Evening star., 1899-06-07
CURRENCY LEGISLATION
The Probabilities of Action at the Next
Session Of Congress-
Many Changes Likely in the House
Banking and Currency
Committee.


at the next session of Congress have been
comforting with officials at the Treasury
Department with the object In view of
ascertaining all facts bearing upon the
questions to come up for settlement, and
also upon the proposed bill to be intro
duced.
Mr.. Roberts, the director Of the mint is
a recognized authority at the treasury
many matters connected with the currency
Some time ago his opinion on various ques-
tions was asked by Representative Hender-
son. In long letter Mr.. Roberts gave his
views His letter submitted to the
republican caucus committee, which met at
Atlantic City.
Banking and Currency Committee.
While the election of Mr.. Henderson as
Speaker will not occasion many radical
changes in House committees, it is pre-
dicted on good authority that none of these
will be radical as in the committee on
banking and currency. 1t is said that this
committee will probably be completely re-
organized not more than one or two of the
present members remaining, if that many.
In the next House this committee will be
one of great Importance. The retirement
of Mr.. Walker of Massachusetts makes
necessary the selection of new chair
man. At the time the republican caucus
committee was selected for the considera-
ton of currency bill it was decided to
have no man on it who had been on the
banking and currency committee of the
House. The object of this was to get men
who were not already prejudiced in favor
of some particular scheme, for nearly
every man that committee had long
been known as the advocate of bill of his
own. There was the Walker bill, the Fow-
Ter bill, the McCleary bill, the Hill bill, the
Hill-Fowler bill, and 50 on. Representative
Southsate, who seldom attended the meet
ings of the committee modestly refrained
from introducing a bill for the compre-
hensive treatment of banking and currency.
1t is suggested that since the mem
bers of the old banking and currency COM
mittce We're not participants in the At
lantic City conference, it might be well to
make up the next committee from those
who were at Atlantic City, and VINO are
agreed upon certain line of procedure.
This would at least secure cooperation be-
tween the committee and House, and pre-
vent host of different bills and meas
ures from dividing attention.
The caucus committee consisted of Rep
re tsentatiVeS Henderson of Iowa; DalZell,
Pennsylvania; Payne. New York; Lowering,
Massachusetts; Overstreet, Indiana; Loud,
California; Hawley, Texas; Babcock, Wis
consin; Kerr Iowa, and Curtis, Kansas.
AS Payne and Dalzell members Of the
ways and means committee, and 1t is not
usual to give important chairmanships IN
addition to a place on the ways'and means
committee it is entirely possible that
neither of these will be selected for the
chairmanship Both Mr. Overstreet and
Mr.. Lowering have been suggested for the
craftsmanship. 1t is said to be unlikely
that Mr.. Henderson will promote to the
Craftsmanship any of the men who were on
the committee in the last House.
Nearly Full Understandings.
Leading republicans say that there is al
most a full understanding as to what cur
rency legislation shall go through the next
Congress. The Senate committee will meet
in a few days to confer as to the agree
ments reached by the republican caucus at
Atlantic City. Unless present plans mis-
carry the legislation to be enacted will put
the country a little more securely upon the
gold basis, 50 that 1t would be out of the
power of the chief executive, without direct
legislation from Congress, TO change the
standard of values. This would put a
stumbling block in front of w. ]. Bryan in
case he should be elected President, and tie
his hands as to currency during a four
year term of office.
few changes will also be made in the
national banking laws These have long
been recommended to prevent the further
contraction OF national bank circulation.
Whatever else is done will likely be wholly
subjected to the foregoing plan
Will Establish the Gold Standard.
Several senators who will participate in
the conference about currency have talked
with the President to the purposes in
view. The President has shown deep in
terest in the suggestions which have bean
made, and stands with those who have the
matter in hand.
One senator who has talked with the
President said today that there was no
doubt that thu coming session of Congress
would establish the gold standard by act of
Congress.
I'VE have the gold standard now, but
Secretary of the Treasury could oVerturn
the whole financial system If disposed.
What we want is to intrench the gold
standard by law, thus setting aside all
doubts and fears"
The senator was asked If this would not
lead to such feeling OF security as to
make the gold standard advocates indiffer-
ent IN the next presidential elsction.
Il do not think so,' he said. II believe
that such action will securely draw to us
every gold standard advocate in the United
States. 1t will at the same time make the
silver men so extreme in their views and
actions that the country will under cir
cumstances put them in Office"
Ihe senator said that it was probable
that a law would be passed allowing the
establishment of small national banks and
consequent increase in the circulating
medium.
me meeting of the Senate finance COM
hlttee VIII be held in New York Friday
and It's work will be looked to with great
interest by members of the party through
out the country.