The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-20
PRESENT PROSPECTS FOR
CURRENCY LEGISLATION.

Much interest is felt in business. IL not in bank
ing; circles regarding the action which Congress
legislation. There appears to be as great neces-
SHY now as there has been in recent years for
which will make our bank note currency auto
matcally responsive TO the business requirements
OF the country through the expansion of its vol
ume when business needs shall demand such
it shall become " %hesher the pTopo
sllon 10 augment the volume Of the currency
for OF the i15seton Into the system Of some
nnd favor, or whether through the repeal Of the
restrictive clause of the act Of 1852, which limits
the retirement of bank notes TO s.. 000. 900 per
fao where lawful money shall be substituted
be encouraged TO Increase their note issues, hav-
ing the assurance of free retirement thus pro
volume Of currency, depends much upon the per-
slasteney with which these two measures shall be
The widely divergent views which obtain among
members OF Congress as 10 the course to be
to asfreS to te
adoption OF any of the plans which have yet
been submitted. Advocates of an asset currency
circulation, seem determined. notwithstanding
the general opposition to this plan which has
been expressed by banking associations. to urge
~ upon the consideration of Congress to the ex-
sibls It may be, and unless some compromise
Shall be reached 1t appears probable that the
of its advocates. effectively prevent the
adoption OF any plan for the reformation OF the
to solve the problem OF how best to correct the
evils In our monetary system, through simple
amendments to existing laws will be likely to
find little favor In Congress because OF the sim
plieity or the propositions; there being less OPP
Portunity, through such amendments. to estab-
lish regulations advantageous to political adj
vancement than through the advocacy of radical
It should be possible for the banking and cur
rency committee to agree upon a clearly defined
remedial currency proposition. with the most OBJ
have thus far been received eliminated. there
would most likely be. during the discussion of
other changes
Incorporated which. judging from past experience
In financial legislation, would seriously affect
the enaetment s60u Hf many of the provisions OF
more after the measure had been perfected in
the House and 1t had been sent to the Senate
Tor concurrence 1t would probably be amended
and possibly mutilated S entirely to prevent its
effective administration and make 1t almost
valueless as remedial measure.
II members of Congress would in considering
the details OF such currency plans might be
agreed upon by their committee, take counsel OF
those officers OF the government who might be
charged with the administration of the proposed
that the enactment would be effective. This
course was adopted when the financial law OF
the result OF such cooperation between the ex-
ecutlve and the legislative branches Of the gov
nas passed ETen s sw
found 70 contain many minor imperfections.
though happily they were of such character
as not seriously to interfere with its execution.
There is not only great divergence of views
among The representatives regarding the scope
ference of opinion among the members OF the
Senate. and such differences would be difficult
the na 81 the se such
radical disagreement as to result in its entire
tendency of the presidential election will i'a make
It difficult to prevent the Incorporation, in any
financial proposition OF objectionable provisions
ton and impair the. efficiency OF the measure
efea T the oppeson eoud nn upon be- or In
The Financier.