The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-23
A CURRENCY REFORM BILL.

tons. As the bill relates chiefly to banking
and currency it would naturally be reported
from that committee, but thereby evidently
hangs a tale, showing the shrewd and ef-
fective work done by Mr. H. II. Hanna.
The house committee on banking and cur
rency has for its chairman Representative
Walker, of Massachusetts,, who is welded
to his own plan of currency reform and OPP
posed to every other, and other members
Of the committee, notably Mr.. Johnson, of
this State, are also opposed to the plan of
the monetary commission. AS it had be-
come evident that this committee would
show no favor to the commissions plan
Mr. Hanna decided to get the measure he
fore the House by different line He had
it introduced by Mr.. Hill, of Connecticut
Of the committee on coinage weights and
measures, and referred to that committee
That committee consists of thirteen mem
bers seven Republicans and six Democrats
with Representative Stone. of Pennsyl-
vania, chairman. AS the bill relates to
coinage and the gold standard as we'll as to
banking and currency it was not improperly
referred to this committee. The change of
reference rescued it from the pigeonhole to
which the committee on banking and cur
rency had consigned it and will secure for it
favorable report to the House. 1t will
now come before the House with the in
dorsement of a committee for discussion
and such action as the House may see fit
to take.
The bill contains some important provi-
rrs,
some amendment its main features are pref
ty sure to be adopted 1t is substantially
the bill prepared by the Indianapolis none
tary commission amended in some respects
to meet the views of Secretary Gage and
embodying a recommendation of the Presi-
dent. Perhaps its most important provision
is the one which declares that the standard
unit of value shall, as now, be the dollar
and shall consist of twenty-five and eight
tenths grains of gold, nine-tenths fine, or
twenty-three and twenty-two-hundredth
grains of pure gold'' This is intended to
give the gold standard the sanction of law,
and is at once a legislative affirmation of
an existing fact, and of the purpose of the
government to maintain it. 1t is an lmpor-
tant provision and should be adopted by
this Congress or the next, either in the Hill
bill or some other. In order to further close
the door against the free and unlimited
coinage of silver at any ratio, the bill pro-
vides that hereafter there shall be no coin
age of silver dollars except from the silver
bullion now in the treasury. AS the last
treasury statement showed $4,000, coo worth
is enough on hand to keep the minis busy
coming silver dollars and silver change for
many years to come.
The next most important provisions in the
bill are those relating to the retirement of
greenbacks. On this point the recommen-
dation of President Mckinley is adopted
verbatim that United States notes, or
treasury notes once redeemed in gold shall
not be paid out again except for sold coin'
This will result in the permanent retirement
Of a considerable portion of the greenbacks
and in terrifying the parity of those that
remain outstanding. The permanent retire
ment of the entire amount is secured by a
section Which provides that at the expira-
ton of five years from the passage of the
be redeemed in gold and Cancelled at rate
not exceeding one-fifth each year, and at
the expiration of ten years they shall cease
to be legal tender for all debts public and
private, except for dues to the United
States. These provisions would undoubted-
ly result in the gradual and easy retire
ment of the entire volume of greenbacks
within few years and the permanent elm
ination of that dangerous and disturbing
feature in our financial system Whatever
contraction of the currency might possibly
result from the retirement of the green
backs is provided against by the authorize
ton of national banks of small capital in
small towns and also of branch national
banks in parts of the country where cur
rency is needed. Other provisions of the
bill relate to the maintenance of gold re-
serve in the treasury, the exchangeability of
silver dollars for gold, thereby insuring
their equality with gold at all times, and to
regulating the issue of national bank notes.
The provisions Of the monetary commits
sion's bill relating to state banks and bank
ing on assets are all stricken out, thereby
removing what some bankers and business
men regarded as an Objectionable feature.
The reporting of this measure by a Re
publican House will be an important step
towards redeeming the party pledges on
the money question and will have a whole
some effect in political and business circles.
OF course, there is no possibility OF the
bill passing the present Senate but it should
be voted on and passed by the House for
the sake of the record if nothing else A
favorable vote of the House this session
would put the Republican party right before
the country and leave the matter in good
shape to be taken up by the next Congress.
The bill as it will be reported by the COM
mittee is so important in its main provisions
and so free from Objectionable features that
it ought to be passed by the House within
a short time after it is reported. If fnan-
cial cranks and obstructionists attempt to
prevent its passage they should be sup
pressed with the previous question.
THE INSTRUCTING OF SENATORS.
The question relative to the duty of
senator to obey the instructions of Legis-
lature has often been raised, and. in the