The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-25
MONETARY EXECUTIVE COMMITTEE
IS DISTRIBUTING LITERATURE.
Chairman Hanna, in n Circular Let
plains the Attitude of Congress-.

majority in both branches of Congress. The
only bar to conservative financial legisia-
ton at the last session was the small adj
verse majority in the United States Senate
and there is every reason to hope that this
will be wiped out at the coming election,
and the heavy sound-money majority in the
House retained. There has never been any
doubt in the mind of the chairman of the
intention of the leaders and rank and file
of the dominant party to redeem its pledges
for sound system of currency as soon as
a majority in both branches of Congress
makes such legislation possible. Mr.. Han
ma is mailing to the business men of the
country circular letter, in which he re-
views the work done and the situation in
Congress. In the letter he says:
The Congress having adjourned, 1t is now
proper that report be made OF the results
aoo0Psaed 70 this time by the exee t I've
work delegated to it by the last convention.
The present status of the undertaking to
couraging beyond what was expected. In
truth, the remarkably prompt appreciation
of the value of organized effort and the
realization that the opportunity is at hand
has resulted in very gratifying progress.
There has been much publication of the pro-
ceedings in the banking and currency com
mittee of the House, and much that has
been unjust in criticism. The banking and
currency committee is composed of some
scientious endeavor to perform their duty
all Of which effort has been made under
most difficult and delicate circumstances
The subject, as we all so well know, is one
upon the details of which few people can
agree. Any one acquainted with the per-
sonal sacrifice and great concession made
by the several members of this committee
in order that wise, comprehensive and ac-
ceptable bill might be agreed upon will
readily accord to these gentlemen the most
liberal praise for their generosity, wisdom
and patriotism.
BILL is GENERALLY APPROVED.
at would not be profitable or wise to en-
ter into all the detail Of the various methods
considered for dealing with the few great
principles of necessary reform. 1t is enough
to say that the result obtained in agreement
On the part Of the majority Of this commit
tee was only accomplished after very thor
ough and exhaustive labor. The bill as
finally agreed upon and reported to the
House has been very generally approved
by almost every one supporting the effort to
accomplish monetary legislation. The bill
includes all of the vital elements recon-
mended by the monetary. commission, but
the detail of method differs, in some re-
slects, radically. On the whole, the bill re-
ported by the committee is greater step
in the right direction than the business men
Of the country had reason 10 expect would
be secured at this early stage In the prog
ress of the work. The passage of this bill
will be the beginning Of law for the best
sible and probable that there may be OBJ
jections to the details of the bill and
houses of Congress, but the encouragement
is so great that all business men, who rec
ognize the extraordinary opportunity, are
warranted in absolute unity of effort hence
forth to the final successful contamination.
No better evidence can be given Of the val
ne of cooperation on the part or the people
in appealing for legislation, or of the will
lingnesS of representatives in Congress TO
recognize the response to such expression,
tran is demonstrated by the growth of SEN
timent among cot.gressfnen in the period
from the middle of January to the time or
adjournment the Sth inst. The petition to
the committee on rules, signed by $50 mem
bers out of the 205 Republican and sound
money Democratic members of the House
was one of the most willingly signed petit
gresham seemed to sign in respone to di-
rect appeal from constituents, upon whose
Judgment and good faith he relied 1t is
scarcely probable that more than twenty
members would Rave signed such petition
six months earlier. Had the bill received
able that all, or nearly all. would, have vot-
ed favorably for legislation The signih-
canoe and value of such statement can be
we'll appreciated when the political courage
necessary for such broad and enlightened
legislation is understood. The very general
favorable sentiment among Republican con-
gressmen for liberal and courageous legis-
1ation can scarcely be overvalued. OF the
f1fty-five sound-nloney members whose
absent at the time the petition was clrcu-
lated. None are now known to be adverse to
comprehensive currency legislation, and the
greater number of them have expressed
themselves as favolble to the measure now
being urged
among the friends of this character of leg
islatiOn upon the question OF consideration
seemed desirable. and it became a question
of expediency. While approaching the force
and influence upon the next election that
would surely have followed If an affirmative
action could have been had during the ses-
So iTC oil h0
assert at this period that everything con-
sidered, the present status is probably more
favorable to ultimate legislation than would
have been the case had q number OF the
leading Republicans in the House dlsap-
proved of the action sought during the ses-
sion. To measure the present condltlon IL
is only necessary to say that there is every
reason to believe that the President and all
the leading administration Republican SEN
atorS and congressman and the $50 members
of the House who signed the petition now
stand united in support of the general prin-
ciples of the committees BILL There is
every reason to believe that Mr.. Reed will
be an earnest advocate of monetary legisla-
ton.
WILL CONTINUE THE STRUGGLE.
'"There is every reason for the members
of this organization to entertain positive
hope and to arouse the most determined
spirit and effort to continue the struggle so
unremittingly and so successfully made to
this stage of the work. 1t was well under
SLOOQ IIldL IIl0 LleAAS LII eNSsOAA - 49,
lower house during the session just closed
was for the particular purpose of making
demonstration of good faith on the part of
the Republican branch of the Congress
This it was believed would inspire new hope
and unite the business men of the country
in an effort to secure in the November cleo
ton not only the continuance of the control
by the Republican and sound-money ele-
ment of the lower house, but TO overcome
the majority in the Senate now held by the
Sat- pnT0ln md
money legislation possible. No such leglsla-
ton can be enacted until both branches OF
Congress are in control of the Republicans
and the sound-money Democrats. The gem
eraI prosperity of the country and the fact
that the Republican party is IN admlmstra-
tive success to this time In the war with
Spain leads up to the popular beileI tnat the
tinuance of the control by the friends or
sound money.
ut is not at all probable that the impor-
tant problems growing out of the war with
Spain can be dealt with in the short session
of Congress next winter. There is every
reason to believe that a special session or
Congress will be called Immediately after
recover the control OF the Senate to the
sound-money parties, there Is good reason
to believe that currency legislation will have
full and primary consideration In the spe-
cial session.
1.-THE executive committee believes thor
oughly in the attitude of President Mckln-
ley as expressed in his New York speech IN
January to the erect that the declaration
for the gold standard must be given the
vitality Of public law. Much pleasure Is
taken in reporting TO you that after very
careful canvass among the members or both