Evening star., 1898-02-18
CURRENCY REFORM
An Interesting Talk With Represent.
ative Updsgraf.
DUTY OF rHE. REPUBLICAN, PARTY
He Thinks a Currency Measure
Could Garry in'eohgress.
BATTLE UNAVOIDABLE

Representative Updcgran Of Iowa who
has several times carried close district
by a distinct fight for the single gold
standard, talks in an encouraging manner
regarding the possibility Of currency re-
form legislation by the present Congress-
Mr. Updegran is not member of the COM
| mittee on banking and currency, but he has
given much study to the money question,
and is firmly convinced that the treasury
should be protected from the operations
of the present money system, and that the
south and west should be afforded the
benefits of more elastic currency. He
believes the republican party will strength.
en- itself with the people by passing cur
rency reform bill through the House at
the present session and making a sincere
effort to pass it through the Senate. He
said today:
'1t seems to me of paramount import
ance that our party should act upon this
question. The currency and silver ques-
ticns will not cease to agitate the coun-
try until we, have a more scientific cur
rency system than at present. It will be
no easy task. moreover. to unite the same
elements which elected Mckinley in 1886
for another battle for sound money unless
we meet the reasonable desires of the
business community for currency reform.
That reform should consist in supplying
y,
duce interest rates and increase the means
of extending credit in the south and west,
and will provide in some way for protect
ing the treasury against gold raids and
the issue of long-term bonds. If the green
backs cannot be retired, the obligation of
their current redemption should be thrown
upon the national banks, in some such man.
ner as Is proposed by Chairman Walker
OF the banking committee.
Measure Could he Passed.
can be passed through the House?" was
asked.
II do not see the shadow of a reason
why not" replied Mr.. Updegraff, 'if the
republican party is sincere in it's pledges
basis. We have about fifty majority in the
House and without any democratic help
ought to be able to pass an intelligent
measure of currency reform. Some of my
friends think it would not be desirable,
from political point of view, to realiirm
the existence of the gold standard, al
though l would gladly aNote for such q
declaration. The essential things are those
which l have already ioutlfhed-the pro-
vision of more flexible currency and the
protection of the treaslEy.t / am aware
that there is some sentimental feeling
among republicans in favor of the reten-
ton of the greenbacks, but even If this
should be done a measure can be framed
which will not only involve no increase
of the lnterest-bearing debt, but will guard
the treasury against the necessity of buy
ing gold py bond issues" when it is de-
manded for export. The burden of main
tanning the gold standard and providing
sufficient currency ought to be thrown upon
the banks. I think such d measure would
pass the House with the loss of very few
republican votes" ~
but is there any chance of securing
favorable action in the Senate?"
Chances in the Senate.
"There, of course" was the reply, 9TH,
contest would be a hard one. 1t seems to
me, however, that II the republican lead
ers would take hold of the fight with the
same zest they threw into the fight for the
tariff bill, they would either win or com,
SO near doing it that every currency re-
former in the country would appreciate
their sincerity anu their devotion to honest
money. / have never been able myself. to
understand why there should be such .
tone OF encouragement about Tie Senate If
there is any honest disposition to secure
results thele. The republicans have forty
three senators and the gold democrats
who opposed Bryan have three. This
makes majority of three votes in the
Senate. The republican vote includes two
senators from Wyoming, one from Colo
RADIO, one from Idaho. one from Montana
and one from New Hampshire. who are
more or less friendly to bimetailism. If all
six of these should vote against currency
reform, 1t would leave us in a minority OF
nine votes. These six republicans, how
ever, are not likely to cut loose from the
party upon a distinct party Issue. sena-
tors Warren and Clark Of Wyoming, who
are among them, are already being SUBJ
jected to criticism at home because they
did not stand With their party on every roll
call on the Teller resolution. A copy Of
the Cheyenne Tribune. published just af-
ter the vote on the Teller resolution, which
l have received. declares that Republicans
in Cheyenne yesterday were asking their
neighbors the omnipresent question.
Where are we at?" We are not quite
prepared to offer an explanation, but Of
one thing we are absolutely certain. and
that is the republicans of Wyoming will
decline to follow our senatorial delegation
over to Teller and Tellerism.
Should Stand by Their Party.
Il understand that this is only sample
of the utterances Of the other republican
papers in Wyoming. aud that the over
whelming majority Of republican senti-
ment there is that republican, senator's
should stand by their party. I have no
doubt that the two Wyoming senators
voted for the Teller resolution for reasons
good and sufficient to themselves, but If
they follow the wishes of their constituents
they will vote for a currency reform meas
ure when 1t reaches the Senate l think
the same thing is true of the senators
from Idaho, Mo1tana and New Hampshire.
observe that Senator Chandler Is recsty-
ing goOd deal OF criticism for his votes
on the Teller resolution. Senator Hans
brough of North Dakota, on the other
hand, who voted on the sound money side,
seems to be receiving little but praise for
his action. 1t is very probabie tnat Sena-
tor Wolcott might decline to vote for cur
rency REFORM but do not sea why every
| other republican senator, should not do SO.
and think 1t highly probable that some
OF the gold democrats who Supported Bryan
would either vote for carrency reform or
neglect to vote against It's The whole ques-
tfon turns upon the wishes Of the people,
and think, the large and Intelligent eIe
ment which demand currency reform will
make their opinions felt upon the Senate
after the House has taken action. To my
mind it is infinitely preferable to seek the
support OF this element than a few popu-
lists or greenbackers who may be placated
by our refusal to remedy existing evils.
There ought to be no 9f6abie about the
Senate II the republican majority In the
House does Its duty, and in my opinion
courageous action on the stibject affords
the best hope for defeating Organism III
1890. The battle Of the standards Is una
voidable. While 1t contlnY5s 1t disturbs
business and thus retards the return of
pre- sperity. The sooner II Is brought to an
issue the better. II welomust have OUT
Bull Run let it come in 1888. and we shall