The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1893-09-16
The Currency Problem.

8E E0AtFtG-
A conference of leaders on the Ad-
ministratiou aide was held recently
to consider questions of future finau-
clal legislation.
The question afcoining the seign-
orsge of the silver bullion to meet
this years deficiency was one Of the
matters considered. Coming the
seigniorage means this: The silver
bullion now in the Treasury was
bought at the market price Though
worth far less as bullion than has
been paid for it. it did not cost as
many dollars as it will make il coin
ed. The difference rs the seignior-
age, and the proposal considered was
that enough OF the bullion to cover
this difIerence-some s50,000.00O-
be now coined and paid out to meet
the Treasury deficiency.
Another plan considered was the
issue of the Treasury notes to meet
this deficiency. Still another mat
ter discussed had referenccto more
general increase az the circulating
medium This was the repeal Of the
prohibitory tax on State bank is
sues
This last proposal seems now TO
be under serious consideration. 1t
wins especial favor with Congress
men from those States in which the
conviction is strong that there is not
enough money in the country, and
in which free silver has been favor
ed chiefly SIS means of increasing
the volume of the currency.
This proposal has an attractive
side aud will find strong supporters.
1t suggests several dangers also, and
will I've sturdily opposed 1t encoun
ters at the start a deep seated pre-
judice, growing out Of unpleasant
experiences and traditions OF the
willie cat" era.
AT the very outset OF discussion
upon it one brosd, general principle
should be thoroughly grasped and
never reliuquished Whatever forms
of currency the Government may au-
thorise, and whatever agencies it
may employ in their issue, it should
never, under any circumstances, per
nit the circulation of anything ss
money which is not absolutely Sc
cure in its value in all parts Of the
country and certainly redeemable
on demand
SO far as paper money 10 concern
ed the supreme consideration must
always be its absolute security To
provide for that in every case is .
duty which the law making power
can never neglect without betray-
ing its trfst and inficting great in
jury upon the people. Other CON
siderstions are of minor consequence.
The absolute security OF the curren-
cy lies at the very root OF prospect
ty.
All these proposals and sugges-
tions have reference 10 single prob
lem-nsmely, that of reducing the
complex and chaotic condition OF
our mutiform currency to harmony
and order. That problem cannot
safely be dealt with by pieceme.l
legislation. 1t must be dealt With
as whole or it will not be dealt
with wisely. For it's solution Con
gress needs first OF all we'll matur-
ed, comprehensive plan, such SIS an
impartial and capable commission
can form. The present duty is to
create such q commission and to
charge it with the task of consider
ing the whole subject and report
ing both the facts and the conclu
sions for the guidance of Congress
There is no wiser way. There is no
other way indeed, if legislation is to
be directed by broad knowledge and
mature reflection.
Let us have \ monetary commits
sion -World