The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-01-14
MADE A PLEA FOR GOLD.
Edmunds Argued for single Gold
Standard and the Monetary
Commissions keport.


Washington, Jan. 1.-THE monetary
commission was given a hearing to-day
bv the house committee on banking ana
currency. on the commissions bill pro
posing a comprehensive revision OF the
currency. Ex-senator Edmunds OF
Vermont, chairman of the commission,
heads the delegation, and with MIN
were ex-Secretary of the Treasury
Fairchild Of New York, j. w Fries OF
North Carolina, representing the sold
democratic sentiment of the south; =
j. Bush of Alabama and Judge tx. >
Tyler of Indiana, representing the ma
die West Secretary Gage was also
present accompanied by the solicitor
of the treasury.
The hearing attracted much interest,
number of the members OF the mouse,
accompanied by ladies, being present.
MI. Edmundsj was the first speaker lie
said the fundamental principle which
the commission had felt was to be con-
sidered in establishing a stable cur
rency was first to know what the stand
ard of value in this country is ana IS
to be. On this there were many diver
gent views among financial authorities.
Many believed, and he was one OF
these. that il was impossible To nave
more than one standard of values. II
this be true, then. the question is, what
is the best standard? The experience
of the world Mr.. Edmunds said was
iect to least changes and to which other
values must readily adjust themselves,
one which will be the same when the
transaction closes as when II was
opened.
The commission felt that such a
thing as a double standard had never
existed in the world through natural
operations There had been double
standards established by law, but never
in fact. When it cd1ne to an actual
standard there could be but one.
Mr. Esdnunds referred to the expert
ence of the great nations of the world
all showing, he said. that a single
standard meant stability and safety,
] while legal attempts at double stand
! ards meant disaster and panic. Feeling
/ that one standard was essential, and
! that gold was the best of these, Mr.
/ Edmunds said the commission was
brought to the gold standard as their
| first proposition. That however, did
| not exclude the use of silver or any
| other metal to the largest extent that
| they could be maintained on an equal
/ ity with the one fixed standard OF gold.
The conclusion was reached Mr..
| E,dmunds said with no preiudiees.
with no private or political eonsidera-
TONS but solely from the convictions
of the members Of the commission rep
! resenting the various sections Of the
country.
Mr.. Ddmunds then took UP the pforo-
sitien of the commissions bill proposing
a retirement of United States notes. eN-
planning and urging this on The lines ol
tine commissions report. He closet
with strong appeal for early action
Representative Cox, democrat, Ten
nessee propeunded a series of question:
intended to bring out that the effect o
the bill would he to convert all debts
public and private, into gold obliga
tions.
Mr. Edmunds answered that it woui'
! convert every government obligation
except a few of minor form. into sols
| obligations and stated broadly that III
effect would be 10 make all Unite
States obligations payable in gold. Blu
as to private obligations between eitl
zens. Mr. Edmunds answered efnphati
cally in the negative.
Mr. Walker asked il the bill was de
signed 10 change the tender quality Z
the standard silver dollar.
, Mr. E.dmunds answered thai 1t N0ai
not The only purpose was 10 give til
silver dollar distinct reference to on
fixed standard without naming rati'
: Existing conditions were not changed
but doubts were removed.
Representative Sewlands discusse
with Mr.. Edmunds the effect Of the hi
in contracting the currency. Mr.. Ed
munds did not believe contraction woul
/ occur or that bank reserves would |
injudiciously affected by having Ii
supply Of greenbacks limited and
j part displaced by the demand for gol
Mr. Newlands asked IL the world had
i sufflcieney Of gold.
Not a suficency Of gold Or If II
Tue, answered Mr. Ednlunds. and tn.
is why ne are struggling for both.
was this thar led 70 the rush 10 u
( Klondike
: Ex-Secrerafy Fairehiid next spoke
5 the banking features of the bill. II
: design OF the banking features Of Z
i commissions bill. he said. was To faci
4 tate the natural operations Of the ban
:. Ing and exchange by adding. the COVE
nor said toward rapidity. certainty al
safety of these exchanges.
Mr. Cox asked If he Was right in u
derstanding that the measure accoi
plished two things First, the esta
= lishment Of the gold standard. seeoT
Is the retirement Of all paper currency g
~ cept national hank notes?
- MIR Fairchild assenred TO this, sayl
ii was the practical effect Of the b
Mr. Rush, Of Admission. Ala, menu
Of the monetary commission. was a
ID heard. The hearing will be resumed
II morrow.