The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-10
MONETARY COMMISSION.
the MEMBERs TO CONVENE AGAIN
MONDAY.
The Work Has Been Mapped Ont and viii
be Pushed Forward TO conciuslon'
Vast Deal of Data.


day. During its brief session IN OCTOBER
its time was devoted to discussion OF
the nature and scope OF its Work, and 10
prouerly organizing so as to carry out
its work In a 81 stematic fashion. The
work was divided under three general
heads. metallic currency demand oDhga-
tons Of the government, and the bank
ing system. The commission divided
itself up to handle these three SUBJECTS
with the following committees:
On Metallic Currercy-C. Stuart Pat
terson. of Pennsylvania Louis A, Gar
Jet, of California; J. Laurence Laughiin,
OF Illinois.
on Demand Obligations OF the Govern
nert-Robert S. Taylor of Indiana, Stuy-
vesant Fish, OF New York; J. w. Fries.
OF North Carolina; George +. Edmunds,
of Vermont.
on the Banking system-Charles S.
Fairchild, OF New York; T. G.. Bush, or
Alabama; w b. Dean, OF Minneapolis,
George T.. Leighton, OF Missouri
GREAT MASS OF DATA.
In the meantime the secretaries have
been very busy classifying and preparing
in convenient shape the great mass OF
data and suggestion that have alre 1dy
reached the commission, Much Of 1t had
accumulated an the hands OF the Execu-
tive committee before the commission
was appointed, and a great deal has been
received since that time. Chairman Han
ma Of the Executive Committee arranged
a very simple scheme for the preparation
OF this data. As it comes before the
commission il is all upon paper OF the
same size. perforated FOR filing in con-
venient shape. That pertaining 10
metallic currency is upon paper tnged
with bun. The paper upon which the
data concerning government demand OBJ
legations IS presented has greenish
cast and matter concerning the bank
ing systems is upon red-tinted paper All
the data is prepared i'm duplicate, one
copy for each member of the commission
and a member can tell at glance by
the tint of the paper whether IL IS mat
ter pertaining TO his own committee or
one OF the others. Thus while each man
gives special attention TO the matter
with which his own committee IS occu-
pied he is keeping in touch with all that
comes before the others committees, and
there are Of course frequent cOnsula-
lions OF the whole commission
WORK JUST BEGUN.
The Executive Committee did not cease
operations when the commission was APP
pointed and organized. In fact. Chair
man Hanna regards its work as only
begun. He regards the commission as a
quasi judicial body 10 pass judgment and
make a report upon the matter present
ed to it, and Will see that experts upon
finance and banking are brought before
the commission 10 give their views and
that all data obtainable from all parts
Of the world is properly presented.
The work OF the committee upon metal
lie currency viii be the simplest OF the
lot. The monetary convention declared
for gold standard and this committee
liz
though it will make an investigation OF
the operations OF the single gold stand
ard and the single silver standard in
various countries as well as the efforts
10 maintain o bimetallic standard, and
will report upon the result OF their in
yestigatlons.
The committee on demand obligations
Of the government has a much more
difficult task. It will report upon the
history OF the various paper currency
systems the world has known and give
its estimates upon the value and the ef-
feet Of the various systems Of paper
currency.
BETTER BANKING SYSTEM
The Committee on Banking will not only
investigate and report upon the various
systems Of banking that the world has
known. but viii ondeavor TO make such
recommendations as will In its judgment
bring about a better system Of banking
IN the United States. The commission
Is impressed with the idea that American
methods OF banking do not afford the ia
( cillties they should for the small farmers
and men OF very moderate resources.
There are two or three difficulties"
said one of the members Of the commits
sion in conversation with your CORE
spondent a few days ago, that I think
can possibly be obviated. In the first
| place our banking facilities and banking
capital might, TO advantage be somewhat
more evenly distributed throughout the
| country. There Is surely some method
/ OF doing away with this thing Of having
money command and 10 per cent. interest
! I'm the Southern and Western agricultural
communities. upon paper that IS perfectly
sound, when Il will only command four
| and half and five per cent. upon paper
I Of equal soundness I'm the Northern Sea-
board States. Then we should find way
20 encourage the making Of small loans.
| am convinced that half the discomfort
| that finds expression In the periodical de-
mands for currency imitation, arises from
| the fact that the man OF small resources
! finds II difficult If not impossible, TO OBJ
| tain a loan at a reasonable rate Of in
terest. Under our system the banks do
| not care 20 bother with loans OF less than
| $1,000. and I have never heard OF them
/ making one for less than Slo0. Yet a man
who has a single bale OF cotton. one hum
| dred bushels Of wheat, two or three hun
| bred bushels OF corn, or a like small
| amount Of product. ought 10 be able to
obtain q loan that will enable him 10
carry that commodity until In his judg-
ment the market price for it Is right.
LOANS AT SMALL PROFIT.
ut IL seldom that wheat commands
the highest price Just at threshing time
or that cotton can be sold to best adyan-
tage right after the picking, or that corr
can best be sold IN husking time. Yet tbs
man who has not enough 70 fill a large
apartment in the warehouse, and take out
warehouse receipts, has nothing upor
which he can borrow money as collateral
| II he did hold warehouse receipt for q
single bale OF cotton, or one hundred
bushels OF wheat, he would find it i'm
possible 10 go TO a bank and get a lOaT
upon II. The bank will not do so because
the care of such loans. the salaries Of
| clerical help necessary 70 do II. the cost
of exchange. and that sort OF thing
would eat up the profits of the loans
| The borrower is therefore. compelled. II
! ne cannot borrow from personal friend
10 70 on having things charged TO hin
at the store. at the highest prices, or tC
hypothecate his products. or pay chatte
mortgage rates of interest for a loan
They do these things better In France.
With their proverbial thrift and care foi
the interests Of the small proprietors, the
French people have a banking system
that enables them 10 get loans from thu
banks as small as one hundred francs