The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-18
WILL NOT BE SHELyED
CURRENCY REFORM STILL a LIVE
ISSUE AMONG REPUBLICANS.
Members of the House Decidedly in
Favor of ActiOn-Gage's View of
subcommittee Bill.
specIaI to the IndIanapolis journal.

Special to the indianapolis Journal.
WASHINGTON, April IA strong ex-
preston in favor of action on the currency
has just been obtained as a result of
canvass of the Republican members of the
House. The question came up among the
Republican members of the banking COM
mittee whether the majority Of the party
desired any action on the subject of cur
rency, reform. One or two of the members
believed that the present currency system
did not call for radical change, and that it
might be better to attempt legislation
during the present session Of Congress. Mr..
Hill, of Connecticut, expressed a desire to
put the question to test. He took a list
of the Republican members and personally
saw as many as possible within two or
three days. 1t was during the time when
the Cuban resolutions were under discus
sion which made it easy to reach three
quarters of the Republican members, but,
on the other hand, the prevailing excite
ment had a tendency to divert the minds of
the members from the Importance of the
currency problem Some of the friends of
currency reform feared that such condl-
tons would result in a considerable adverse
vote. They We're happily disappointed. The
Republican members declared in the pro-
portion of five out OF seven that they be-
lieved some action should be taken by the
Republican majority of the House. The
first day showed an affirmative vote of more
than 100 with less than 40 in the negative
and the figures at the close of another day
were 124 in the affirmative and As in the
negative. Only twenty-seven Republicans
were unacounted for, and a full canvass
would show a proportion of about $50
against 50 in favor of action. The feeling
on the subject in the House is very differ
ent from what it was at the beginning of
the present session of Congress. The strong
sentiment for currency reform. which took
definite shape in the Indianapolis conven-
ton. which Endorsed the work of the Mon
etary Commission, has been felt in nearly
every congressional district and has cen
WINGED many members of the political wis
dom of meeting the wishes of the business
community.
The Republican members of the banking
committee are considering the subject OF re-
porting a bill in the light of the results
disclosed by Mr.. Hills canvass and may
make such report during the present
week. Some amendments have been Sug
gested to the bill presented by the subcom-
mittee, consisting of Messrs. McCleary,
Prince and Mitchell, in order to insure har-
mony among the Republican members. The
subcommittee bill does not so far the
bill of the Monetary Commission in some
respects, but many letters are reaching
members declaring that putting it upon the
calendar Of the House will be a long step
toward crystallizing public opinion and Sc
curing proper action. Secretary Gage has
addressed Il letter to Chairman Walker, of
the banking committee, in reply to of
Mr. Walkers clean-cut letters, requesting
that the secretary communicate to the COM
nittee any comment he might choose to
make on the bill in whole or in part The
secretary's opinion of the principles govern
ing the bill is distinctly favorable. He says,
after acknowledging the letter of Chairman
Walker:
1.-The bill is comprehensive one 1t seeks
to establish more firmly the credit of the
government; to furnish better assurances
that the parity between gold and silver
will be SteadfaStly maintained; to relieve
the treasury from the burden of current
redemption of it's legal-tender notes by
throwing the cost and risk of this business
upon the banks. 1t seeks to provide a
method by which the volume of currency
can be made more responsive to business
needs, and, at the same time. to throw
perfect security, If in fact the enactment
of the bill into law would surely accom-
pIish all those results it is a piece of legis-
lation for which the business and industrial
interests of our country stand IN great
need. Would 1t accomplish these results?
The question cannot be answered absolute
ly, nor could it be answered without quail
ficatiOn, were the terms of the bill changed
in any or all of it's particulars.
THE authors of the bill have recognized
the fact that any law to become effectively
operative must carry provisions which will
induce public cooperation AT the same
time they appear to have realized that such
Inducements should be only sufficiently at
tractiVe to secure needful cooperation re-
serving TO the government in the largest
possible measure advantages which may
justly be claimed as offset to privileges
conferred. Whether the effort to balance
the question has been exactly and properly
hit upon can be determined only by actual
experiment. If any mistake has been made
in this direction the mistake is ON the side
of safety to the government interests. So
far as / can judge the bill is equitable and
just, well guarded in its provisions re-
lates to the public, and ] have a high de-
confidence would
subs tantially the good results contemplated.
Some modifica tons may be necessary;
either as to the privileges for circulation
against deposit of bonds or as to percent
age allowed upon deposit of legal-tender
notes: or as to the amount to be taken
over into the issue and redemption division.
But these do not touch the principles of
the bill. They arc debatable suggestions
which will receive careful consideration IL
the bill be reported to the House, and much
light will be thrown upon them by those
outside of Congress who will be more or
less affected by it's provisions. ! certainly
hope the bill will meet the favor of the com