The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-23
Discussing Currency Reform.

Discussing Currency Reform.
The president yesterday discussed With
Senator Platt and Congressman Cannon
The subject Of currency legislation stat
ang that it was his earnest desire that
congress, at the earliest opportunity,
should prepare and pass a measure IN
tended to provide for a more elastic cur
rency and the general financial relief OF
the country.
Mr. Cannon who has been reported as
Yacetiously referring to rubber currency,
and opposing any action by congress upon
the subject, stated that. If there was sub
stantial sentiment favoring financial legis-
fation in the house at the extra session IN
November, he would not stand In the way
of 1t. He is only opposed to some OF me
financial measures which were talked at
the last session of congress. He Is un-
tderstood to oppose the Fowler bill, which
seems to embody some unguarded terms
and provisions, as the clause looking to the
exchange Of gold coin for standard silver
dollars, in order to close the gap left In
the gold standard act Of 1900. The meas
rre provides that the secretary of the
Treasury may use for exchange purposes
ANY part of the reserve fund Of $3.50, 900. 900
gold, established under the act OF March.
1900. This reserve fund was especially set
apart for the redemption of the United
States notes and treasury notes Of 1890,
and, if it can be used in the process Of ex-'
changing gold for silver dollars, there Is
possibility that 1t may be drawn upon Sc
riously and the secretary of the treasury
would have to maintain the fund at the
required maximum by selling per cent
one-year gold bonds. There would be
possibility, moreover, that the facilities
for exchanging standard dollars for gold
might generate an "endless chain Of sill
ver. The asset, currency feature Of the
Fowler bill is opposed strenuously by Cam
non and other congressman.
{ AS a matter Of fact, it Is easy 20 talk
about providing for more elastic cur
rency but the difficult feature Of the
proposition is to provide measure which
will be accepted by majority In congress-
7Thruout the country there are wide diff
Fferences of opinion on the subject. The
financial question and the tariff question,
dragged into politics. The democratic
party, in the last two presidential cam
paigns, has diligently based its fight upon
the theory that the banks and wall street"
are In league with the government against
the interests Of the people. Much has
been heard about thanking trust" and
the political issues arising out Of the
nm If "a with "a
Second Bank Of the United States are re-
called, but the revival of such a bank Is
not possible now; the banks are too nu-
irnerous to admit of a monopoly Of govern
,ment patronage or the development of
favoritism; one bank could gain any
thing by entering politics and the talk of
banking monopoistic combination Is
among the impracticable things. The
jealousy of public opinion as to banking
corporations Is carried to an absurd ex-
IRENE, which has prevented this country
from having g. banking and currency sys-
tenn up to the measure of the vastly in
icreasing business and financial necessities
of the nation. The reorganization Of the
financial system is not necessarily a party
question; it Is a question Of business neoes.
fsity. New York is the financial center OF
the nation and vast sums of money are
found there for the promotion of business
sand investment in great enterprises, but a
large portion of the west and south has
Iby political agitators been arrayed against
3''Wan street, as the deadly enemy Of the
people, bent upon impoverishing the rest
sof the country. This peculiar infatuatior
has made necessary progress in currency
reform slow. ... .r III.
t It has hardly been three years since the
to the principles Of sound finance fought
down, after a tremendous struggle, the
champions of the rottenest financial fall
}lacies ever voiced in the world. It is q
melancholy fact that financial reform, alb
solutely essential to the commercial anc
) financial Iell-being Of the nation, can only
be undertaken very slowly and at long in
tervals. The president calls for more
felastic currency, and he has reference tt
currency as good as gold, equal to thu
demands and practical necessities of busi
ness. The whole country needs this; viii
need it sorely next month, and in Septem
Der and October, for moving the crops.
That interesting session of tn,
pure food convention yesterday when tn,
official mart Of the convention CON