The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-26
WHAT WILL THE COMMISSION DO >

WHAT WILL THE COMMISSION 10?
The very intelligent Washington cor
respondent Of the New York Journal Of
Commerce. Mr.. Charles a. Conant, writes
that paper a comprehensive review OF tho
prospect Of material results flowing out
Of such action as the Monetary Commits
sion, now sitting there, may take. lie
sayssthe greatest risk Of a defeat Of any
thing they may propose arises from the
little boom for international bimetallism
that the President has worked up by
sending Senator Wolcotts committee
abroad, aided. as IT has been. by the
countcnance 81 received in France and by
the very surprising letter that the Gov
ernor Of the Bank Of England wrote TO
the Chancellor Of the Excheduer. The
siverltes. ne says. will avail themselves
Of this smail-sized boom TO defeat any
recommendations. however sensible that
the Commission may make.
Mr.. Conant also says that Secretary
Gage is well known TO be in accord with
the most advanced currency reforms, but
that the whole administration, including
the Secretary Of the Treasury. will limit
their efforts in the direction Of currency
reform to ondeavoring to secure such
reforms as can be passed through Con-
gress. rather than such reforms as the
nature Of the case calls for.
All this is time and effort wasted. II
means that currency reform is 10 be lin
tied to patchwork on the national-banS
system. when there can be no reform un-
til the whole national-bank system in
Guiding government connections OF any
sort whatever with the currency IS abol-
ished. We do not mean TO say that banks
are not to be permitted 10 take out their
charters under IN act Of Congress instead
OF under an act Of a State Legislature
or that the banks are not to be examined
and inspected by examiners appointed by
the United States Government. BY no
means. Both measures are utterly use
less and utterly harmless, and IT IS
matter Of no sort of consequence where
a bank gets its charter or who appoints
tho entirely perfunctory person who goes
through the form OF examining them
But there can be no real reform in our
currency system until the government IS
ASSOCIATED from any connection what
ever with the important functions OF
banking. There can be no real reform
until the banks are permitted to use their
assets as they please and 10 put out as
many notes as their directors think pru-
dent. without any requirements Of any
sort frcm them, or bond security for those
notes.
When banks are allowed TO start up ac-
cording to the views Of those who risk
thrir money I'm them. and when they are
allowed TO put out just as many notes as
their directors choose TO put out upon
the security Of the banks assets only
then we shall have real currency reform,
hut not until then. The great talk OF
the dav is about a scientific currency.
But that is the only scientific currency
posslble. and its "science" consists I'm al
lowing all men TO exercise their national
liberties and rights in their own way.
That was the currency system we had
in this country before the war, ana then
we had the best currency system any
people ever had. That is the currency
system England has to-day, and she has
the best currency system Of any country
in the world.
This paper has. for five years been
calling attention to the fact that money
Is high in New York every fall, because
all Of it is then sent South and West 10
move the cotton and the grain crops,
and II has asked time and time again
why it was necessary 10 send 1t every
fan? Why, II the currency is suited 70
the needs Of the people, does not one
sending answer? why does it not stay
amongst the people after It gets amongst
them? As a matter of fact, we know
that II has hardly moved the crops be-
fore il is on its way back TO New York,
and I'm three months after the crops are
moved the country people are as bare OF
currency as II they never had had any.
our persistent hammering at this point
has al last borne fruit. The Deputy
Comptroller Of the Currency issued
statement few days back calling at
tention to this fact-almost in the terms
Of our various articles on the subject. II
is one of the most fragrant and apparent
facts OF the day and il proves to a dem
onstration that national currency. bear
ing the nations endorsement. so that It
will be good at its face all over the Union.
will not do for our vast and sparseiy-
settled regions, because Il all runs. by
the law Of its own nature, TO the CONNER
cial centres and leaves the agricultural
regions bare OF media OF exchange.
VIII the Washington Commission have
the sagacity and the courage to recog-
nize this foundation principle and TO rec
ommend TO the country that the United
States Government shall be ASSOCIATED
from all practical and effectual connec-
ton with the currency of the people?
THE INDEPENDENT VOTER.
We take the following paragraph from
Northern exchange:
Years ago. long before the war there