The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-11
CURRENCY REFORM.
Expectation that the Banking Conn
Infttee VIII Take a Vote To-Day.
Special to the indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, April 1O.--A vote upon
the measure of currency reform recently
prepared by a subcommittee of the Repub
licars of the House committee on banking
viii probably be taken by the committee on
Monday The subcommittee Messrs Nc
Cleary. of Minnesota, Prince, of Illinois, and
Mitchell, of New York, have given much
careful study to the reconciliation of diff
ferences among the Republican members.
and are hopeful that nearly all their party
associates and majority of the full COM
mittee may vote to report their measure.
Entire agreement among the members of the
committee has been difficult, because of the
careful study and well formulated views on
banking of nearly every individual member.
Chairman Walker has had a bill which has
the approval of many of those who have
carefully examined it; Mr.. Fowler, of New
Jersey, also has a comprehensive and vaua-
bic measure; and bills of merit were intro
duced by Messrs. Brosius, Hill and Mitchell.
Something has been taken from nearly all
of these measures in framing the subcom-
mittee bill, but without disturbing the
unity OF the measure in its provisions for
relieving the treasury of current redemption
of the greenbacks, and giving the banks an
opportunity for more elastic circulation
based upon their commercial assets Bank
ing upon commercial assets without pledged
security in the hands of the government is a
proposition which at first encountered OPP
position but which has rapidly made head
way among members who have carefully
studied the banking experiences OF Scot
land, Canada, Sweden and the other great
continental countries.
Chairman Walker has taken a manly and
intelligent attitude, now that the fight has
come 10 head. in spite of his natural at
tachment to his own measure upon which
he has spent so much thought and study.
lie holds that reporting any comprehensive
currency reform by affording the opportun-
ity for discussion. If there are defects in
the subcommittee bill they will be disclosed
by the debate on the floor or among MEM
measure becomes law, 1t is not now the pur-
pose of the promoters of currency reform
to do more than pass bill through the
EauSe at the present session. This will
leave the entire summer Tor scrutiny OF the
measure before 1t is taken up in the Senate
next winter. Friends of the bill prepared
by the Monetary Commission, which result
ed from the great convention of business
men at indianapolis, agree with Mr.. Walker
that discussion Will result in the crystalliza-
ton of public opinion and in education upon
the Dement'S of an elastic banking currency.
The fact that the business community are
keenly alive to the necessity of currency
reform has been indicated by the thousands
of letters which have reached members of
Congress and the executive committee of
the indianapolis movement. 1t is felt. how
ever, that the attention of the voting
masses will be still further attracted by the
and its open discussion. Definite action by
the House committee. moreover, will be evil
oence of the sincerity of the Republican
majority in dealing with the subject and
friends of currency reform in the business
community.