Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-11
HOPE OTABANDONED
M,KINLEY STILL FOR INTERNATION-
AL BIMETALLISM.
FURTHER EFFORTS TO BE MADE
NEGOTIATIONS ONLY TEMPORARILY
SUSPENDED.
In the Meantime the President Ii De-
sirous of Prompt Action by Con-
gress to Correct the Evils
of the Existing
System.

Washington. Jan. Ex-senator Chandler
had a conference with President Mckinley
to-day upon the subject of bimetallism.
and he said, after the close of the inter-
view:
THE president stands firmly in favor OF
International bimetallism, as proposed by
the st. Louis platform. He considers the
negotiations with the European powers
only temporarily suspended on account OF
the peculiar condition of affairs in India.
and it is the presidents intention to send
His ENJOYS to Europe again as soon as the
conditions are favorable for continuing ne
gotiations."
Senator Chandler added the opinion that
the president is as earnestly in favor of
bimetallism-the use of both metals as
tandard money-as the senator himself.
Il am deeply interested in the progress
Of monetary reform, and DESTROYS of
prompt action by congress-"
This was the declaration of President Nc
Kinley to Mr.. Henry W. Peabody, of Bos-
ton, who has been spending several days
here for the promotion of currency re-
form. Mr.. Peabody is one Of the dele
gates of the Boston chamber of commerce
TO the convention of business men which
meets in Indianapolis this month to con-
slider the report of the monetary commits
sion. He has been a careful student and
frequent writer IN financial topics and
came to Washington for the purpose Of
presenting to the Republican leaders and
the Massachusetts members of congress
the desires of the business men Of New
England in regard to the reform of the
currency. Mr.. Peabody has had full talks
with the president, Secretary Gage. Speak
er Reed. Senators Hoar and Lodge, Gov
ernor Dingley. Representatives Walker.
Moody and lowering, of Massachusetts, and
Brosius, Hill. Fowler. Capron and Mitchell,
Of the banking and currency committee.
Most of these conversations were conf
Dental, but the entire ground of the re-
port of the monetary commission and the
probability of securing favorable action in
both houses of congress were carefully cam
vassed. Mr.. Peabody said to-day to The
Journal correspondent:
II am greatly pleased by the attitude of
the administration upon this important
subject of putting the currency upon a
stable basis. The president is heartily in
favor of action and will exert his influ-
ence, SO far as is proper. for the purpose
of securing the success of a currency re-
form measure at the proper time.
Secretary Gage is in accord with the
president and the measures which he has
submitted in u bill to the committee on
banking include the recommendations of
the president, and both are covered in the
comprehensive report of the monetary
commission. This report presents a rally
ing point for all sound money influence
to concentrate public opinion in one di-
rection.
mo measure can reach congress without
approval of the committee on banking and
currency. and responsibility will be first
upon them"
S far as our observation extends, how
do public men regard the commissions re-
porte" Mr.. Peabody was asked.
The report has been termed by many
Of these gentlemen the most complete treat
Use ever written upon our currency problem,
THE report has created a strong and
favorable impression. I learned at the
headquarters of the commission that many
members Of congress who had hesitated
to commit themselves before the appear
ance of the report, have cordially CONF
forward and given it their support since
it appeared. The report handles the SUBJ
ject SO skillfully. and in a manner to give
so little offense to different elements, that
I think it will obtain support for the plan
Of the commission which would not have
been given for a plan of a partisan char
acter.
There is one feature Of the recommends
ton Of the commission WHICH follows the
line of what l nave repeatedly discussed in
conversation and in letters to the press.
This is in regard to the redemption Of the
silver dollars and silver certificates. The
~changeable for gold, thereby putting both
forms of metallic currency upon an equal
plane. but they avoid making the silver
certificates a serious charge upon the GOLD
reserve because they do not require tina,
they shall be redeemed in gold. A man who
has a silver certificate and desires gold
can obtain It by first presenting his Ger.
resents and then presenting the silver dol
lar for gold. But there is considerable
difference between this process and the
direct redemption OF silver certificates ir
gold. The gold exporting houses would not
care to present silver certificates for re.
thirty tons of silver dollars. in order tc
obtain a million dollars in gold. which is
the size of an ordinary export order. This
Is only one of many features which 1 think
commends their plan to the careful consid'
Grafton of congress and the people. 1 be-
will be such that a majority will be found
In the senate at the proper time and tina
the display of courage and confidence by
the friends of currency reform will result
in a very substantial triumph at the pres.
ent session of congress-