The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-11
Special correspondents

Special Correspondence
WASHINGTON, Oct, 9,'-The mem
beers Of the monetary convention viii
convene again Monday morning and be-
gin their real work of investigating the
currency problem. 1t is not likely that
the commission will take another ad-
journment for so long time until 1t
finishes It's labors, though it is probable
that 1t will frequently adjourn over
Sunday. During its brief session in Oc-
tober It's time was devoted to Discus
sion OF the nature and scope OF Its work,
and to properly organizing so as TO car
ny out its work in a systematic fashion,
The work was divided under three gem
eral heads, metallic currency, demand
obligations of the government, and the
banking system. The commission diyid-
ed itself up to handle these three sub
jects with the following committees:
on Metallic Currency-C, Stuart Pat
terson, of Pennsylvania; Louis a. Gar
nett, OF California; ]. Laurence Laugh
lin, of Illinois.
ON Demand Obligations OF the Gov
ernment-Robert S. Taylor, of Indiana;
stuyyesant Fish. of New York; j, w.
Fries. of North Carolina; George F. Ed
munds, OF Vermont
on the Banking system-Charles F.
Fairchild, of New York; T. G. Bush, of
Alabama; W. B. Dean, of Minneapolis;
George E. Leighton, OF Missouri.
In the meantime the secretaries have
been very busy classifying and prepar-
ing in convenient shape the great mass
of data and suggestions that have al
ready reached the commission. Much
of 1t had accumulated in the hands of
the executive committee before the
commission was appointed, and Il great
deal has been received since that time.
Chairman Hanna, of the executive COM
mittee, arranged very simple scheme
for the preparation Of this data. As IT
comes before the commission it is all
upon paper of the same size, perforated
for fling In convenient shape. That
pertaining to metallic currency is upon
paper tinged with buff. That paper up
ON which the data concerning govern
ment demand obligations IS presented
has a greenish cast, and matter con-
corning the banking system is upon red
tinted paper. All the data Is prepared
in duplicate, one copy for each member
of the commission, and a member can
tell at a glance, by the tint of the paper
whether II Is matter pertaining 10 his
own committee or one of the others.
Thus while each man gives special at
tention to the matter with which his
own committee Is occupied he is Keep
ing In touch with all that comes before
the other committees, and there are, of
course, frequent consultations OF the
whole commission.
The executive committee did not cease
operations when the commission was
appointed and organized. In fact Chair
man Hanna regards its work as only
fairly begun. He regards the commits
sion as q quasi-judicial body to pass
Judgment and make report upon the
matter presented to 1t, and viii see that
experts upon finance and banking are
brought before the commission TO give
D
from all parts OF the world is properly
presented.
The work of the committee upon me-
tallic currency will be the simplest of
the lot. The monetary convention de-
clared for a gold standard, and this
committee will probably report the
same way, though 1t viii make an in
vestigatlon OF the operations Of the sin,
gle gold standard and the single silver
standard In various countries, as we'll
as the efforts to maintain bi-metallic
standard, and will report upon the re-
suit OF their Investigations
The committee on demand obligations
OF the government has n much more d..
tflcuit work task. 1t viii report upon
the history Of the various paper curren-
cy systems the world has known and
give its estimate upon the value and the
effect OF the various systems Of paper
currency.
The committee on banking win not
only Investigate and report upon the
various systems of banking that the
world has known. but VIII endeayor 10
make such recommendations as will in
It's Judgment bring about better sys.
TEN OF banking In the United States.
The commission Is impressed with the
idea that American methods Of banking
do not afford the facilities they should
for the small farmers aud men OF very
moderate resources. There are two or
three difficulties" said one OF the mem-
bers OF the commission In conversation
with the writer few days ago. that
think can possibly be obylated. In tho
FIRST place our banking facilities and
banking capital might TO advantage be
somewhat more evenly distributed
throughout the country. There ~ sure
Is. some way OF doing away with this
thing OF having money command nine
and ten per cent Interest in the south.
ern and western agricultural cOmmunl.
ties, upon paper that ls perfectly sound
when II viii only command four and a
half and FIVE per cent upon paper Of
equal Boundncss In the northern sea-
board states. Then we should find q
way to encourage the making Of small
loans. am convinced that half the dis.
content that finds expression IN the
periodical demands for currency inAa.
ton arises from the fact that the man
OF small means finds II difficult, II not
impossible. to obtain loan at reason.
able rate OF interest. Under our system
the banks do not care TO bother Win
loans OF less than 81 900, and have ncv.
or heard Of them making one for less
than 800. Yet man who has a single
bale OF cotton, one hundred bushels Of
wheat, two or three hundred bushels Of
corn, or like small amount OF product
ought 10 be able TO obtain n loan that
will enable him to carry that cummod'
ity until In His judgment the market
price for II IL right II IL seldom tina
wheat commands the highest price Just
mt thronhlng time. or that cotton can ~
pgld To best ADVANTAGE right after the