The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-15

means that are practically as we'll as
theoretically, adapted to the end they
have in view.
This convention, it seems to us, has
acted as wisely as was possible
under the circumstances. Its dec
laration of principles has no uncertain
sound. 1t announces that the none
tary system of the future shall be based
upon three fundamental principles. The
first is the maintenance of the present
gold standard, which Is the standard OF
the whole commercial world, and will
continue to be, no matter what local
edicts may go forth. The second
to retire the greenbacks by such
process as shall not disturb the
business interests of the country or i'm
pair the usefulness of the tool called
money. The third is that a banking
system shall be constructed allowing
note issues against credits, and throw
ing upon the banks, instead of the
treasury, the duty of redemption, while
automatically adapting the volume of
the currency to the requirements of
business. To every one of these propo-
sitions we give an unqualified assent.
This is the policy which the G o e
has adhered to from beginning to end,
as containing the only possible solu-
ton of the currency problem.
AS to the method of bringing about
this reform, the convention found itself
involved in difficulty 1t has to confront
a do-nothing congress and party that
must be driven to action by the prick
ing of innumerable bayonets in it's
rear. 1t is suggested that an executive
committee be appointed to endeavor to
secure the appointment at the coming
special session Of monetary commits
sion by the president, to consider the
subject and report at the earliest posi-
BILE moment. Should congress refuse to
do this, then the executive committee
is to select, of its own motion, a rep
resentative commission to go over the
same ground and to do the work. This,
to us, looks like just such practical
beginning as one might expect from
practical business men. No convention
is likely to prepare and formulate a
complete system of currency reform
The work cannot be done in a day
Great Britain accomplished the reform
of her monetary system by basins it
upon the famous Bullion Report" 1t
will be necessary to have, in this coun-
try, a thorough investigation and a
calm statement of the whole subject
somewhat similar to that in extensive
ness. accuracy and authority, before
the legislature can be expected to act
Any measure originating in congress
itself is certain to be a mixture OF
compromise that would leave us worse
off than ever, by stimulating new dis
trust and spreading abroad the convic-
ton that nothing final or satisfactory
would be done.
When the new congress, which was
actually elected on this issue, Is ap-
pealed to to constitute such a commits
sion, it cannot refuse without alienat-
ing the whole body of sound money
supporters, by whose assistance it's VIC
| tory was accomplished, and upon whose
! votes it must rely for future success,
1t seems, therefore, quite probable that
the appointment of such commission
can be secured. If not, then the bust
ness interests of the country must
move in concert, and force their views
upon a reluctant Legislature by a pres
sure which it cannot resist Either by
act of congress or by act of the ex-
ecutive committee appointed, there
will come into existence, before MANY
months have passed, a commission
charged with the work Of preparing ana
presenting a complete scheme for cur
cency reform. This is the first step,
We believe that the Indianapolis con
ventiOn has acted wisely, and that
from its work will date the beginning
of that scientific reorganization of our
monetary system which must be
brought about, unless we are to remain
forever in the slough of financial I'M
certainty, business depression and sue
cessive crises that carry down with
them the solvent and the insolvent
in company.