Iron County register., 1897-09-23
MONETARY MATTERS.

Having Accepted-Personnet OF the Conn
mittee-ChOsea Without Reference to
Politics, but According to Geographical
Location and Different Lines of B0sl-
ness
INDIANAPOLIS, Ind. Sept 17-Hugh
81. Hanna, chairman of the monetary
executive committee yesterday an
nounced the completion of the COM
mission, acceptances having been re-
ceived from Louis A. Garnett. of San
Francisco, and Prof. j. L. Laugh1in,
of Chicago.
Prof. Laughlin is one of the best
known political economists of the
country and during the past few
years his writings upon financial ques-
tions have attracted worldwide atten-
ton. He was for a number of years
president of the Manufacturers Insur-
ance Co. of Philadelphia. and there
made record as a careful, conserva-
tive and successful business man. He
left this position to take the chair of
political economy in the Chicago uni
versity some years ago, and has since
been engaged in that work.
Mr.. Garnett is regarded as the most
eminent authority upon the Pacific
coast in matters of finance and cur
rency. lie organized the service of the
San Francisco mint, and spent many
years in 1T. At the close of this Serv-
ice he spent some years abroad in
travel and study of financial and eco-
nomic questions. Returning to San
Francisco, he organized the great re-
duction works known as the Selby
smeIter, with which he has since been
connected. He has made some very
valuable contributions to the Iitera-
ture of finance and is much consulted
by the large business interests of the
Pacific slope. Neither he nor Prof.
Laughlin are men of wealth, and in
consenting to serve on the commission.
none of whose members are compen-
sated, they make a considerable per-
sonal sacrifice.
The commission as completed by
these appoin tmentS is composed as fol-
lows: Ex-senator George f. Edmunds.
of Vermont; Charles S. Fairchilds, of
New York. eX-secretary of the treas
ury; G. Stewart Patterson, of Philadel-
phia, who was president of the none
tary convention last January; j. w.
Fries, of Salem, n. c., at the head OF
the great cotton industry that bears
his name; t. g. Bush, of Admission,
Ala, president of the Mobile Sc Bir-
mingham railroad and largely inter-
ested in the iron industries of Ala
bama; George z. Leighton, of st.
Louis, retired manufacturer; W. B.
Dean, of st. Paul, wholesale hardware
merchant; r. S. Taylor, of Fort Wayne,
lawyer; Louis A. Garnett, of San
Francisco; Prof. j. L. Laughlin, OF
Chicago; Stuyvesant Fish. of New
York, president of the Illinois Central
Railroad Co.
While no attention was paid to the
political leanings of the men chosen
lor the commission, it happens that it
contains six republicans and five dem
ocratS. There was, however, much
care given to the question of geOgraph-
ical representation and the distribu-
tion of the commission in different
lines of business. Senator Edmunds
was taken as representative of the
country at large, and of the other
members of the commission three are
from the east, two from the south, one
from the Pacific coast, one from the
northwest, one from the southwest
and two from the central west.
The committee has been called to
meet at the Arlington hotel in Wash
ington, September %. A call has been
issued for the executive committee to
begin the work for which the commits
sion was appointed at once. 1t will
make a thorough investigation of the
currency question in all its phases.
The executive committee will bring
1nE nrta or
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 Monetary Commission"
ut Washington will be given careful
consideration. The monetary conven-
tion. 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 declaration were that the present
gold 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
injurious contraction of the currency
or disturbance of the business interests
of the country, and that until such
retirement provision should be made
for a separation of the revenue and
note-issue departments of the treas
ury; and that a banking system
be provided which should furnish
credit facilities to every portion of the
country and safe and elastic circula-
ton, and especially with view of
securing such a distribution of the
loanable capital of the country as viii
tend to equaIize the rates 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
c0mniftaa