The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-19

cussing the question What legislation
q needed in respect 90 the currency"
bs6re the Bankers Association, to-
day, said:
Mr. President and Gentlemen:
lam invited to suggest What lesis-
nuon Is needed in respect to the cur
rar1g" -,-..,s
he the best Nothing short OF the best
wlII serve the higher and larger inter-
ests OF our country,
It's value should be fixed and stable.
II should be adequate to the needs OF
I, Should expand and contract auto
mltiCllly,
II should be simple and uniform.
u should he SO distributed throughout
our territory that every man entitled to
credit should be able 10 obtain its use
at a fair rate.
such an ideal currency Is possible OF
attainment II we approach the eonsid-
Grafton of the subject with the deter
mlnltion to overcome all prejudices, TO
forget all petty interests, fully resolved
IN spite OF difficulties, TO give the coun-
nv n nHfIfC1 i1tb1hih Va NNNhohHN'
The ignorance which surrounds the
currency question is profound.
To reform our currency we must I'M
dertake and push to successful issue an
educational campaign, basing our in
structlon upon a broad foundation OF
recognized economic principles, already
clearly demonstrated by the banking
experience OF the world.
w, f..,Ngt NOT at1pw plrgntVha IN hn
discouraged by the vastness OF our I'M
dertaklng.
The interests of the people and the
bankers are one.
The currency Is tho vital commercial
question OF the day gHI upon the an
swer OF the American people much de-
Ponds
| believe that answer will be wise.
believe good sense and sound judgment
will prevail; but there Is danger in de-
lay.
our answer is awaited with interest
by the civilized world, for we stand in
the forefront OF nations. Our national
progress is without parallel, Natural
conditions are helping us to rapidly
emerge from the depression OF the past
few years-depression easily and direct
Is trnceablc to our failure to apprehend
and understand natural law and to our
apparent determination to be n law I'M
70 ourselves In finance and economies.
We are full OF energy. hope and am
billion, Trade Is revivInE. But the ba-
sis OF an trade Is the unit OF exchange
What Is the value OF our unit? Per-
manent prosperity cannot be ours while
the value Of our unit is open to doubt
It Is essential we should define, once
for ali, the meaning of tho world Dol
lar. Is 1t a gold dollar, n silver dollar. a
treasury note, 4 greenback. national
bank note? The question must be an
swered Each of these dollars has n DIFF
fefent intrinsic value. Credit to-day
keeps them at par.
We know the value OF an English
sovereign. French franc, or German
mark. In all exchanges they stand for
gold.
The value OF their unit hxed-ours
Notwithstanding, France and Ger
many have prospered, while we have
labored under the shadow OF a deep dis
trust,
We have lost valuable time.
We must define the word dollar, and
It should mean. beyond peradventure
Of doubt a gold dollar OF the present
weight and fneuess OF the Uulted
States gold coin. That dollar Is good for
ull and everywhere commands respect.
The paper currency OF England,
France and Germany is bank notes,not
government notes. They keep their rev.
enues on deposit in their great char
tered banks. There is n two-f oldadvant-
age IN this. The money of the people.
lying to the credit of the government In
Innk Ia 10 ka ~ n
people, not Idle and unproductlve, as In
the case of this country. where It lies in
government vaults. We borrow large
y abroad. II the government money
were available we could curtall our
foreign loans to that extent
II Is OF grave import TO the nation
that the solvency Of the government
should never be in doubt. with govern
ment demand notes outstanding, the
question returns. from time to time, to
unsettle business. to destroy confidence.
The greenbacks and treasury notes
should be retired. The experience OF the
World In banking matters cannot be dis
regarded, and the government should
feufe from the banking business. No
other ilrst-class power Is In the banking
business.
The affairs Of state, with which the
government must pcrforce cope, are so
Werbty and serious, II Is folly to com.
plicate them with business. The divorce
between government and banking
should be absolute.
II has been well said, "The refinement
IN the use OF credit is a pretty accurate
measure Of national economic pro-
gress"
Our currency should be based on cred.
u All government interference Il do
drawn.
me function OF government Is to gov.
,'h. The legitimate function OF bnnks
y 10 issue currency, receive deposits
Guy paper and make loans.
Ihers should be no moro Interference
On the part OF the government In the
pahhInF business than In the milk bust.
n|., bot the government should see e
mat banks comply with reasonable
just requirements. dictated by expert.
,uNs ana common Bcnsc, Just as an good
municipalities should Gee to II that the
mlk Implied the people Is pure and
ulldlliemted
"hce II Is understood by the people
WAY bank note 10 not money. thai
ui" OF exchange. promlssory notes
We ana bhnk notes are substantial.
pi he same nature. when they un.
Y'l'hnd that tho issuing Of notes Is moi
aa'Vef1lRn act Go be solely reserved t,
recommendation they appreciate thai
wv. act " no more sovereign than Tho
WV nj lhe merchant when he gives hlt
G.Wuhu notes aud that II II gr1tultoui
,'..I I.fehco on the part az the govern
'nl 70 TAX or otherwise forbid banl
,aa1o currency, while II leaves nj
.'''' corporations FREQ 10 make M
ILumN l-tnnnh nnLnn ~. Nm. ~ vi