The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-09-23
THE MONETARY COMMITTEE
IT'S COMPLETION ANNOUNCED WITH
SOME WELL KNOWN POLITI-
CAL ECONOMISTS ON 1T.
M'LAUGHUN and GARNET ACCEPT
The Committee Will Meet In WASH
ingtOn-POpular Suggestions
Invited and 'Silverites and
Populists Can Suggest.

Indianapolis, Sept. f6.-Hugh II.
Hanna. chairman of the monetary eXecu-
tive committee today announced the
completion of the commission, accept
ances having been received from Louis
A. Garnett of San Francisco, and Prof.
]. L. Laughlin of Chicago. Prof. Laugh
lin is one of the best known political
economists of the country, and during
the past few years his writings upon
Financial questions have attracted
worldwide attention. He was for
number of years president of the Manu-
facturers' Insurance company of Phila-
delphia and there made Il record as n
careful, conservative and successful bust
ness man. He left this position to take
the chair of political economy in the
Chicago university some years ago, and
has since been engaged in that work.
Mr.. Garnett is regarded as the most
eminent authority on the Pacific coast
in matters of finance and currency. He
organized the service of the San Fran
cisco mint and spent many. years in it.
| At the close of this service he spent
some years abroad in travel and study
| of financial economic questions. He
has made some very valuable contribu-
lions to the literature of finance. and is
much consulted by the large business
| interests of the Pacific slope. Neither
Mr.. Garnett nor Prof. Laughlin are men
of wealth. and in consenting to serve
| upon the commission none of whose
members are compensated, they make a
considerable personal sacrifice.
The commission as completed by these
appointments, is composed rs follows:
Ex-senator George +. Edmunds of Yer
mont: Charles :. Fairchild. New York.
eX-secretary of the treasury: c. Stewart
Patterson. Philadelphia who was presi-
dent of the monetary, convention last
North Carolina. at the head OF
the great cotton industry that bears his
name; T. G. Rush of Admission. Ala, pres.
| ident of the Mobile and Birmingham road
and largely interested in the iron indus.
| tries of Alabama: George Il. Leighton OF
st. Louis, retired manufacturer: w. b
| Dean, st. Paul, wholesale hardware mer
chant; r. $. Taylor of Fort Wayne, law
yer; Louis A. Garnet of San Francisco
Professor ]. l.. Laugblin of Chicago. ant
Stuyvcsant Fish of New York, president
of the Illinois Central railway.
While no attention was paid to the pc
ltica leanings of the members of the com
mission, it happens that it contains 81,
republicans and five democrats. Their,
was. however, much care given TO tn,
question of geographical representation
and the distribution of the commission il
different lines of business. Senator Ed
munds was taken as representative of tn,
country at large, and of the members o
the commission three are from the east
two from the south, one from the Pacific
coast one from the northwest, one iron
the southwest and two from the centra
west. The commission has been called t.
meet at the Arlington hotel in Washing
ton. September ~. A call has been is
sued for the executive committee to NEE
at the same time and place. and it is eX
pected to begin the work for which thu
commission was appointed at once. l
will make Il thorough investigation of tn,
currency question IN all its phases. Tit
executive committee will bring before i
experts and historic and statistical dat;
gathered from all parts of the world AZ
we'll as q great many popular suggestions
and OrganiZa fions throughout the COun
try 1t is the desire of the commission
and of the executive committee that th'
people generally should contribute what
ever views or suggestions they have OF
| the subject. and all such matter mailed Il
! the monetary commission at Washington
will he given careful consideration. The
convention out of which the commits
sion grew laid down three points o
sound finance. and upon this platform
the report of the commission to congress,
|
| in this declaration were that the pres
emf gold standard should be maintained
that steps should be taken to insure the
| ultimate retirement of all classes OF
| United States notes by gradual and
steady process and so az TO avoid in
furious contraction of the currency OF
disturbance Of the business interest of
the country. and that until such retire
ment. provisions should be made for a
separation of the revenue and note issue
departments of the treasury. and that q
! banking system be provided which
should furnish credit facilities to every
portion of the country and a safe and
elastic circulation. especially with a view
of securing such a distribution of the
loanable capital of the country as will
tend to eaualiZe the rates of interest in
all parts thereof. -, s.,
1t is probable that Senator Edmunds
will be chosen to preside over the COM