The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1898-08-11
LET IT GO AT THAT

The New York Evening Post Is de-
lighed with recent tokens that the In
dianapolis monetary movement survives
the clash of arms, and that 1t promises
soon again to be in the saddle. But
in treating of its mission and accom-
plishments to date 1t makes some re-
markable admissions. After stating the
self-evident proposition that "the sub
ject it had to deal with was a diff
cult one to understand" it says at was
necessary, in great part, to educate its
own members" 1t declares that but
few, if any, of those engaged in the work
have failed to gain instruction in finan-
it to Others" And it further remarks
with a disingenuousness altogether
charming. that some Of those who are
now most admirable and efficient in car
rying on the work lowe their whole
training as economists to the education
they have here received"
We fancy that Mr.. H. H. Hanna, who
is sponsor for the Indianapolis conven-
ton and It's work. will stand aghast when
he reads this characterization Of the
thing in so orthodox a single standard
organ as the Post A kindergarten, for
sooth-or a summer school at best
drinking financial wisdom at the Indian
apolis pool, and then setting out upon
the mission of converting the country
to theories and tenets that were confess
eddy new to most Of the members when,
in response to the call Of the bankers,
they packed their grips and went down
to Indiana's capital
Did anybody ever hear of anything
more grotesquely absurd than that?
1t will be remembered that this school
of amateur financial doctors evolved an
elaborate scheme of fiscal reform, con-
densed it into bill for an act, and had
it introduced into the house, with IA
vorable recommendation from the COM
mitee on banking and currency-when
the war broke out and dashed the de-
signs of the administration leaders to
rush 1t through under spur Of the party
whip.
They capituated, but didn't surrender,
and are now again actively at work upon
the scheme of taking the government out
of the banking business, and vesting the
sole power to issue and control the cur
rency of the country in the hands of the
national banks. The currency question
Is simple enough, and a primer would
be sufficient to make clear everything
] about it that may to the dullest intel
lect appear reconcile. But these finan-
cial tinkers have just issued a book, of
six hundred octave pages, to elucidate
the composite theory of the Indianapo-
lis convention-which, reduced to orig
inal elements, is that the government
doesn't know anything about money,
and can't be trusted to control the cir
culation, but that the national bank
ers are the embodiment of all fiscal wis
dom extant, and to them should be dele
gated the power to create, diffuse and
contract the money of the country at
will
| skeptic as to both sides of this pro-
position, we ask for no other charac-
terization of the Indianapolis convention
than has been volunteered by the New
York Evening Post, the high chief
apostle of currency reform-that 1t was
| composed in the main Of men who were
ignorant of the primary and funda-
mental truths underlying the science;
that it was necessary to educate them;
| that few, If any, of those engaged in
the work but have gained instruction in
financial science in their endeavor to
impart it to others and that some Of
them lowe their whole training as econo-
mists to the education they have re-
ceived."
Let itrgo at that.