Omaha daily bee., 1897-01-12
TIE crRRENcY COMPETENCE.

There will be n great deal of interest
in financial and business circles through
out the country in the proceedings Of
the business mems currency conference
which will meet at indianapolis today
1t will be a representative body, embrac-
! ing number of men of national rcputc
| in financial and commercial affairs who
will give character and authority to the
deliberations. 1t is not the purpose of the
conference TO formulate a plan of cur
rency reform. 1t is proposed to commit
| that task to Il commission of experts to
be created by the conference. The ques-
! tion of currency reform will be discussed
in all its phases, but while no detailed
plan will be formulated the conference
will undoubtedly give expression, in the
| form of resolutions, to its Judgment of
what is desirable for reforming the cur
rency.
The conference Is timely. 1t is well
at this juncture to get in this way from
practical fnanciers and business men
their carefully formed opinion regarding
the currency system of the country and
their suggestions as to how it may be
improved. There is a quite general be-
lief that it ought to be and can be re-
formed. In the opinion of many it is
not sufficiently elastic. does not accom-
modate itself as it should to the varying
conditions of business Then there is TIL
complaint that in sections of the coun-
try there is rarely an adequate
supply of currency, while at the
financial ccnters money is much
of the time superabundant. The
chief contention, however of the adj
vocates of currency reform is that the
government must be "taken out of the
banking business" which means that
the legal tender paper obligations of the
government must be retired. 1t is safe
to say that the indianapolis conference
will be found practically unanimous in
favor of this policy. 1t may not pro-
rounce for any plan for retiring the
legal tender notes. since that would
forestall the proposed commission, but
that it will express itself in favor of
getting rid of this form of the currency
may bN Nollll'ltullN slHllCllDultNl.
a declaration of hostility to the green
backs will not be in accord with popular |
sentiment. No party will now propose
the retirement of that currency Rep |
r5Sontative Walker, chairman of the |
house committee on banking and cur |
rCncy, has said in effect that no such |
proposition will be considered by the re- |
ia q IL,
congress. In a letter recently written |
by senator sherman he says he does |
not SympathZe with the movement to
retire United States notes from circula-
ton. He does not think there is any |
danger or difficulty in maintaining n
limited amount of these notes in circula-
tion. "Thc maintenance In circulation"
said Scnaror sherman, "of S346,OOO,OOO |
United States notes, supported by re-
serve of %lOO.0CO.GO0 gold. not only saves
the interest on $24GO0000O of debt. bur
is II vast convenience to the people at
large. The absolute security of these
notes was never called in question: after
the resumption of specie payments in
1879, until the reserve was being
trenched upon to meet deficiencies in
current revenue brought about by what
is known rs the Wilson tariff law of
1854" 1t is not TO be doubted that this
expresses the view of II large majority
of republicans in congress.
1t is Il reasonable expectation that the
indianapolis conference will be able to
contribute something toward the solu-
tion of the currency problem but if so
it must do more than urge the retire
ment of the legal tender notes.