Daily press. [volume] (Newport News, Va.) 1896-current, 1898-01-13

The Ashhy case will be called in the
county court this morning. 1t will con-
sumo at least two days
FINANCIAL REFORM.
Monetary Commission Heard by the
House Committee on Currency.
CBy Telegraph)
WASHINGTON, jan 1.-THE none
tarE commission was given a hearing
today by the House committee on bank
"ng and currency on the commissions
bill proposing comprehensive revision
OF the currency. Ex-senator Edmunds,
OF Vermont, chairman of the commits
sion. headed the delegation, and with
him were eX-Sceretary of the Treasury
Fairchild. of New York: j. w Fries.
North carolina. representing the gold
Democratic sentiment OF the South: r
j. Bush. Alabama. and Judge r. S.
Taylor. Indiana. representing the mid
die. West. Secretary Gage was also III
attendance, accompanied by the solic-
itor Of the Treasury. The hearing at
tracted much interest. a number OF tina
members of the House, accompanied by
ladies. being present.
MIR. E:.T'luHdS was the first speaker
He said that the Fundamental principle
which the commission had felt was TO
be considered in establishing a stable
currency was. first. to know what the
standard value in tSis country island
is TO ! this t::erf. were many d.
YER s-r7 amonc financial author
Ea'!.s 'ieved. and he was one
vas impossible to have
'a f'.0 a-,s tandlrd of vaiua. If
5..s '... .5tzu The question is. what
90 rl q? Tia exp =-:euce
g. q 7mltnds said, was
r ~ was the one sub
reel l me to which all
Hr= 't' adfly adjust tbs. M.
a . Il will be the same
ma -.ction closes as it was
A5H .ened. The commission felt
:, a thing as a double standard
ever existed in the world through
.ural operations. There had been
tiouble standards established by law.
but never i'm fact. When it came to
natural standard there could be but
one. BY law. the limited States had e
irubte standard-a silver coin and a
cold coin-established ON the theory
that they could be maintained at an
exact equality.
Mr.. Edmunds then referred 10 the
experiences of the great NATIONS of the
gle standard r1eant stability and safety,
wntfe legal attempts at double stand
ards meant disaster and panic. From
this universal experience. Mr.. E;dmundS
said. ne and his associates had come
to the conclusion that the first principle
On which to base a currency was to
have one Standard: that gold is the
best standard because ut is the most
stable of all standards of value. subject
to the least fluctua ton from year to
year ands1rpm century to century.
Mr.. E.dmunds then took up the propo-
sition for a retirement of United States
notes. explaining and urging this on
the lines of the commissions report.
lie closed with a strong appeal for early
action.
As Mr.. Edmunds was to be engaged
in the Supreme Court tomorrow he
asked that rile committee PROFOUND
questions today. This made the discus
sion general Representative Cox Dem-
ries of questions ATTENDED to bring out
that the effect of the bill would be to
convert all debts. public and private.
into gold obligations. Mr.. E.dnlunds
answered that lit would convert every
government obligation. except a few of
minor form, into gold Obligations and.
stated broadly. the effect would be to
make ali United States obligations pay
able in gold, but as to private oblissa-
EtiOnS between citizens MIR. Edmunds
answered emphatically in the negative.
z Chairman Walker asked If the bill
was designed to change the legal tender
quality OF the standard silver dollar.
MIR. TG5mundS answered that 1t was
not. The only purpose was to give the
silver dollar a distinct reference to one
w
Mr.. Walker suggested the question OF
eXpediency in carrying SO large ques-
ton before the House of Representa-
tiVes, with 3a6 members ready for
months of debate. Was 1t desirable. he
asked, 'to invite such a conflict on many
provisions which are re-enactment OF
The present law? Mr.. Edmunds replied
That 1t depended on the degree of doubt
which the bill cleared up. But on the
general question of practical! expedien-
ha
ed what it deemed to be essential and
right to a proper adjustment of the cur
rency, and 1T desired to stick to THAT
right thing. despite questions of expedi-
ency. This brought round of APP
plause, the first of the dag Din which
! Joined.
Representative Newlands (silveMte),
of Nevada d iscussed with Mr.. Edmunds
the effect OF the bill in contracting the
currency. rMr. Edmunds did not believe
contraction would occur or that bank
| reserves would be injuriously affected
by having the supply of greenbacks
limited and in part displaced by the de-
lTGand of g,,ld. 6Ir. Newiands specified
the linIiteEl quantity of gold in this
country TO which Mr.. Edmunds replied
that the metal flowed to the point 1t
was most needed and followed a law
| like THAI OF gravitatisn.
Pursuing his questions. Mr.. Newlan1ss
asked If the world had a efficiency OF
gold.
Not a suff1ciency OF gold or of vir-
ttue," answered Mr.. Edmunds, land that
is why we are struggling for both It
was this thatled to the rush for the
| Flondilse.''
Ex-Secretary Fairchild next spoke on
t;the banking features OF the bill. He
Iprefaced this. however, by saying that
monetary standards were no more sub
IJeet to governmental control than the