The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-04-16
Secretary Gage and Others Likely 20
Present Plans for Preventing q Re-
currcnce OF Present stringency.
MORE ELASTICITY NEEDED
MUCH PRELIMINARY WORK DONE By
REPRESENTATIVE OyERsTREET.
III. III. Hanna Authorized 10 Modify the
Monetary Commissions PIan-Nfscel-
Ianeous News from Washington.
, Indianapolis Journal.

H
Special 20 the Indianapolis Journal.
WASHINGTON, April 15. - The present
scarcity of paper money at the treasury Is
attracting the special attention Of the treas
ury officials TO the action OF the Republican
caucus committee on monetary legislation.
which meets at Atlantic City next Monday.
The treasury officials are looking TO this
committee to take steps which will afford
relief In the future for the monetary strin-
gency. 1t is not unlikely that Secretary
Gage, Treasurer Roberts and Mint Director
Roberts will be heard by the committee or
will be asked to present their views in
writing. There was a disposition at the
preliminary meetings OF the committee. just
after the adjournment OF Congress. not TO
give any formal hearings. The committee
does not possess definite official character.
so that no one can ask Of right 10 be heard.
The decision not to give extensive hearings
Will probably be adhered 10, but some OF
the treasury officials and few students OF
the monetary problem are likely 10 be asked
TO present their views. Ii IL understood
that the committee will remain I'm session
several weeks and will endeavor 10 study
every branch OF the currency problem. The
membership OF the committee, including, as
1t does, three of the Republican leaders of
the House, is likely to give special weight
to their decisions. Mr.. Payne. OF New York.
Is chairman Of the ways and means COM
mittee, the leading committee Of the House.
while General Henderson, OF Iowa. and-A ~
Dalzell, Of Pennsylvania, make up. with
Speaker Reed. the Republican majority OF
the committee on rules. Any measure which
has the approval of these three members
IL IroI,, - o.lo ga
sion by the Republican caucus aYd to
ceive the support of the Republic Iln MEM
bership Of the House. Secretary fiage has
already promised every assistan\ in his
power to the committee. and nSmber OF
important documents have been forwarded
TO them at Atlantic City.
The promoters of the Indianapolis move
ment feel that the Republican party is so
far committed by the appointment Of the
committee to intelligent reform OF the
currency that any measures taken are ike
ly to be in the right direction The MEM
bers OF the committee are generally In
favor OF the gold standard. and are likely
to take UP and dispose OF the proposition
for a gold-standard law within a day or
two after their meeting. The direct
tirement OF the greenbacks may not be
accomplished, but it is believed that tie
recommendation OF the President I'm his lSasc
annual message, that division OF issue ana
redemption be established. win be adopted
and that silver and gold Will be put upon
common footing at the treasury by being
made exchangeable for each other. The
problem OF meeting the necessity for the
growing volume of business in the country
is likely to prove the most troublesome to
the committee. Mr.. Hanna, the chairman
Of
was instructed at the recent meeting i'm
New York to urge the bill of tns monetary
commission upon the caucus committee. He
was given authority. however. II It should
seem wise, to accept some notifications oe
the monetary commission bill, 50 long as
they were based upon the principles of the
gold standard and flexible currency ade-r
quate In volume 10 the needs Of trade
Some OF the plans which have been talked
over by the committee involve modifca-
ton OF the monetary commission plan I'm
regard tc bank currency, which would make
the plan much more conservative in OUT
ward appearance and place a large cash
guarantee behind the notes. Some OF Theses
plans are likely to be very carefully con-
sidered. and one OF them may be- adopted
IL the supposed prejudice in certain States
against the national banks can be OVER
come by dividing the profits Of note issues
with the government. Some of the mort
thoughtful members OF the committee be-
lieve that the country must have sons
means of currency expansion TO meet the
growth Of business beyond the direct i'm
portation OF gold, and that when the alter
native is presented between greenback In
hation and well-secured bank-note cur
rency the choice must be made I'm favor
Of lot af fhe erna assrrv
make it more evident every day that there
will be period OF stringency this autumn.
and perhaps a more intense one I'm an
other year. If some elasticity is not given
the medium OF exchange. Secretary Gage
has already advised the committee OF the
necessity of action I'm this direction, and
nearly every financier consulted on this
subject has concurred In his opinion. Mr..
Overstreet. OF the Indianapolis district, has
prepared a comparison OF the different
bills pending before the last Congress,
classifying the provisions OF each bill re-
lating to one subject under a separate head.
and copies OF this comparison will be fur
nished TO the committee in beginning their
labors
Several members Of the caucus COMMITTEES
were in Washington to-day. and far az
can be ascertainec there will be a full at
tendance az the opening session at Atlantic
City on Monday. All the members OF the
committee who have been interviewed ex-
press the opinion that the committee may
be I'm session thirty days Everybody ap-
pears To have made preparations for a stay
OF that duration. although some OF them
say that inasmuch as the gentlemen will b
there on their own expense they may cur
tho talk short and be able tc get away
IN two or three weeks. The absence OF a