The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-16
THE REPUBLICAN PARTY AND CUR
RENCY REFORM.

1t is TO be regretted that more than half
of President McKinley's administration has
passed without any action or declaration by
Congress IN favor of the distinct recognition
and permanent establishment OF the gold
standard. 1t Is hardly necessary to recall
the fact that free silver was the paramount
issue in the campaign of 1896, and that the
Republican position on the money question
was an important factor in Republican sue
cess. Among business men and independent
voters the position of the party on the mon
ey question attracted even more votes than
its position on the tariff question, and it
was felt that the protection of American in
dustries was no more essential to the res
| toration of confidence and prosperity than
| was the firm establishment of the gold
standard. Under the circumstances the
| election of Mr.. Mckinley was tantamount
&c pledge by the Republican party to Sc
| cure both of these results. One of them has
| already been secured by the enactment of
| the Dingley tariff law, while the other re-
mains TO be accomplished. There would be
| hitter disappointment throughout the coun-
try. and ground for charging the Republican
party with bad faith. If more than half of
McKinley's administration had passed with
| out any legislation on the tariff question,
yet the party is equally bound in honor 10
| take definite action on the money question.
/ There is some excuse for the failure to do
/ so thus far in the TACT that the tariff ques-
| ton occupied almost the exclusive attention
| of Congress during the special session. while
W. p locri 81 Cd lar mar n
| regular session. The Senate also was OPP
posed to sound-money legislation. Yet there
| has been too much delay in acting. This is
| not the fault of the President, for there is
reason to believe he was as anxious for
prompt action on the money question as he
was on the tariff question. On Feb. "a, 1897,
| at the moment when the passage of the
/ Dingley tariff bill was announced, the Pres
| ident sent a message to Congress TO 'ur-
| gently recommend that a special commits
| sion be appointed. nonpartisan in its char
| acter, to be composed of well-informed cit
liens of different parties. who will command
/ the confidence of Congress and of the coun-
| try because of their special fitness for the
| work. whose duty it shall be to make rec
i concentrations of whatever changes in our
| pre- sent banking and currency laws may be
found necessary and expedient' and to re-
| port before the next ensuing session Of Con-
gress. A bill authorizing the President to
appoint such u commission was passed by
| the House and killed in the Senate. In both
| of his annual messages since that time the
| President has urged legislation on the SUBJ
ject.
The time has now come for Congress &c
| act. Any further delay will be injurious to
the public interests, to the business of the
country, and to the Republican party. AS
the party will have full control of both
| branches of the Eext Congress, it will be in
| a position to carry out its pledges on the
money question, and will be held RESPONSE
BILE if it does not. 1t is understood that a
line of action has been agreed upon by spe'
cial committees of the Senate and House
appointed by the Republican members al
the close of the last session. These commit
tees were in session during the summer
and, It is said, have agreed on a measure
containing the following provisions:
First. The declaration of the gold dollar
as the standard unit of value, in which al
obligations of the United States shall bt
payable.
Second Provision for the interchangea
tility of all forms of our money coined OF
issued by the government so as TO maintain
their parity.
Third. Greenbacks and treasury notes
once redeemed to be paid out again only IL
exchange for gold.
These provisions aim simply at establish
ing and maintaining the gold standard
They do not attempt to establish a scientific
system of currency or bank-note circula
ton, leaving that for the future, but they
commit the United States to the gold stand
ard and to maintaining it. This is the leas
that Congress should do at present, and Il
should do it promptly. The foregoing prop
| ositions are based on recommendations by
the President, and would doubtless have hi:
hearty approval. They are also acceptable
to the executive committee of the Indian
apolis monetary convention, representing
the business interests of the country. 1t L
a simple and conservative plan, and yet
measure of real progress and reform. Con
gress could not do a wiser thing than t
pass the measure during the first week o
| the session.
THE GOEBEL INFAMY.