The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-01-13
.EDhUNDS ON
7NE CURRENCY.
House Committee on B0RkIRg 0Dd
Currency He0TS Argument.
MONETARY COMMISSIONS Bill DISCUSSED
Fundamental Principle to Be Considered
In Establishing a Stable Currency.
The speaker Said Tint the 0uestIon
ofstnndards Was OF First Impor~
inneo-Doubie standard @cver Ex-
iseed Through Natural Operations
-EGect OF Retiring Treasury Notes
-FairchIId Discussed tho BANKING
Eentures OF ihe Bill.
Washington, Jan. IL, 1898.

Z Is Washington, Jan. IL, 1S98
The Monetary Commission was given
hearing to-day by the House Com
mittee on Banding and Currency, on
,the commissions bill proposing COM
pranensive revision of the currency.
Ex-senator Edmunds Of Vermont.
! chairman OF tthe commission, headed
Che delegation, and with him were ex-
I Secretary of the Treasury Fairchild, of
New York; J. w. Fries, North Carolina.
representing the gold Democratic SEN
itinent of tha South; T. j. Bush, Ala
baInn, and Judge r. S. Taylor, Indiana,
representing the middle West.
Secretary Gage was also in attend
ance, accompanied by the Solicitor OF
the Treasury The hearing attracted
much interest. @ number Of the MEM
bers Of the House. accompanied by Ia
dies, being present.
Mr.. Edmunds was the first speaker.
He said that the fundamental principle
which the commission had felt was to
be considered in establishing stable
currency was first to know what the
standard of value in this country is.
and Is to he. On this there were many
divergent views among financial au-
thorities. Many believed and he was
one of these, that 1t was impossible to
have mere than one standard of value.
If this be true, then the question is
what Is the best standard? The ex-
perisnce of the world, Mr.. Edmunds
Said was that the best standard was
the one subject TO least change, one to
which all other values most readily ad-
justed themselves; one which will be the
same when a transaction closes as 1t
was when 1t opened. The commission
felt that such thing as n double stand
ard had never existed in the world
through natural operations. There had
been double standards established by
law, burt never in fact. When it came
to an actual standard there could be
but one. By law, the United States had
q double standard-a silver coin and
a gold ccin-established on the theory
+, phaf they could be maintained at an
exact equality
Mr.. Edmunds then referred to tha
experiences of the great nations of the
world, all showing, he said, that a sin
gle standard meant stability and safe
~. while legal attempts at douhle
standards meant disaster and panic.
From this universal experience Mr. ed.
munds said he and his associates had
come to the conclusion that the fret
was to have one standard: that rrold
Ns the best standard, because 1t Is the
most stable of all standards OF value
subject TO the least fiuotuation from
year to year and from century to cen
tury W
MT Edmunds then took up the pro-
pos,.lon OF the commissions bill pro-
posing a retirement of United States
notes, explaining and urging This on
the lines of the commissions renort
lie closed with q strong appeal for
early action
~ AS Mr.: Edmunds was to be engaged
IN the supreme Court tomorrow. he
asked that the committee PROFOUND
This made the discussion general
representative Cox tDem.), Of Ten.
nessee, proDounded a series of ones
tions intended to bring out that tho
erect of the bill would be TO convert
all debts, public and private, into gold
opiigations. MIR. Edmunds answered
.hat ~ would convert every Govern
tneht opllgation, except few of minor
form. into gold obligations, and stated
proaniy the effect would be to make
all United States obligations payahra
IN gold. But as to private oblipations
between citizens, Mr.. Edmunds an
swered emphatically In the negative
Ehairman walker then asked IL the
tender quality Of the standard silver
dollar. -
Mr. Edmunds answered that it would
not. The only purpose wus to give
the silver dollar distinct reference to
one hXed standard without naming
ratio. :"
Mr. Walker suggested the question
or expediency In carrying so large
question before the House of Repre-
sentatfves, with $50 members raa1,y for
monthe Of debate Was II desirable
ne asked Mr.. Edmunds to invite such
r. conflict on many provisions which
are a re-enactment of the present law
Mr.. Edmunds replied that It depended
on the degree of doubt which the bill
cleared up. But on the general 0ues-
tion OF practical expediency, he said
the commission had reported wha yfit
deeraed to be essential and right to a
proper adjustment OF tho CURRENCY
And IL desired tn attelt to that RIGHT