The Saint Paul globe., 1897-09-17
THE MONEY PROBLEM
OF TWO CONTINENTS.
Bank of England Holds American Commission for
Out Hope to the BIZ Financial Reform
metaIlists. Completed.
GOLD STANDARD VS.. FREE SILVER COINAGE
FREE SILVER COINAGE
Work of Formulating a Plan
to Be Undertaken at
Washington With
out Delay.
Experts in Finance.

INDIANAPOLIS, Ind, Sept. 16.-
Hugh H. Hanna, chairman of the mon
etary executive committee, today an
nounced the completion of the commits
sion, acceptances having been received
from Louis A. Garnett, of San Fran
CISCO and Prof. J. L. Laughlin, of
Chicago. Prof. Laughlin is one of the
best-known political economist OF the
country, and during the past few
years, his writings upon financial ques-
tions have attracted worldwide at
tention. Mr.. Garnett is regarded as
the most eminent authority on the
Pacific coast in matters of finance
and currency. He originated the serv-
ice of the San Francisco mint and
spent many years in it. At the close
of this service he spent some years
abroad in travel and study of financial
and economical questions.
The commission, as completed by
these appointments, consists Of ex-
Senator George F. Edmunds, of Ver-
mont; Charles S. Fairchild, of New
York, ex-secretary of the treasury;
Stewart Patterson, Of Philadelphia,
who was president of the monetary
convention last January; J. w. Fries,
Salem, N c., at the head Of the great
cotton industry that bears his name;
L. G. Lush, of Alabama, president CT
the Mobile & Birmingham road, and
largely interested in the iron industry
Of Alabama; George E. Leighton, of
ST. Dowds, retired manufacturer; w.
B. Dean, of st. Paul, wholesale mer-
lawyer; Louis A Garnett, of San Fran
cisco; Prof. J. L. Laughlin, of Chicago;
Stuyvesant Fish, of New York, presi-
dent of the Illinois Central railroad.
While no attention was paid to the
political leanings of the men chosen,
it happens that it contains six Republi-
cans anG five Democrats. There was.
however, much care given to the ques-
ton Of geographical representation
and the distribution of the commission
to different lines of business.
The committee will meet at the Ar
lington hotel, Washington, D. c., Sept
% A call has been issued for the ex-
ecutiVe committee to meet at the same
place, and it is expected to begin the
work for which the commission was ap-
pointed at once. 1t will thoroughly in
VeStlgate the currency question. The
executive committee will bring before
1t experts and historical and statistical
data gathered from all parts of the
world as well as great many popular
suggestions that have been received
from individuals and organizations
throughout the country.
1t is the desire of the commission and
the executive committee that the peo-
pie generally should contribute what
ever views or suggestions they have
upon the subject and all such matter
mailed to the commission at Washing
ton will be given careful consideration
The monetary convention, out of which
the commission grew, laid down three
points of sound finance, and upon this
platform the report of the commission
to congress will be based
The principles contained in this dec
laration were that the present geld
standard should be maintained; that
steps should be taken to insure the
ultimate retirement of all classes Of
United States notes by a gradual and
steady process, and so as to avoid in
furious contraction of the currency or
disturbance of the business interests
of the country, and that until such re-
tirement provision should be made for
separation Of the revenues and note
issue departments of the treasury: and
that banking system be provided
which should furnish credit facilities
to every portion Of the country and a.
safe and elastic circulation especially
with a view Of securing such a distri-
button of the loanable capital of the
country as will tend to equalize the
rate of interest in all parts thereof.
1t is probable that Senator Edmunds
will be chosen to preside over the COM
mission A force of secretaries and
clerks sufficient to do all the clerical
| work will be provided by the executive
| committee.