The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-01
HILLS FINANCIAL BILL
MAJORITY AND MINORITY REPORTS
FROM HOUSE COMMITTEE.
Former Says 1t Is Conservative in
ter Strongly Condemns 1t.

WASHINGTON, jan misrepresentation
Charles w. Stone, of Pennsylvania, sub
mitted to the House to-day his report to ac-
company the Hill bill, recently reported
from the committee on coinage, weights and
measures, of which Mr.. Stone is chairman
The Hill bill, the report says, contains an
affirmative declaration for the gold stand
ard; a provision for the interchangeabiity
of all forms of money; separation of the
note issue from the fiscal branch of the
Treasury Department, the retirement Of the
greenbacks and the establishment of branch
national banks. Mr. Stones report says
that the HILL bill is conservative in purpose
and provision. 1T seeks he says, ito
strengthen, solidify and fortify our present
system, rather than to build a new. 1t
especially seeks to allay at home and abroad
all doubt as to the present and permanent
quality of our money, and to make and keep
the credit of the Nation above the reach Of
successful attack or wel-grouEded appre-
tension The manner in which this is ac-
complished is explained in detail in a review
of the bill by sections
IF this bin becomes law" says the re-
port, lit will be of no possible consequence
in what particular kind of dollar of the
United States a debt is payable, as anyone
exchangeable for any other, and the kind
of money to be paid and received will be
merely a matter of convenience and not Yof
profit or loss.
A considerable part of the report is de-
voted to the subject of branch banks, the
establishment of which is permitted by the
bill. 1t says that one of the benefits aris-
ing from the branch bank system would be
Sfa in eff Of
able capital from points where it is abund-
ant to points where 1t is scarce 1T is an
efficient agent the report continues, ''in
the important work Of the distribution of
capital and currency We suffer not from
the lack of an adequate aggregate supply
of our circulating medium as much as we
do from tendency TO an accumulation and
congestion thereof in money centers. A
system of branch banks will materially aid
in reaching remote points and small COM
munities where independent banks could not
be sustained thus conveying to them the life
blood of business activity
The minority report, which also was sub
mitted to-day, says the bill will make rad-
cal changes in our whole currency system
and work a serious and 1t is believed diSaS-
trous contraction of our money volume and
destroy the whole of the silver coinage. The
bill, says the report fixes absolutely and UNI
qualitedly the single gold standard upon the
country. All of the standard silver dollars
are swept from their present position as
standard money and into The category of
credit money and made a cnarge upon the
government for their redemption in gold.
The provision repeating the law which pro-
hibits national banking associations from
Withdrawing from circulation more than
three million collars in any one month gives
the banks Il power that will inevitably lead
to a sudden contraction Of he cGr-elCy and
business prostration. This will give the
banks, says the minority report. the power
to contract the currency at their will and
to coerce legislation under the threat of
panics and business depression to be brought
about by such contraction. The whole
scheme of the bill, continues the minority,
contemplates the destruction of silver as
money, the destruction o. greenhacks ard
treasury notes as money md denies 10 Con-
gress the right TO issue paper money eX-
cept by farming out to corporations this
great sovereign power. Notice Is given that
Q substitute will be offered providing that
both the gold and silver dollars shall De
standards of value and providing for free
coinage of silver.