The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-13
CURRENT DISCUSSION OF CURRENCY
REFORM.


REFORM.
The monetary commission has reason to
feel proud of the manner in which It's re-
port has been received by the country. To
begin with, it was published in full, or
fun synopsi; of it, by every newspaper in
the country of any standing, first by the
dailies and then by the weeklies, including
those which use patent insides. The
newspaper unions ard syndicates treated
it as an important piece of current news
and aided materially in its circulation. In
that way it was laid before all classes of
readers. The leading papers accompanied
the report with editorials, nearly all APP
proving its main features, and since its
publication, ten days ago, it has been a
theme of constant discussion. The Pres-
dent and the secretary of the treasury
spoke of it in high terms and the House
committee on banking and currency has
given the commission an extended hearing,
thus recognizing the report as a privileged
document of great weight. In these various
ways it has been generally recognized as
a very important contribution to current
financial literature, and there can be no
doubt that it has had an excellent educa-
tional effect. And its influence is not spent,
for, as a whole or in some of its parts,
it is still theme Of general discussion and
must continue to be as long as the question
of currency reform remains an open one
As already stated, large majority of the
leading newspapers of the country have
expressed approval of the report and plan
of reform as an entirety, and of those
which have not scarcely one but has in
dorsed its doctrines and main conclusions.
If they have differed from some features
of the proposed plan of currency reform
they have admitted the soundness of the
principles enunciated and the worthiness
of the ends sought to be accomplished.
Thus the Financier the ablest paper of its
class published in the United States, in a
carefully written editorial reprinted in the
Journal yesterday, suggests that the COM
missions plan for the redemption of bank
notes, which is an essential feature of an
elastic currency, is not as good as it might
be, and suggests what it thinks would be
an Improvement. But this is a mere matter
of detail The Financier admits that the
basic principles of the report and plan are
sound. 1.-The report, as we take it," says
the Financier, was not formed for the
specific purpose of influencing pet plans of
legislation. 1t does recommend general
outlines. but these are capable of endless
amendment, and so rich is the mine that
ha dra nm ffolt
without exhausting its resources
That is a reasonable view, and,
as the Journal understands, the cor
rect one. The commission is not welded
to its plan in every detail. 1t is more anx-
ious to have the doctrines and conclusions
enunciated in the report accepted than it
is to have its plan of currency reform
adopted. 1t is anxious to have the basic
principles of the plan accepted, but if better
machinery can be devised for carrying
them into effect than that proposed by the
commission, it will prefer that to it's own.
The commission, after thorough inquiry
and careful Investigation, offers its
plan as, in it's opinion, the best mode of
reaching certain ends. but if these ends, or
safer or better route the commission would
cheerfully accept it. 1t would be as sur
prising if the commissions plans were per-
feet as it would be if it had failed to embody
some very valuable features. The thing to
do is to retain all that is best and amend
and improve upon what is not, keeping
steadily in view the objects to be attained.
Tho end 10 mara irnnortant fba,, tha MEANS
Among those who are opposing and de-
nouncing the commissions plan is one class
who are entirely beyond the reach of rea-
son. These are the Bryanites, who do not
admit that any reform of the currency is
needed except the free and unlimited coin
age OF silver at 16 to 1. With them the
report of the commission, which all COM
petent judges agree is paper of great his
toric and economic value, amounts to no
more than so much waste paper. Without
pretending to answer it's arguments or
combat it's conclusions they attack different
features of the plan of reform as earnestly
as if they were really interested in the
establishment of sound principles of
finance, whereas they are only concerned
III PAONCHNAhS eiS tiAiAS VI tilc hluu. Lie
better the plan and the more probability of
it's accomplishing the results desired by the
friends of sound money and by intelligent
business men of all classes, the more vio-
lently 1t would be opposed by the Bryan
ties. Their opposition is one of the highest
compliments paid the commissions plan
and one of the best assurances that it is
based on sound principles.