Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-11-18

Commission is Mr.. Horace White uf the
New York Evening Post, author of that
admirable work, Money and Bank
ing, Mr.. White said Il would re-
commend tho redemption, retirement
and cancellation OF all legal tender nntes
as a iirst step. Probably this silver Ger
titicates and silver dollars would there
after remain at par with gold, hlIe the
outstanding thalers of Germany, and
would not be presented for redemption
in any considerable amount, being
needed, like the smaller silver coins,
for circulation in retail trade. After
the retirement OF the legal tender notes
We should be able to SEQ better what to
do next" His further suggestions are
reported in the following colloquial
form:
Question by the Commiasion-For the
purpose of facilitating the use Of exiet.
ing silver currency what do you re-
commend as the smallest denomination
of United States notes and bank notes
which should be put In circulation
Answer-Ten dollars at first, hut this
should he made matter OF experiment,
the object being to determine the Iii
mensionH of the field OF circulation
which will absorb the silver currency,
leaving the rest TO bank notes.
Q.-Un what grounds, il any, would
you favor the gradual but entire with.
drawal of the Treasury notes of 1870
and OF the United States notesY
A.-On the ground that there ia no
certainty and can be no certainty thnt
tho government will always redeem
them in gold. Redemption or non-re-
demption is a political issue to be
fought over in elections, and must re-
main 30 as long az this kind of paper 10
outstanding. Mere uncertainty ia always
drawback to business prosperity.
Failure of redemption you'd be bank.
ruptcy-public and private.
Off it shall be CeCided to retro
the United States notts, how can it be
done without adding 10 our bond debt?
A. by cRncelling oil TINT are re-
ceived at the Treasury for taxes or pre-
sented for redemption, or all 30 received
over and above thegovernment'a neces
sary disbursem enti.
Q.How in that case can provision
be made for maintaining an adequate
amount of currency available for pur
| poses of business!
! A.--+Proyiaiol will be made auto.
matically in tasinus ways, viz by re-
tanning the gold produced by our own
minss, by Importing gold from abroad
| and by the issue of national bank notes,
Oft il be thought inexpedient to
| fund the United States notes. how car
they be redeemed with an assurance that
hank currency will take their place?
A.--fhe assurance ia found in thu
fact that in every case where currency
| vacuum has existed it has been filled by
bank notes. This was ths case in tht
panic of 1893. The process of taking
out notes might be made moro ex
peditious. That is matter OF machiner,
and of legal regulation. 1t is perfectly
certain that il there IS profit in lssu
ing bank circulation il will be issued
| Mr.. White ia one OF the ablest ex
ponents of sound finance in the United
States, and his views, as above reported
should receive the careful consideration
of all interested in the subject.
We also desire to call attent ton, il
this connection, to summary of Mr.
John G. Bullitt's scheme OF currenc,
reform, which is printed in auothe
part of this issue. Mr.. Bullitt is I
leading lawyer of Philadelphia, and ha
made the national financial situation
subject OF close and careful study. His
scheme of currency reform, which !
fully explained in the careful summar
which We publish, is regarded il
financial circles as the best yet sub
mitted TO the Monetary Commission.
The Importance of the subject canno
be denied, nor can the absolute neces
sity of reform uf our national cur
rency system longer be ignored. Tn
existing evil stands as storm barrie
against the return OF that business con
fidence upon which prosperity is abso
lutely dependent. 1t is true that tn
prospects of favorable action by Con
gress are very remote, but that does no
alter the situation. II only makes NOR
imperative the duty of calling attentio
to the subject and presenting ever,
possible reason why Congress shoul