The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-11-15
MONEY and BANKING.
Answers to Interrogatorics Of the
Monetary Commission.
ADVOCATES RETIRING GREENBACKs.
How Horace White Mould Provide
an Elastic Currency.
GOLD WOULD BIB THE BASIS.
In General MIR. whitr Approves what
Is Known az the baltimore Plan.
Might Except Pacific Coast.
GOLD WOULD BIB THE BASIS,

Washington, November 14.--Mr. Horace
White, whose book upon Money and Bank
ing" has attracted SO much attention has
submitted some clear cut answers TO the
interrogatories OF the monetary commits
sion regarding improvements in the cur
rency system of the United States,
Mr.. White is an outspoken advocate OF
the retirement of the greenbacks and the
adoption of an elastic banking currency,
based upon business assets. He declares
that the silver dollars should be redeemed
In gold and In a financial sense there Is
no difference between the several forms OF
government fidicuary circulation, OF which
silver dollars are part.
THE latter" he declares, ''are metallic
greenbacks." He does not believe that
the amount of circulation presented for re-
demption, retirement and cancellation OF all
legal tender notes as Il first step. Probably
the silver certificates and silver dollais
would thereafter remain at par with golu,
like the outstanding thalers of Germany,
and would not be presented for redemption
IN any considerable amount, being needed,
like the smaller coins. for circulation IN
retail trade. After the retirement OF the
legal tender notes We should be able 10
see better what TO do next"
Question-For the purpose of facilitating
the use of existing silver currency what
do you recommend as the smallest deaom-
nation of United States notes and bAnK
notes which should be put in circulation?
Answer-Ten dollars at first. but this
should be made a matter of experiment, the
object being TO determine the dimensions
of the field of circulation. which VII alb
sorb the currency, leaving the rest 10 bank
notes.
In regard to the legal tender notes, Mr..
Whites responses were as fellows.
Question-On what grounds, If 1ny,
would you favor the gradual, but entire
withdrawal Of the treasury notes of 1880,
and OF tho United States notes!
Answer-On the ground that here Is no
certainty, and can be no certainty that the
government will always redeem them in
gold. Redemption or redemption is a
political issue to be fought over in cleo
tons, and must remain SO as long as this
kind OF paper is outstanding. Mere un-
certainty is always a drawback TO bust
ness prosperity. Failure of redemption
would be bank; uptcy, public a I'd private.
Questi5n-lt 1t shah be decided to retire
the United States notes, how can 1t De done
without adding 10 our bonded debt?
......... -, -.
eaiosii'ns az ehis aAe ~
ceN.u AT lne treasury lor taxes OF present,
eu ior leuenip.ioh, vi are reeel'eo over anu
eooNe .he soNeihinen' heoessa'y us
puiseiil. hts'
Ques'ionI IA ,hat eafe' eai' provis-
ION DC ihsue lor inali'a,hins an auequate
amount Oh currency a'aiiaoie ior purpoaes
oi pusin'ss
Ahs"ef -rrovls'on WIN DC l'lue autenia,-
loalg III NarierS ways, n'nne.! ~ ps
re re-, tne golu pl,gucsu py pu' ,athes,
~ ny iAlpot ing soui I'm ap' ~ 70, W
the issle oi National pahh no'es. iip ,
10 'he civil war ,he soNerhiuent gave l.seit
no concern apo't me pfeVeiiihs currency
TOT purposes Oh business wv the suPlly
was never ue'e,en', .
ouest'on-I DC .hought lheApeuiels
TO tond me unltso states notes. now eau
lhey De reueeHen WIFE au assurance tI''
pank currency VIII taSf tneir pace
Ans"er--Ihe insurance Is ionnd IN the
iaet mat IN every case wnere suIrehcy
vacuum mas eAis'eu II mas peeil niisu ~
oehk notes. ms WAS me eIse III 'hs penlc
OF 1879. The process OF taxing OUT notes
might De maze more eApeai.lots; inat Is
matter OF machinery ana regulation. !.
Is perfectly certain tnat II mere ~ p'ohe
~ i'@", ~ n" 4, - ,'rrSt q, 70 49,, r,,,sf
sued; II there Is 10 pr'nt III II, We nus ,.s
conclude eitheT thai the ia~ nceus ht'iei''.-
nent or that 'he ueiii"hu 'or currency ~