dent, it is my purpose to appoint a commission of prominent, wellinformed citizens of different parties, who will command public confidence both on account of their ability and special fitness for the work. Business enterprise and public training may thus be combined, and the patriotic zeal of the friends of the country be so directed that such a report will be made as to receive the support of all parties, and our finances cease to be the subject of mere partisan contention. The experiment is, at all events, worth a trial, and, in my opinion, it can but prove beneficial to the entire country."

On July 24th, 1897, a message recommending the appointment of a Currency Commission was sent to Congress by the President. The House promptly passed a bill authorizing the appointment of such a Commission, but the subject was not considered by the Senate.

Mr. Hanna called a meeting of the Executive Committee soon after the adjournment of Congress, and early in September announced the names of the Commission of eleven to whom they intrusted the framing of a currency measure.

The men selected for such Commission were:

Ex-Senator George F. Edmunds, of Vermont; ex-Secretary of the Treasury Charles S. Fairchild, of New York; Professor J. Laurence Laughlin, of Chicago; Mr. C. Stuart Patterson, of Philadelphia; Mr. Stuyvesant Fish, of New York; Mr. T. G. Bush, of Mobile; Col. George E. Leighton, of St. Louis; Mr. J. W. Fries, of North Carolina; Mr. W. B. Dean, of St. Paul; Judge Robert S. Taylor, of Fort Wayne, Ind.; Mr. Louis A. Garnett, of San Francisco.

The Commission was non-partisan in character, six of its members were Republicans, and five were Democrats.

The Commission held their first meeting in Washington, September 20. Several days were spent in general discussion of the currency problem, and three subcommittees were appointed to consider its different branches—the relation of the coinage to a proper currency system, the Government demand notes, and the banking system. A series of questions classified under these three heads was drawn up and sent to prominent financiers for their opinions and recommendations. These recommendations were digested and copied for the use of each of the subcommittees, and the separate opinions expressed upon each point compared, not merely for their value as suggestions, but as an indication of the attitude of financial experts throughout the country. The Commission spent many days in the discussion of every aspect of the monetary problem and the study of different propositions from the standpoint of every possibe objection and conceivable advantage. They concluded

the work upon their report on December 17, and the report was made public on January 3, 1898.

The Executive Committee appointed at the Indianapolis Convention was in session at the same time with the final meetings of the Monetary Commission and decided to call together again the convention of business men to receive the report of the Commission. The date fixed for the second convention was Tuesday, January 25, and the convention was held in the Opera House at Indianapolis. The attendance was larger than at the first convention. The whole number of delegates was in excess of four hundred.

The resolutions were adopted unanimously and with great enthusiasm. They were presented by Mr. Joseph A. Wheelock, of Minnesota, the chairman of the committee on resolutions, but were read at his request, by Mr. John C. Bullitt, of Philadelphia, who represented the great body of gold-Democrats who joined the Republicans in the desire for currency reform. The text of the resolutions was as follows:

"Resolved, That this convention recognizes its obligations to the Executive Committee selected under the resolution of January 15, 1897, for the thorough and able manner in which they have discharged the duties devolved upon them by those resolutions. They deserve the highest commendation for their determined effort to obtain an act of Congress providing for the selection of a Monetary Commission to which the duty should be intrusted of devising the best means of securing a wise and stable currency system through legislative enactment.

"As the Congress did not adopt a law for the appointment of such a Commission, the Executive Committee, in pursuance of the authority conferred by the convention, proceeded to make such a selection, consisting of men from different sections of the country, and from different walks of life, who were well fitted by their ability, their experience, and their high character to deal with this most important subject. The convention recognizes with gratification the wise and able manner in which the Monetary Commission has dealt with the subject, and finds in its work the elements of a system calculated to be of inestimable benefit to the country.

"We most cordially approve of the plan of currency reform submitted by the Monetary Commission, in the belief that if enacted into law it would accomplish as far as possible the results contemplated by the Commission, as set out in the following propositions: "1. To remove, at once and forever, all doubt as to what the standard of value in the United States is and is to be.

"2. To establish the credit of the United States at the highest point among the nations of the world.

"3. To eliminate from our currency system those features which reason and experience show to be elements of weakness and danger. "4. To provide a paper currency convertible into gold, and equal to it in value at all times and places, in which, with a volume adequate to the general and usual needs of business, there shall be combined a quality of growth and elasticity, through which it

will adjust itself automatically and promptly to all variations of demand, whether sudden or gradual; and which shall distribute itself throughout the country as the wants of different sections may require.

"5. To so utilize the existing silver dollars as to maintain their parity with gold without imposing undue burdens on the Treasury. "6. To avoid any injurious contraction of the currency.

"7. To avoid the issue of interest-bearing bonds, except in case of unlooked for emergency; but to confer the power to issue bonds when necessary for the preservation of the credit of the Govern

ment.

"8. To accomplish these ends by a plan which would lead from our present confused and uncertain situation by gradual and progressive steps, without shock or violent change, to a monetary system which will be thoroughly safe and good, and capable of growth to any extent that the country may require.

"These declarations, and the plan which follows, are honest in purpose, they are sound in business principles, they are adapted to the needs and wants of the whole people, they are wisely safeguarded against undue contraction of the currency on the one hand, or its perilous expansion on the other. We believe their enactment into law would stimulate hopefulness, inspire confidence and conduce to a sense of safety that would be the forerunner of unexampled national growth and prosperity.

"Approving of the expressed purposes of the Commission and of its plan, we do most earnestly and cordially commend it to our fellow-citizens as worthy of their approval and adoption, and we urge upon the Congress of the United States that the principles embodied by the Commission in their report should be enacted into law, with the belief and expectation that the effect would be to secure a solid, substantial, and stable financial system that would redound to the credit of the country, and insure a state of prosperity that can not be achieved unless there is a system of finance the integrity and adaptability of which can not be questioned or gainsaid.

"That, in the opinion of this convention, it is the duty of every citizen to urge upon his representatives in Congress the adoption of such legal enactments as will carry into effect the recommendations of the Monetary Commission.

"Existing conditions are propitious for effort in the direction of currency reform. General and able discussion have induced earnest and sober thought and turned the minds of men from fallacies and delusions to that which was sound and wholesome. The high prices of many of our agricultural and manufacturing products, the inflowing of gold and the improvement in business have gone far toward allaying that feeling of discontent and unrest which were so disturbing and so full of menace but a short time ago. Never before has public sentiment been in so healthy a state upon this subject as is now becoming generally prevalent.

"The time has now come when the prospects for the establishment of the gold standard upon a firm and enduring basis are brightening and encouraging. The people want a note currency which shall be as good as gold. This movement proposes to bring about that result. The people want a volume of currency adequate to the general and usual needs of business,' 'with a quality of growth and elasticity through which it will adjust itself auto

matically and promptly to all variations of demand, whether sudden or gradual.' These ends are not only within the scope of what is contemplated, but are the direct objects intended to be gained by the plan of the Monetary Commission.

"The people of the Western and Southern States wish the note issues so distributed as that the scarcity of currency will no longer hamper and distress them in their business operations. A method is proposed whereby their wants can be supplied, and their just demands can be complied with. We appeal to them-we appeal to all patriotic citizens-to unite with us in an earnest and determined effort to secure from Congress such legislation as will wisely but surely eventuate in bringing about sound financial methods, and in building up and establishing confidence, security, and safety in business transactions and in the ownership and value of property.

"That the Executive Committee be continued, with power and authority to add to their number and to fill any vacancies which may occur, and also with power and authority to adopt such measures for procuring the needed legislation from Congress as they, in their judgment, may deem advisable and expedient."

PRESIDENT MCKINLEY'S CURRENCY COMMISSION

MESSAGE.

President McKinley, on July 24, 1897, sent to the Senate and House a message recommending the appointment of a Currency Commission. The House on the same day passed a resolution to carry out his recommendation, the vote resulting 126 yeas to 99 nays, 122 not voting, but the Senate adjourned without taking action. The message is as follows:

To the Congress of the United States:

In my message convening the Congress in extraordinary session I called attention to a single subject-that of providing revenue adequate to meet the reasonable and proper expenses of the Government. I believed that to be the most pressing subject for settlement then. A bill to provide the necessary revenues for the Government has already passed the House of Representatives and the Senate and awaits Executive action.

Another question of very great importance is that of the establishment of our currency and banking system on a better basis, which I commented upon in my inaugural address in the following words:

"Our financial system needs some revision; our money is all good now, but its value must not further be threatened. It should all be put upon an enduring basis, not subject to easy attack, nor its stability to doubt or dispute. The several forms of our paper money offer, in my judgment, a constant embarrassment to the Government and imperil a safe balance in the Treasury."

Nothing was settled more clearly at the late national election than the determination upon the part of the people to keep their currency stable in value and equal to that of the most advanced nations of the world.

The soundness of our currency is nowhere questioned. No loss can occur to its holders. It is the system w ich should be simpli

fied and strengthened, keeping our money just as good as it is now with less expense to the Government and the people.

The sentiment of the country is strongly in favor of early action by Congress in this direction, to revise our currency laws and remove them from partisan contention. A notable assembly of business men with delegates from twenty-nine States and Territories was held at Indianapolis in January of this year. The financial situation commanded their earnest attention, and after a two days' session the convention recommended to Congress the appointment of a Monetary Commission.

I commend this report to the consideration of Congress. The authors of the report recommend a commission "to make a thorough investigation of the monetary affairs and needs of this country in all relations and aspects, and to make proper suggestions as to any evils found to exist and the remedies therefor."

This subject should receive the attention of Congress at its special session. It ought not to be postponed until the regular session.

I therefore urgently recommend that a special commission be created, non-partisan in its character, to be composed of well-` informed citizens of different parties who will command the confidence of Congress and the country because of their special fitness for the work, whose duty it shall be to make recommendations of whatever changes in our present banking and currency laws may be found necessary and expedient, and to report their conclusions on or before the 1st day of November next, in order that the same may be transmitted by me to Congress for its consideration at its first regular session.

It is to be hoped that the report thus made will be so comprehensive and sound as to receive the support of all parties and the favorable action of Congress. At all events, such a report can not fail to be of value to the executive branch of the Government, as well as to those charged with public legislation, and to greatly assist in the stablishment of an improved system of finance.

Executive Mansion, July 24, 1897.

WILLIAM MCKINLEY.

PRESIDENT MCKINLEY ON CURRENCY REFORM. "Under existing conditions our citizens can not be excused if they do not redouble their efforts to secure such financial legislation as will place their honorable intentions beyond dispute. All those who represent, as you do, the great conservative but progressive business interests of the country, owe it not only to themselves, but to the people to insist upon the settlement of this great quesion now, or else to face the alternative that it must be again submitted for arbitration at the polls. This is our plain duty to more than seven million voters, who fifteen months ago won a great political battle on the issue, among others, that the United States Government would not permit a doubt to exist anywhere concerning the stability and integrity of its currency or the inviolability of its obligations of every kind. That is my interpretation of that victory. Whatever effort, therefore, is required to make the settle