The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-03
REPORT OF THE MONETARY COM
MISSION,

MISSION.
The report of the monetary COM
mission appointed by the executive
committee of the Indianapolis monetary
convention is given to the public this
morning. Irrespective of the position
that 1t takes upon questions of the
most lively interest and Importance, it
will be accepted and studied with re-
spect by the people as embodying the
opinions of number of gentlemen
selected from different parts of the
country by reason Of intelligence, bust
ness experience, familiarity with the
subject of finance and independence of
political bias. A chief merit of the
document lies in this latter fact. Since
tie currency was made, unhappily, an
issue between the PARTIES and became
a subject for declarations in political
platforms, propositions relating to it
have necesse rily taken extreme form
i'll one direction or another and the
average man has been at loss to know
whether contemplated legislative ac-
tior was dictated by honest conviction
or By its imagined relation to party
expectancy. This monetary comm SIS on
is representative of both political par
ties. It's work cannot be suspected of
Sle sliCos~~st relation to politics, either
Democratic or Republican. 1t is an in
dependent investigation by gentlemen
of prominence, who have sacrificed
their business. interests and served
without compensation to give to the
people of the country the benefit of
their opinion and labor. 1t rep
resents, therefore, some of the ripest
thought of America on the money ques-
tiCn; and, however far it's conclusions
may be accepted or rejected, they will
stand as the deliberate Judgment of
experts on topic in whose treatment
expert knowledge is most of all desir-
able.
1t is impossible, within the limits of
an article Of ordinary length, to discuss
the whole of a report that covers
subject of such magnitude There is
not paragraph in the monetary re-
port that does not offer a topic for ex-
tended review. We shall be content,
therefore with outlining the general
plan approved by the commission. and
then referring briefly to the particular
points included in it's own summing I'D
of its work. The main principles agreed
upon by the members Of the commits
sion are the maintenance of the gold
standard, the creation Of an issue and
redemption division of the treasury de-
partment separate from the revenue
division, the retirement Of all outstand-
ing notes of less than $40 and the sub
stitution for them of silver certificates.
and the Inauguration Of a system of
flexible note issues by banks under
national supervision. That is a long
step forward toward absolute and uni
Yersal free banking.
This last feature is so far-and-away
the most significant, and will probably
be the most surprising portion of the
report, that to it public attention and
discussion will be directed chiefly. We
believe it to be of the most vital mo-
ment to this country and the happiest
development thus far Of the whole
financial discussion, that men of whose
Eoundness on the currency question no
doubt can arise are universally of the
opinion that the paper money of the
future must be supplied by the banks
in response to local demand; thus fur
nishing a circulating medium auto
matically regulated and really respon-
stkle, for the first time since the out
break of the war, to the demands of
trade. To have the old bugaboo of
wildcat money" thus transfixed and
crucified by the sober decision Of a
commission of unimpeachable ability
and Soundness is a result worthy of
the great struggle that has been made,
and the confusion and uncertainty In
which our treatment of national finance
IS still involved.
The separation of the issue and
redemption department from the other
business of the treasury Is a business
necessity concerning which there is
now little dispute. A railroad company
might just as well lump it's expendi-
lures for interest as we'll as for operat-
ing expenses. mingle them inextricab.y