastic currency, at reasonable rates OF
interest and sufficient in volume to answer
their needs, the death knel OF free silver
with all its dangerous tendencies and con-
sequences, would be sounded"
Secretary Case said to-day concerning
the commissions plan: Il have read the re-
port with great interest and much profit
Avoiding abstract terms, it proceeds in
plain comprehensive language to point out
the sources of our present financial weak
ness. and the remedies proposed are so
clearly set forth that all may understand.
The reform measures recommended I re-
gard as well adapted to cure the Ills from
which we suffer and which threaten our
future. 1 sincerely hope it will bear fruit in
legislative action"
Chairman Walker of the banking and
currency committee of the House, called a
meeting of his committee for Wednesday
to make arrangements for the hearing to
be accorded the members of the monetary
commission Jan. u. Among those who will
be heard are ex-senator Edmunds, presi-
dent of the late commission; Judge r. S.
Taylor of Fort Wayne, chairman of the
subcommittee on demand obligations;
Charles S. Fairchild, ex-secretary of the
nd Ol,o of fba cf1h r
tee on national banks, and ]. w. Fries, of
North Carolina, who took an active part in
the work of the commission.
Mr.. Walker is very sanguine that the
committee will report bill embodying the
features of the old Suffolk system to the
House. 'We will report BILL" said he
to-day. (which will meet, not tentatively,
but finally, the objections to the present ma
tional-banking act. The bill will not dis
turb the greenbacks, the silver coinage nor
the gold coinage. but it will absolutely re-
lieve the treasury of the redemption of any
form of paper or coin certificates. 1t will
make the provision that all other progress
i've countries except ours make and keep
all forms of money at par. Guarantees
will be furnished for all paper money, pre-
cisely as it is now furnished by the bond
security held by the government. 1t VIII
be the old sound state banking system
nationalized-the Suffolk system, as it is
called"
Mr. Walker said he had not examined
the bill of the monetary commission, but
said he considered the efforts of Secretary
Gage and the monetary commission OF the
very first Importance in conJunctlOn WIN
the bills drawn by himself, Mr.. Fowler and
other members of the committee, and ex-
pressed the opinion that these efforts would
materially aid in the solution of the PROB
lem. He expects the committee to report
bill by Feb 1.
Mr. Cox, of Tennessee, the leading minor
ity member of the banking and currency
committee. does not believe that the COM
mittee will ever unite on a bill, but ne
thinks it entirely probable that they Will
agree to report bill to the House for dis
cussion. as the committee did in the case
of the Carlisle bill in the last Congress.