The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1897-01-28
CURRENCY T0Pl(;
National Board of Trade Dis
cusses Various Matters of
Interest.
Resolutions FavOring a National
Monetary Commission
Adopted.
Greenbacks Should Be Retired
Gradually--An Interna- \
tional Coin.

WASHINGTON, Jan. 2S.-The nat ional
board of trade at its meeting adopted |
the report of the committee on bank
ing laws 1t was the opinion of the
committee that there could be estab-
lished consistent and deliberately
planned financial system. The plan
presented was briefly as follows:
First, that gold coin shall remain the
standard money.
Second. that steps should be taken to
retire all United States notes in such a
yay\aS not to disturb business rcla-
tions; that national banks shall be
allowed to issue currency TO the par
value of the bonds and the tax on cir
: culation be reduced, and that the banks
be allowed to issue currency based on
assets, under such national supervision
and restriction, as will make it safe,
elastic and redeemable in gold at the
bank of issue, and at the city of New
York.
Third. that such banks of issue with
a capital of $50, 900 or more be author
lied to be established in towns and
villages of less than 5000 population.
Favor . Monetary Cemmissieh.
The committee OH the subject Of q
monetary commission made report,
in which congress Is asked to create q
commission to consist of IL persons, to
be appointed by the presldentI two OF
whom shall be selected from the senate
committee on finance, and two from
the house banking and currency COM
mittee. OF the other seven members,
two shall be bankers of recognized ex.
perience and ability two agricultural
lists Of prominence; two merchants or
manufacturers of standing, the remain
ing member to be selected on account
of his recognized ability and Tearing in
the science of political economy. In
no event shall more than six members
be of the same political party. 1t is to
be the duty of this committee to enter
\ upon thorough and comprehensive
consideration of the currency and
banking affairs of the United States
and laws relating thereto. On or be-
fore Jan l., 1898, they shall make a
concise and exact report of their delib-
erations to the congress, together with
proper bill designed to carry their
recommendation into effect.
In case congress for any reason fails
to authorize the appointment of this
comm ion, the board declared its ap-
provat of the alternative plan of the III
dianapolis convention TO appoint such a
commission itself.
Common Monetary Unit.
The committee to which was referred
the subjects of "a common monetary
unit, and international cOin,' made Il
report favoring the change of the coins
of the United States, of Great Britain
and Germany, so as to correspond tC
the common unit of France, Spain and
other European countries, which con.
tains % grains of gold, nine-tenths fine
equal in value to the French 5-frant
piece; the passage of the bill now be-
fore congress for an international coin
was also recommended.
The passage of the Torrey bank
ruptcy bill, and the establishment of 8
department of commerce was also ia
yored The committee on waterway
and harbor improvements made re
port in which the the present system o
letting contracts for such work wa
condemned. 1t was stated that worth
less bonds of failed contractors to tn
amount of several millions were nov
lying in the treasury Of the Unite'
States and no prosecutions had been in
itiated against these bondsmen, ant
the result was that responsible con
tractors, as well as the people wer
constantly being defrauded. The i'm
provements in the Philadelphia harbo
was cited as u case in point. A resolu
ton was adopted, calling the attontio
of congress to the general subject G
the non-prosecution of the bonds G
failed contractors.