The San Francisco call., 1897-10-25
Variety of Suggestions
to the Monetary
Commission.
Every Phase of the Financial
Problem Treated in
Detail.
Work VIII Soon Begin on the
Measure to Be Submitted
to Congress.
Special Dispatch to THE CALL


WASHINGTON. Oct. 24-When the
Monetary Commission reconvenes on No
vember 1t will be ready TO begin the
preparation of its currency measure anu
the report that will accompany il. The
measure itself will not be one of great
length, and 1t is proba BILE that the report.
instead of attempting to give digest Of
all the suggestions and testimony before
the commission, will confine itself to a
clear statement of facts aud terse argu-
ment in support of the measure agreed
upon.
The people generally have respond ed
very freely to the invitation of the COM
mission TO contribute their views, and it
has received in this way II very fair index
OF public opinion upon the subject in
every section of the country. The ''crank"
letters have been very Jew. The great
mass OF the suggestions has been from
men who have evidently given much care.
ful and intelligent thought to the cur
rency question. The suggestions range
over every possible phase of the subject,
and almost every writer has some sug-
gestion TO make as TO the place that silver
should hold IN the currency of the coun-
try.
A number of men suggest the accept
ance OF silver in unlimited quantities with
the issuance of certificates at a market
rate for the bullion. with redemption of
these certificates when presented at rul-
ing market rates. But the plain effect of
this plan would be to make the silver GER.
tiicate nothing more nor less than a ware
house receipt, with the Govern ment act
ing as the warehouseman. Oilers suggest
that no paper money OF less than $40 de-
nomln alton b, issued in any form, thus
requiring larger circulation OF s. liver do
lars and subsidiary coins. But the expe-
rience of bankers has been that the small
notes have an enormous popularity. Sew
eral men suggest the coinage of a mon :
tary unit composed of comb nation OF
gold ami silver, and others suggest sim ply
the issuance of certificates representing
gold and silver ingots.
The commission asked a number of
questions oil a number of financial experts
and men OF Iarse experience in financial
affairs. The tenor of The replies received
is conservative and demolishes the rather
widespread notion that there is a desire
among men of this class for the With
drawal of greenback and treasury notes.
[
coun ry sad TO the Associated Press rep.
resentative in Discussing the work of the
com miSson:
81 think the revenue and finance de-
partme ents of the Government should be
comp. .etely separated. Revenue IS ore
ques ion and the problem of currency and
banking Is another, and in their details
they have no proper connection. I should
like to see our variegated paper currency
unlhed into two seCtiOns-coin certificates
and silver certi6cates-tDe coin certificates
to be confined to denominations of $40 and
over and the silver certificates 10 So. 81
and 81 bills, gradually Withdrawing all
silver certificates of denominations higher
than 50 The Treasury should hold a gold
reserve equal to % per cent OF the coin GER
titicates and the Secretary OF the Treasury
should be authorized 10 cancel all coin
certificates when paid in gold. He should
have authority to maintain the gold re-
serve at all times by purcnasing god with
| surplus cash in the Treasury and short
time Obligations ofthe Government Tariff
laws should be so adjusted as to insure a
small surplus revenue. and when they do
not the Secretary OF the Treasury should
/ be authorized 10 borrow enough on short
! time obligations 10 cover any deficiency in
| the revenue.
"The national banks should be per.
| mIttet 10 issue notes to the par value OF
| the Government bonds held by them.
| Canada has fairly good system for the
1 regulation OF bank circulation, and il
might be studied with profit. / do not
believe the American people are prepared
| for the WI hdrawal of the green backs OF
treasury notes, nor will they be until a
banking acl establishes an absolutely safe
bank-note circulation and he people come
/ TO recognize 1t as such. Such a bank cur
rency must be national in character. II
| would, be idle 10 talk of State bank is
sue Tn country has nad bitter expe-
rience in that dire' ton, and the people
| understand its evils"