Evening star., 1899-03-28
Probable Work of the House Caucus
Committee.
TO FORMULATE A PRACTICAL MEASURE
A Complete Change Not to Be
Attempted.
PRESIDENTS SUGGESTIONS

As the day draws near for the meeting of
the House caucus committee at Atlantic
City to discuss currency questions interest
IN the subject increases. April IL is the
date fixed for the beginning of the sessions,
which will probably extend through several
weeks.
Those who are concerned in proposed
changes in the currency laws anticipate
some tangible results from the deliberations
of the caucus committee. They base their
hope largely upon the fact that party polity
is behind the movement. 1t was inaugur-
ated by the republican majority of the
House of Representatives for the purpose
of accomplishing something practical. 1t is
by no means a political subterfuge, it is
claimed. but honest intention to do
<something for the good of the party and
the country.
Why Action Has Been Delayed.
1t is understood that efforts will be made
at the next session of Congress to carry in
to effect the recommendations of the eau
Gus committee. Action hitherto upon cur
rency questions has been prevented by the
inability of the committee on banking and
currency to agree upon bill. 1t is not eX-
pected that any greater unanimity will be
found in that committee next session, in
view of the fact that more than majority
of the old committee was reelected to the
next House.
Trouble will be avoided. however. it is
said, by placing the currency bill or bills
under the jurisdiction of the committee on
ways and means. Inasmuch as the pros
pective chairman of that committee is
member of the House caucus committee, it
is assumed that the recommendations of
the caucus committee will be well intro
duced to the ways and means committee.
The probable scope of the caucus COM
mittee's work is a subject of discussion at
this time. If the wishes of the 1ndianap-
oils monetary convention are consulted the
committee Will go into the reform of the
banking laws to g considerable extent, but
the general impression is that the time will
be found inopportune to deal exhaustively
with the question. 1t is believed in we'll
Informed circles that the caucus committee
viii content itself with framing one or two
changes OF existing law of a more pressing
character
In this connection it has been suggested
that recourse may be had to a financial
recommendation Of the President conveyed
in his annual message to Congress 1t is
rot complex In character, but is regarded
by republicans as important in effect.
The Presidents Recommendation.
In his message to Congress in December,
1897, the President made the suggestion,
and repeated it last December, as follows:
That when any of the United States
notes are presented for redemption in gold
and are redeemed in gold such notes shall
De Kept and set apart and only paid out in
exchange for gold This is an obvious
outy. II the holder of the United States
note prefers gold, and gets it from the gov
elrnn?ent, 81, he should not receive back from
me government United States note with
cut paying gold in exchange for it,
Inc reason for this is made all the
ore apparent when the government issues
an interest-bearing debt to provide gold for
ire redemption of United States notes-a
ron Lon tl-lnterest-bearlng debt Surely it should
not pay them out again except on demand
and for gold. If they are put out in any
other way they may return again, to be
IGlloWed by another bond issue to redeem
deem on-interest-bearingd debt
This recommendation" said the Presi-
ueht, was made in the belief that such
provisions of law would insure to a greater
degree the safety of the present standard
and better protect our currency fror,, the
danger to which it is subjected from a dis
turbance in the general business conditions
of the country.
OF the treasury amply justifies the i-nmedi-
ale enactment of the legislation recam-
mended one year ago under which a nor
ton OF the gold holdings should be placed
IN trust fund from which greenbac.s
should be redeemed upon presentation but
when once redeemed should not thereafter
De paid out except for gold''
me President added the following sig
nificant sentence:
1T Is not to be inferred that other leeis
ldttoh reiatlng to our currency is not re-
quIreu' on the contrary, there is an obvious
demand for it,
A Practical Measure,
Under the last suggestion the caucus
committee would have a wide field of on
GRAFTON, but, stated 1t is deemed very
doubtful if the committee attempts to cover |
II at this meeting. What is desired is to |
prepare for presentation to Congress a |
practical measure of legislation 70 ful6u |
the pledges made by the republicans Of |
their intention to make some reform in the |
currency. " i