Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-26
Business Men Of the Country. De-
mand Further Legislation.
Two GREAT PROBLEMS TO Be SOLVED
Protection Of the Treasury Against
Raids on the Gold Reserve.
THE MONETARY COMMISSION
asr 'es

=
upon a measure Of currency reform which
they propose to present to Congress, with
the business sentiIsent of the country be-
bind it. The movement has been one of the
orking business men from the outset and
has been Independent of the Bankers Asso-
citation or any other body of purely finan-
cial men. The plan for concerted action by
the business interests originated with the
Indianapolis board Of trade, and was given
form by a committee headed by Mr.. Hugh
H. Hanna of that city.
The hard fight over silver last year, which
followed three years of financial depression
and anxiety, convinced Mr.. H. H. Hanna
and his associates that important changes
were needed in the currency system and
that it was high time for business men to
interest themselves in the subject. they
called a preliminary conference at Indian
apolis in December last, when it was re-
solved to invite the boards of trade from
all over the country to send delegates to
large conference IN January. the outcome
was delegate convention, which adopted
resolutions declaring for the gradual re-
tirement of the paper circulation and the
substitution Of banking currency. An
executive committee was appointed, with
Mr.. Hanna as the chairman.
To study the Problem.
This committee .aWas Instructed to ask
Congress to authorize the appointment of
a commission to study the currency prob
lem and report bill for the action of the
two houses. 1t was in pursuance of this
request that President Mckinley sent to
Congress his message urging the appoint
n ent of such a commission. A bill for the
purpose passed the House of Representa-
tives on July "A. but was not acted upon
in the Senate. Mr.. Hanna then called a
meeting of the executive committee. who
alternative
power given them by the Indianapolis con-
vention to appoint q commission of private
citizens. 1t is this commission which has
been at work upon comprehensive scheme
of currency reform. Their plan is APP
preaching completion and will probably
he given to the public at about the time
of the meeting of Congress in December.
the project of a commission of experts
for dealing with the currency has not be-
fore been tried IN the United States. Such
commissions have frequently been named
in Europe, and their reports are among
the most valuable contributions both to
theoretical and practical finance. One OF
the best written Of these reports was that
of the, British gold and silver commission,
in 1SSS. which ,sdiSSussed the various
phases of the silver question and the.argu-
merits for and againAts bimetalism, but
conc ssSed Swith the decentralization that
Great Britain adhsrs to the gold standard.
A commission of>fhi sort was appointed
by BE egoveEnments. Of Austria Huhsary
ton Of specie payIstsht I'll after an experience
with Observation-Disclosures almost unbroken
for one hundred yearss 1t was the report
CT similar comadissiAh which led to the
suspension of freeJeQihage in British India
in 1893 and the adopt IAN Of fixed par of
exchange for 7the silver rupee. These are
only fewr of the latepreports efrthis:char-.
acter -f.'; tisiiGa sni9siaAEhI> !.
I'm Epoch In QUIZ Finance
The bullion report submitted to the Brit
fSh Nerlio 1S1n
a political classic from that day to this,
and the Inquiries made In regard to the
failure Of the English banking act after
the crises of 1S47 and 1857 are almost
equally interesting The commission now
sitting at Washington may make a report
whfcn WIZ mark an epoch In American
nnance in much the same way as the bull
non report and the report of the Indian
currency commission in British finance
A report. outlining the conclusions of the
commission, is to be given to the public
within few weeks. The more elaborate
presentation of arguments upon every de-
tail of the proposed measure is being pre-
pared under the supervision OF Prof
Laughlin. the author Of "A History of BIZ
metalHsm i'll the United States,'' and may
require several weeks more for its compile
ton.
The monetary commission now in session
in this country differs from those appointed
abroad In the fact that 1t is distinctly rep
resentative of the business interests, and
has no official character. Some of the del
egates to the indianapolis convention be-
Heved that commission coming thus from
the heart of the business community would
have even greater influence than political
commission named by the President Presi-
dent Mckinley is understood to have de-
clared that he was immensely pleased with
the character of the appointments made
upon the commission, and that he could not
have made better selections if they had
been left to him. What is hoped by the
promoters of the work is that the report
of the commission will be approved by all
the boards Of trade which sent delegates
to indianapolis. ard that this unanimous
demand Of the organized representatives of
the business community will command the
respectful attention of Congress.
Senator Edmunds n Member.
Mr.. Hanna and his associates worked
hard to secure thoroughly representative
men on the commission, and were greatly
pleased when they obtained the consent
of Judge Edmunds of Vermont to serve as
chairman. Judge Edmunds is recognized
as one of the greatest lawyers in the coun-
try, and his word carried greater weight
during his long service in the Senate. from
1866. to 1891. than that of almost any other
member. He was recognized as absolutely
honest. almost unlimited in information
and unrivaled in clearneSs of intellectual
vision These great qualities he has
brought to the service Of the commission.
He hesitated at first to take the time nee
essary from the large practice which has
developed since he resigned voluntarily
from the Senate six, years ago. He assur-
ed Mr.. Hanna that 1t would give him
greater pride to be ASSOCIATED with this
work than with tany. other which could
possibly be suggassed,Iand he finally con-
ciuded THAT he Wsuld2 make the sacrifice:
Daniel Manning as Mr. Cleveiand's Sec
rotary of the Tfsas6fy. represents the
great financial inuareshsof New York. An
other member of the commission, Mr.. Stuy-
vesant Fish, is ale6 blew Yorker, but his
interests lie in thee west. He has succeed
ed as president o1ithe illinois Central rail-
road In securing the uhearty cooperation
of every employeoof THE system which he
has inaugurated Of selling them the stock
of the road upon smail installments. The
purpose Of the InAahapohs committee was
to make the comfifissieA essentially repre-
sentative of the basfhesE community rather
than of bankers Or of political economists
Mr.. Fish. Col. George,IE Leighton of st.
Louis, the vice ctzairWan of the commits
sion: Mr.. 7. G. Bash o. Alabama, Mr.. w.
b. Dean of Minnesotas Mr.. J. w. Fries of
North Carolina and Mr.. Louis A. Garnett
of California especially representative
OF this idea. Judge Robert S. TAYLOR of