Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-01-28
PRACTICAL CURRENCY REFORM.
A scheme suggested-H harmony Among
Warning Factions Must BE Secured.


10 ths Editor OF tbs Re0iS,s-:
SIR:-All hope of the passage Of any
measure OF currency reform by the
present Congress is swiftly passing
away. The Democrats seem poweress
TO formulate any legislation that can
be enacted, for our relief from the evils
OF existing conditions. An analysis OF
the causes OF this impotence, however,
will suggest practical remedy for IL.
No currency legislation is to be ex-
pected from this Congress acting as
whole. The Republicans say that the
government in all its branches is In the
hands OF the Democratic party; and
they refuse TO assume any responsibility
by taking affirmative action on this, or
any other subject We must look then
to the Democrats alone for relief; and
their lack Of union, and of the power
10 unite, renders them incompetent TO
relieve us.
The majority is divided, first, be-
tween those who favor and those who
bitterly oppose the issue OF bonds. The
difficulty of etfectiHg any acco mmoda-
ton between these two factions is
greatly enhanced by the fact that there
! are further divisions on lines other than
that OF bonds. There are the support
ers of the National Banks and their
note issues, and these are opposed by
ardent advocates OF State banks OF is
sue. There are others who are arrayed
against any plan for the issue OF clrcu-
| latiug notes by banks, State or Nation
al, and who demand that all paper cur
rency be issued by the Federal Govern
lnent Last, but not least, is the influ-
entail section who are in favor of silver
first, last and all the time; and who will
oppose any measure which does not do
something for silver"
NO ONE THEORY IS RIGHT.
1t is not necessary to my purpose
| herein that l should 20 into the consid-
GRAFTON of the theories advocated by
these several cliques, or attempt TO
right the arguments advanced in sup
port OF them. 1t is enough to say that,
while in the nature Of things they can
not all be right, the present case is not
one where one theory is right and all
the others are wroL5. We may safely
] assume, without detailed investigation,
that there is a certain measure OF truth
| EN- bodied in this one. If this truth were
winnowed from them all and formulated
into Ineligible working principles, we
might reasonably expect that a monet
airy system based on those principles
would ba safe, efficient. and permanent.
The pract ieai question then is, how
are we TO secure the separation OF the
| grain of truth, in the several theories,
| from the straw and chSff Of error aud
tallacy with which it is mingled in
each? For this separation must be the
first step In rational refor IN OF our
monetary system. Can Congress be re-
lied on to peform this duty? The expe-
rience OF the last few weeks answers
emphatically that 1T cannot.
The adherents OF State and national
banks, OF Treasury notes, and OF free
silver, are all, presumably, honest and
intelligent men, anxious TO learn the
truth and competent TO recognize and
act on 1t. when it is presented to them
from source in whose purity they can
con fde. But it has been clearly dem
onstrated that each clique is as blinded
to the merits OF each plan proposed by the
others, so mistrustful'o their motives In
proposing any plan at all, that there Is
no possibility OF their reaching an agree
ment among themselves. On the con-
trary, the sole result OF their confer
ences seems TO be TO inflame their re-
spective prejudices and TO leave them
further from an agreement than ever.
The Decalogue itself would be discred-
ited in the minds Of any one faction II
its obligation were too strongly pressed
upon them by the others.
A MONETARY COMMISSION.
II they are 10 recognize the true prin-
ciples OF currency reform and TO act
upon them, they must be presented by
some agency which is known TO nave
no close utilization with either faction.
Where is snch an agency to be found?
A monetary commission. authorized by
Congress, with power 10 investigate the
subject fully and to report al some Suo-
seuuent time, would seem TO furnish the
most practical eXpedient. Such com,
mission should be composed OF men oil
recognized authority in all matters per-
tanning to the theory of money and eX.
perts in the practical workings OF
finance. They should be men
whose position raises them above all
reasonable suspicion of selfish or I'M
worthy motives in dealing with great
public question. For the weight OF
their conclusions would depend equally
upon confidence in their wisdom ana
sound judgment, and the CONVICTION
that their integrity is unimpeachaole'
No member of either House OF Congress,
nor any politician identified with elther
faction in currency matters, should De
given a place on it, though all should De
accorded hearings upon 1t: for the most
essential Quality of body created Tor
the nurpose of restoring harmony De-
TWEEN warning factions is that it should
ha free from any element, within Itself,
OF the diScord IL seeks TO Destroy ouo'
iect TO this qualification, the way man
usually votes should have no conSlueFa'
tion in determining his QUALIFICATIONS
for membership in such com sslon'
Torepeat, present conditions and past
eynerience show that the great the IN
dispensable desderatum is In agency oil
the highest wisdom, integrity ana im-
nartiaIity 10 investigate existing evils
and announce the principles whose
annlication will bring permanent re-
Iisf. by no other means can fair hear
inc he secured from the preJudlced ad-
yocates of pet theories or private inter
ests. The practical constitution OF such
an agency may well be left to the wis
dom Of Congress itself.
, This communication has already at
tainpd an undue length. 10 q suisse
ouent letter, should occasion serve, |
will endeavor to present what is gen.
ersl,y regarded as even stronger argu-
ment in favor of this mode OF improv'
| ing our monetary system.
BENZ. TRAPNELL.
| .Slephcrdsto,on. W. Va, Jan. %, 1898.