Omaha daily bee., 1896-11-19

During the last session of congress
Il resolution was introduced providing
for Il non-partisan currency commits
sion. 1t proposed that the president
should appoint nine citizens. eminent
in trade, political economy and bank
ing. to act with the comptroller of the
currency as Il commission to Offer
recommendations for needed changes
in "Our present inadequate banking
and currency system" The resolution
was referred to the banking and cur
rency committee of the house, which
took no action regarding 1t. II is said
that the resolution may be pressed dur
ing the coming session, with some prob
ability that II currency commission may
be looked upon with favor.
There is a great deal of talk about
currency reform. the tendency of which
is to create the impression that our cur
repcy system is very bad ana threatens
to give serious trouble in the future
We shall undoubtedly have this idea
vigorously presented to the attention
Of the country in the forthcoming mes
sage of the president and the report of
the secretary of the treasury. In his
letter to the New York Chamber of
Commerce Mr.. Cleveland said in refer
ence to the currency. "that absolute
safety will only be secured if our finan-
cinl system is protected by affirmed and
thorough reforms" 1t is easy to fore
cast what the president will urge as
in his view tie most desirable reform.
It is the retirement of the legal tender
notes. 1t is fixed conviction with Mr.
Cleveland. as with numerous others.
that so long as the grepnbacks are kept
in circulation the currency system will
be unsound and the treasury will be
constantly menaced with the dan
ger of having its reserve of
gold depleted. OF course those
who hold this view decline to
consider the fact That for fourteen years
after the resumption of specie pay
ments in 1879, during which time the
revenues of the government were
ample. the legal tender notes were al
no time source of trouble to the treas
ury. nor was there at any time any
concern regarding the maintenance of
the gold reserve. They do not
choose to remember that before the
period of distrust and depression set
in, with the advent of the democratic
party to power, people were glad to get
greenbaclis and treasury notes and
even silver certificates were taken for
gold when the treasury was full, nor
are they influenced by the circumstance
that since the late election the people
have freely exchanged gold for legal
tender notes. thus showing their prefer
ence for the latter for general use. SO
long rs the revenues of the government
were in excess of the expenditures
there was no drain upon the treasury
gold and it is entirely safe to say that
as soon as this condition is restored all
danger to the gold reserve will vanish.
With all the currency on an assured
gold basis the people will not want
gold and no probable export demand
for that metal will threaten the treasury
reserve.
There is the high authority of Sena-
tor sherman that no radical change in
our present financial system is needed
and 1t is not to be doubted that this
will be found to be the view of the
president-elect and of the leading re-
publicans in the next congress. AS to
n currency commission, therefore, it Is
not apparent that it would serve any
useful purpose. Congress has had sub
mitted to 1t II currency plan formulated
and approved by the bankers of the
country, together with an endless mum
ber of schemes for reforming the cur
rency framed in and out of congress,
all of which proved unacceptable. 1t is
hardly possible that commission such
as proposed would be more successful
IN Its recommendations. There Is per-
haps one good result that might come