The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
Henry U. johnson Induces Republic
an Members to Define Their Views
ON Financial Reform.
SILVERITES IN A DILEMMA
MUST UNMAsK THEMSELVES IN THE
SENATE THIS AFTERNOON.
Two Propositions on which They
Legislation for the Territories.
Special to the Indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, Jan. 26.-The Republican
members of the House committee on bank
ing and currency know where. each other
stand on the financial question, thanks to
Mr.. Johnson, of Indiana, and consideration
of a reform measure will be comparatively
easy work. When the full committee met
to-day Mr.. Johnson, who is regarded as
favorable to the monetary commission BILL
secured the adoption of a resolution for a
statement from each member as to his posi-
tion on the general question of a revision
Of the currency. Mr.. Brosius, of Pennsyl-
vania, was the first one called on and he
stated he was not ready to define his views
on so broad a proposition. AS the inquiry
promised to lead to some differences Mr..
Johnson withdrew the motion, with a view
to having the Republican members canvass
the subject among themselves later. In be-
half of the minority Mr.. Cox, of Tennessee,
moved that the official proceedings embrace
the application for q hearing of President
Warner of the Bimetallic Union, and Chair
man Towne, of the silver Republican COM
mittee, and the refusal of the committee
to hear them. The motion was defeated by
a party vote with the exception of Chair
man Walker, who voted with the minority
Wednesday.
The Republican members later held
meeting at which the procedure III the
drafting of the currency legislation was
mapped out. They decided to meet on Mon
day. Wednesday and Friday of each sue
ceeding week until their work is completed.
Chairman Walker, OF Massachusetts, and
Messrs. Hill, of Connecticut, and Fowler, of
New Jersey, were appointed a committee to
prepare and present to the Republican mem
bers Friday an order of examination and
discussion of the various principles involved
in the legislation. Each principle is to be
voted on. All the Republicans, except
Southwick, of New York, who has. not par
ticipated in the proceedings were present.
resolution offered by Mr.. Johnson, of
Indiana, assigning each one present five
minutes in which to declare his attitude,
whether he thought there was a necessity
for banking legislation, and, if so. what es-
sentiaI principles he favored for incorpora-
ton in the currency measure to be finally
framed, was passed and the roll then called.
Mr.. Walker favored revision of the system
which would take the currency business
from the government and furnish at once a
banking on assets. He would not approve
any plan materially differing from this, and
in this policy would not necessarily cling
to his bill. MIR. Brosius, of Pennsylvania,
was opposed to retiring the greenbacks and
to banking assets in any degree. Mr.
Johnson, of Indiana, urged the gold stand
ard, retirement of the greenbaeks, eliminat-
ing the currency business from the treasury
and issuing new circulation through ma
ttonal banks to take its place and avoid
contraction, the new circulation to be under
national control. Mr.. Van voorhis of Ohio
tell
Messrs. McCleary OF Minnesota, Fowler of
New Jersey and Mitchell of New York had
views along the lines OF Mr.. Johnson's pol
icy. Mr.. spalding. of Michigan, opposed
declaration for the gold standard in So many
words, and was not certain that he was will
ing to have the greenbacks retired or to
have credit currency. MIR. Hill. of Connecti-
cut favored the monetary commission bill,
and practically agreed with Mr.. Johnson
Mr.. Prince, of Illinois, opposed the specific
declaration for the gold standard and
thought the retirement of greenbacks should
be carefully dealt with and favored bar king
on assets. Mr.. Capron, OF Rhode Island.
approved allowing banks to extend circula-
ton 10 the par value of their bonds, the in
corporation of banks with small capital and
diminished tax on circulation. This, he
believed, would pave the way for a more ex-
S~-i9ANo NuAA SHCS lSSlsldltOu III the
Among the amendments to the Teller res
olution is one offered by Senator Nelson, of
Minnesota, that win give the silver sena-
tors trouble. 1t declares that 1t is the duty
of the government of the United States, I'M
der existing laws, TO maintain the parity in
value of its gold and silver money so that
the dollar of one metal shall for all none
tary purposes be equal in value to the dol
lar of the other metal" 1t is difficult to
see how the silver men can vote this
amendment down and then pretend longer
that they are bimetallists. It would be inn
possible TO maintain even a pretense of BIZ
metallism If the dollars of the two metals
were not kept at parity in value. The in
slant the two metal dollars should part
company I'm value, both being equally capa-
Bile of paying debts, the cheaper or less
valuable of the two would inevitably drive
the other out of circulation. This is one of
the simplest and best established laws of
II eney. 1t is as certain and sure and inva-
riable in its operation as the law of gravi-
tation or any other law of nature If the
silver men are honest, therefore, in the
claim that they are bimetalists they will
accept this amendment. If they do accept
it they viii have gained nothing, because
with silver maintained at a parity of value
with gold by the government its aends
might just as well be paid in gold as in sill
yer. and no creditor of the government
would suffer. These are the two horns of
the dilemma which now presents itself to
the silver members of the Senate. 1t mat
tiers little which one they seize The one
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