The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-13
FINANCIAL LEGISLATION.
An Attempt VIII BE Made to Pass MIR.
Hits Bill.

Hill bl&is
Special to the Indianapolis Journal.
WASHINGTON, Jan. 12-At this late day
in the session there seems to be a chance
that the House at least will take some posi-
tive action towards financial and currency
reform. When the banking and currency
committee directed Mr.. McClary to with
draw his bill from the House, it looked as
though the cause had been abandoned, hut
Mr.. Hin of Connecticut, who is a member
of both the committee on banking and cur
rency and the committee on coinage,
weights and measures, tried a strategic
flank movement. He introduced a bill last
week, which was referred to the latter com
nittee without attracting attention at the
time But it was more than a mere coinage
measure 1t contained also his ideas of
currency reform in general. The committee
decided to give hearings on it. The first
person heard was Secretary Gage to-day.
While he approves Mr. Hills DILL generally,
he wants it amended in certain particulars.
He will appear before the committee again
on next Monday with his amendments. The
committee will proceed for a short time
with hearings, after whcn 1t expects to
report the bill to the House and try to pass
it yet at this session. 1t is not expected it
can pass the Senate at this session. but it's
passage now by the House will blaze the
path for it's passage in that body at the
next Congress, when that body will be Re-
publican, and consequently for sound Enan-
cial measures.
Mr.. Hills bill proposes to establish the
gold standard; to make all debts payable
in conformity with that standard; to make
all government obligations payable in gold
to establish a division of issue and redemp-
tion in the treasury; to redeem and retire
after five years, one-ffth of the outstand-
ing greenbacks and treasury notes each
year. or so much thereof as may be possible
and at the end of ten years such notes as
may then be outstanding shall cease to be
legal tender, except for dues to the United
States; to stop the issuing of gold certif-
Gates by the government; to authorize ma
tional banks to issue notes up to the par
value of the bonds they deposit in the treas
ury to secure their circulation; to make the
tax upon national banks one-eghth of per
centun Upon the value of their franchise,
and to authorize the establishment of ma
tional banks with capital of not less than
$25 900 in towns OF not more than 5000 popu-
lation.
The silver men will, Of course, oppose this
moderate measure of financial reform. They
wildcat banks. In the course of his re-
marks Secretary Gage said he was opposed
to the government issuing gold certificates;
that they were dangerous in the temptation
they presented to government employees; in
support of this contention he cited the case
Of the subtreasury at Chicago, which car
ries $70,000,000 of gold certificates, while the
subtreasurer is bonded only in S1500J0. He
said it would be easy for a dishonest person
to carry off millions in these old certificates
and put them in circulation before their loss
would be discovered. He also declared tkat
the greenbacks were a constant menace to
the treasury, which must keep on hand
enough gold at all times to prevent the sue
cess of any possible run on that institution
in order to maintain them at par. Speaking
of foreign investments in this country, in
reply to question of one of the imitation
members of the committee, Secretary Gage
said he thought that they had not found
some of their investments in the bonds of
Western railroads very profitable at least.
The secretary is very deeply interested in
currency reform and hopes that this bill as
shaped by the committee will pass the House
at this session