The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-13
A "NfONrrAEy" COMMISSION.


A "MONErAEY" COMMISSION.
The need Of the country IS a non-parti-
san Currency Commission of capable men,
who understand the difference between
the currency necessities OF the people who
live in cities and do their business with
checks and notes. and people who live in
the agricultural regions and who cannot
do their business with checks and notes
but must have actual cash or currency
for their transaction. The whole money
and currency problem lies right there.
Not one person in one thousand has ever
appreciated the fact that there Is a radi-
cal distinction between the needs OF these
two classes Of the population. and our
currency system has come to have regard
to the needs Of the urban population only
and has totally dsregarded the needs Of
the rural population, and that is the
reason free silver's stronghold is in the
country districts and amongst the farm
ers II we could once see the whole popu-
lation come to a realization of this
foundation fact, we should soon see all
OF our ills brought TO an end.
indispensable as a Currency Commits
sion Of this sort is, we fear there is
little chance that Congress will provide
for one, at this session certainly, and
but little better chance for 1t at the
next. The administration being in favor
OF a commission, the House Of Represen-
tatives would probably pass a bill pro-
viding for one. But the intermediate de-
bate permitted by the Senate's rules
would be bar to it's passage through
the Senate. Two classes of Senators
would oppose its passage-the Senators
who have silver TO sell and who want
one dollar for every fifty cents worth Of
it, and the Senators who have secured
their places by misleading ignorant men
into thinking the Government can turn
fifty cents into dollar. and who fear
they will lose their places If true cur
rency system were adopted. These Sena-
tors will speak against the passage OF a
Currency Commission bill until 1t will
be defeated at this extra session, and
they may weary its advocates out even
at the regular session.
We believe the need for a Currency
Commission is becoming better under
stood by the people, and that its advo-
Gates are growing in numbers. although
they still remain as ignorant as ever Of
the true occasion for one. The New York
World for instance, has an editorial ar
ticle in Sundays issue. recalling the fact
that four years ago, when the repeal
OF the sherman act was before the coun-
try. It urged the appointment Of None
tary Commission TO study our condition
and report a plan for monetary sys-
TEN that would give satisfaction to the
people. and it renews its advocacy OF
such a commission now. The World, like
everybody else, feels that something Is
needed but it is hitting in the dark. and
It has no definite idea of what the needed
thing is. In arguing for Monetary
Commission" il is really arguing for
Currency Commission. though It's editorial
writer has not the faintest idea OF the
radical distinction between currency and
money. We have no need for a None
tarv Commission. Our money system Is
as good as one can be. 1t consists OF the
dollar composed Of 1922 grains OF gold
with its alloy, and of silver for token
money, that is for change, kept up TO the
value Of its corresponding gold coins by
the Government always receiving It as OF
its face value. That is the ideal money
system, and we could not improve upon
II II we tried. But human experience has
taught us that our money will not, by IT.
self. furnish all the monetary conven-
fences that people who have no banks at
their doors require. Business. whether
done in the country or in the city. IS
done by transferring credits. The man IN
the city transfers a credit by check on
his bank But the countryman has no
bank account, and he must have an ac-
tnal visible credit instrument that he
can deliver manually. This is absolutely
indispensable to him.
Now. what we want, IS no Monetary
Commission at all, but a commission TO
study the countryman's situation ana
find out a method that will give him as
many Of these credit instruments as MS
case requires. that will be Of character
10 make them stay with them when they
are once issued. When we get that sys-
tenn we will end the agitation for cur
rencv reform. but we will never end it
- ~, -. IL. ..ot snch q sNstem.