The times., 1897-12-16

/ tAt l6AlOu Ul MlutdN DdllhS. NtNtI lEttl
the people bad SO perfect a currency as
now Mr.. Anderson held that the resOlu-
tious submitted by the committee tended
to Il return To the wildcat scheme OF
currency. lie opposed the resolutions with
| yigor and cautioned the National Board Of
| Trade TO "go slow"
Mr. Rich commended the resolutions Mr..
] Rice, Of Boston, defended the committee
and was interrupted SO vehemently that
/ the chairman had To pound for order.
An amendment was proposed that na-
| tional banks having a capital Jf 81 100000
might establish branch in other countries
| on this continent. Mr. Steever, OF Chicago,
! wanted tOkno " how these branch national
! banks in other countries could be kept
under the espionage of the United states
national bank examiners.
Mr.. Berry, OF Chester, said that the dis
cussi9n had developed the fact OF the
difficulty OF floating enough currency on
! the present specie basis. He said mat
continued fan in the general range OF
prices has heeu observed in this codn:ry
| during the last twenty-five years; and that
the Royal a gricuIluraI Commission OF Great
Britain reports that the same con lit,on
exists in England ana her colonies as well
]
the world. The beginning OF this Ill
yergence, ana consequent loss OF the debt
paying power OF property in gold-standard
countries, is clearly defined as coincident
with the suspension of the historic % icy
| and custom OF freely coming silver into
standard money on private account in the
miuJs Of the United States, France, Ger
many and the Latin Union,
ha rs4C1gff ,f this cont iY.,,..I 4, fY,
price or debt-pa wing power OF properly
ana products in gold-standard countries
has been To un5ustIy increase the burden
upon every debtor to allow the creditor
class 10 bsorb the increase in the pro-
ductive power Of the people without Ie
turning al equivalent, and to dfscour ,ae
The production or Improvement Of all
forms Of wealth, except money, untn
stagnation ami paralysis have overtaken
almost every branch Of productive enter
prise. He said that tie cause Of this
disastrous condition is the lack OF ade-
quate competition in the production Of
money ana ITS consequent rise in lalue
or purchasing power: and that the scarcity
Of real money ha : led to the I>c az
enormous quantities 3r substitutes for
money in The shape OF credit iustrumcl :,
=
Deen put into circulation without the
employment Of labor Or other cost Of
production.
He showed that the total amount II
money OF every kind in circulation I'm rn;s
country is shown by official reports to he
81, 100000, 900, and that our people
have on deposit in our various bapSs
S5,OG0,U00 600, showing that the title
tC every dollar IN the country is vested
IN at least three different citizens: and
ti.st as the law required the national banks
e hold 25 pei cent of their deposits in
cash in reserve, and common prudence
requires the other banks 10 DO the same,
if this Were done almost every doil n in
the country would be locked up in the
banks. he urged that an immeGiste
addition q 81, 100000 900 Of otuIl
money is needed in this country, so that
each of Cur citizens may have his own
and the banks may carry a safe reserve
and leave the people with money or
current use, and that every new don n
shall be d sound" dollar, made Of a
commodity produced by labor. and .he
cost Of producing which, under free com
petition by our people, viii keep pace
with othel commodities under the march
o. improved methods.
He deu.sHded thaU the United States
uiuts be opened TO the free coinage of
siiyef at tile ratio OF I6 10 I with gold, and
that silver certificates OF fun legaI-teuder
quality hc issued for bullion ds fast as it is
presented q the rate Of 412I graius
% the dollar.
Mr, H"okcr's amendment to the report
Of the finance committee that certain Ia
u0naI banks be allowed to establish
branches in other countries on this cont
nent was read and lost.
Mr.. Wood. Of Philadelphia, offered a
substitute Tor the committees report. ex-
pressing confidence In President Mckinley
aud Secretary Gage. which was voted on
and lost The report was then adopted.