The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-11
NEW BANKING SYSTEM
THE MAIN OBJECT AIMED AT BY THE
MONETARY COMMISSION.
Real Work of Investigating the Cur
rency Problem Will Begin in
Washington This Week.
ciaI 70 the Indianapolis Journal.

Special to the Indianapolis Journal
WASHINGTON, Oct 10.-The members of
the Monetary Commission will convene again
Tuesday morning and begin their real work
of Investigating the currency problem 1t
is not likely that the commission will take
another adjournnaent for SO long time un-
til it finishes it's labors, though it is prob
able that it will frequently adjourn over
| Sunday. During it's brief session in Sep
| tember its time was devoted to a discus
| sion of the nature and scope of its work
| and to properly organizing so as to carry out
| its work in q systematic fashion. The
| work was divided under three general heads
metallic currency, demand obligations of
| the government, and the banking system.
The commission divided itself up to ham
die these three subjects with the following
committees:
Metallic Currency-C. Stuart Patterson. of
| Pennsylvania; Louis A. Garnett, of Califor-
| mia; j. Laurence Laughlin, of Illinois.
Demand Obligations of the Government
Robert S. Taylor. of Indiana; Stuyvesant
Carolina, George F. Edmunds of Vermont
Banking System-Charles S. Fairchild, of
New York; Il. 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 preparing in con-
venient shape the great mass of data and
suggestions that have already reached the
commission. Much of it had accumulated in
the hands of the executive committee before
the commission was appointed, and great
deal has been received since that time.
Chairman Hanna, of the executive commit
tee. arranged a very simple scheme for the
preparation of this data. AS it comes before
the commission it is all on paper of the
same size, perforated for fling in convenient
shape. That pertaining to metallic currency
is on paper tinged with buff The paper
on which the data concerning government
demand obligations is presented has a green
ish cast, and matter concerning the banking
system is on red tinted paper All the data
is prepared in duplicate, one copy for each
member of the commission, and a member
can tell at glance by the tint of the paper
whether it is matter pertaining to his own
committee or one of the others. Thus while
each man gives special attention to the mat
ter with which his own committee is occu-
pied he is keeping 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 ap-
pointed and organized. In fact Chairman
Hanna regards its work as only begun. He
regards the commission as a quasi-iudicial
body to pass judgment and make a report
on the matter presented to it, and will see
that experts on finance and banking are
brought before the commission to give their
views. and that all data obtainable from all
parts of the world are properly presented
The work Of the committee on metallic cur
rency will be the simplest of the lot. The
monetary convention declared for a gold
standard, and this committee will probably
report the same way though it viii make
an investigation of the operations of the
single gold standard and the single silver
standard IN various countries, as well as the
efforts TO maintain a bimetallic standard
and will report on the result OF the investi-
cations.
The committee on demand obligations of
the government has a much more difficult
task. 1t will report on the history of the
various paper currency systems the world
has known and give its estimate on the
value and the effects of the various sys-
TENS OF paper currency.
The committee on banking will not only
investigate and report on the various svs-
tens OF banking that the world has known
but Will endeavor TO make such recon-
mendations as will in its judgment bring
about better system of banking in the
United States The commission is inn
pressed with the idea that American meth
ods OF banking do not afford the facilities
they should for the small farmers and men
or very moderate resources. There are
two or three difficulties" said one of the
members of the commission in cOnyerSatio
with the writer few days ago, that /
think can possibly be Obviated. In the first
place our banking facilities and banking
capital might be somewhat more evenly dis
trihuted throughout the country. There is
surely some method OF doing away with