New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-13
Rose of Arden
IS put up in boxes
as attractive as
those containing
Ayli, Vic Violet
or Edenia.
Lundborg's
EXPLAINING THEIR PLAN.
"A HEARING GIVEN TO MEMBERS OF THE
MONETARY COMMISSION.

MONETARY COMMISSION.
STATEMENTS BY EX-SENATOR ppMUNDs. FIX
SECRETARY FAIRcTnD AND T. J. BUSH
BEFORE THE HOUSE COMMITTEE ON
BANKING AND CURRENCY.
rBY TELEGRAPH TO THE rRIBUNE.]
Washington. Jan. 12-The Committee on Bank
ing and Currency Of the House Of Representatives
will be competent to demonstrate before tho ses-
sion IL many weeks older whether, In It's case too
many cooks spoil the BROTH" or whether IN the
multitude OF counsellors is safety" 1t has been a
long time since a Banking and Currency Com
rnattee has had bestowed upon II such a volume
Of voluntary advice, such multitude OF plans
and suggestions and such a mass OF statistics anu
facts as this has received during the last two
months and q half bearing upon or relating to the
subject OF monetary reform And advice. plans
suggestions arguments facts and statistics con-
tinus to pour at undiuninished rate and from
high sources. To-day the committee sat FOR hours
and listened to ex-senator Edmunds. ex-Secretary
Fairchild and r. J. Bush. as each. in turn. ex-
pounded the doctrines laid down IN the report OF
the Commission appointed by the indianapolis
Convention. and explained the scope and objects
of the draft Of the bill prepared by the Commis-
SION and offered in the House OF Representatives
by Mr. Overstreet. OF Indiana SO many persons
besides members of the Banking and currency
Committee desired to hear what Messrs. Edmunds'
Fairch,ld and Bush had to say that the hearing
took place in the spacious room or the committee
on Interstate and Foreign Commerce. which was
comfortably filled and at times intentionally
crowded with members OF the House and others
who composed the earnest and attentive audience
MR.. GAGE GREATLY INTERESTED
Probably no person IN the room was more
deeply interested in the statements submitted ana
IN the discussions they provoked than was the
Secretary OF the Treasury. who sat beside CHAIR
man Walker during the larger portion of the hear
ing II was pretty evident that he agreed In the
main, II not as TO all matters OF detail. with the
views expressed by the representatives, or the In
dianapolis Commission. and his mods OF approval
during the delivery Of Mr. Edmunds's argument IN
support Of the gold standard and In favor OF bank
notes as against Treasury notes were frequent ana
emphatic.
The ex-senator appeared 10 be IN excellent phys
tai condition and his exposition Of the portions
Of the report Of his Commission on which he dwelt'
and his arguments IN support OF theIn' were as
luminous and cogent as his speeches IN the senate
formerly were. OF course, not all, perhaps NOT
even n majority of the members OF the Banking
and Currency Committee shared his views or were
convinced by his arguments; and minority or
,h.r, were and still are bitterly hostile 10 those
v,evs as we'll as to the recommendations ehpouieu
IN the bill framed by him and his colleagues OF 'ie
Ird,ananols Commission. Mr.. Edmunds was sub
tected 10 a pretty severe II not altogether s!s
tematic or very effective cross examination by
members Of the committee whose Questohs ne
answered promptly and with imperturpaoie soou
hunor and unwearied patience. despite the fact
TINT some Of them appeared 10 be somewhat IL
relevant and inconsequential
The statements and explanations Of Messrs Fair
c,ua and Bush largely related to matters OF detail
a, regard 10 currency and banking systems ana
practices and were exceedingly interesting CUES
lions mt to them as well as to Mr.. Edmunds
served 10 Indicate Of the lines OF DIVISION anu
diyersites Of opinion which exist among 'he mem
hers OF the Banking and Currency COMMITTEE ana
which IN the opinion OF many OF their fellow mem
hers OF the House OF Representatives. VIII make II
impractcabe for the committee TO agree IN recon-
rnendIng any comprehensive measure OF monetary
and currency reform. SIN, except for the breeze
raised and resentment excited by Mr.. New4anos ;
suggestion and motion that the committees Oh
Ways and Means and Coinage be invited to sit win
the Banking and Currency Committee during the
hearings on the Indianapolis plan. to-days sessions
Of the committee were not enlivened TO any great
extent by exhibitions OF discordant views In we"
OF the elaborateness and comprehens!Veness OF me
plan submitted and advocated by Mr. Ldmunus
q nd his colleagues the suggestion OF MT NewIands
d,d NO, seem TO be improper or imTer,inent but
the motion 10 carry II out received only one vote.
and that was his own.
WHAT EX-SENATOR EDMUNDs SAID.
NJ rdnunds was the first speaker. lie said that
The fundamental principle which the Commission
had felt was to be considered in establishing
stable currency first TO know what the stand
ard Of value in this country IS and IS TO DE. On
This there were many divergent views among hnan-
cial authorities Many believed, and he was one OF
these that II was impossible to have more than
one standard Of value. II this be true. then The
question is, What Is the best standard? The eX-
perience Of the world. Mr.. Edmunds said. was That
,he hest standard was the subject 10 least
all Of
adjusted themselves, which will be the same
when a transaction closes as ii was when II opened
The Commission felt that such thing as a double
sta ndard had never existed IN the Wor4d 'hioush
natural operations. There had been doune stand
ards established by law but never in fact When
Z, came TO an actual standard. there could be only
one By law the United states had double stand
ard-a silver coin and gold coin-esiabIshed on
the theory that they could be maintained al an
exact equality.
Mr. Edmunds then referred TO the experience OF
the great nations OF the world. all showing. ne
said that a single standard meant stability ana
safety while legal attempts at double standards
mean, disaster and panic. FROM inns uhlNerSdi
experience Mr. Edmunds said, he and his associates
had come TO the conclusion that the first principle
on which 10 base currency was 10 nave one |
standard that gold is the best standard because II
IS the most stable Of all standards of value. object
70 the least fuctua;ion from year TO year and from
century 10 century. II silver or copper or any |
other metal had proved to be most stable by ex- |
perience then that would he the best standard. |
But they were not and, therefore, ieehhe 'hd' one
standard was essential and that gold was the best
~ these the Commission brought 10 the gold |
standard as their first proposition. That however. |
ala nor exclude the idea Of bimetallism, for 1t did
not exclude the use OF silver or any other metal to
the largest extent that they could be maintained on
an equality with the one HNeu anu 'ii'"''"0'o "''u
ard Of gold.
That conclusion was reached Mr.. Edmunds
added with no prejudices. with private political
cor sldera lions bu, solely from the conviction OF
Mr. Edmunds answered that It would not The |
only purpose was give the silver dollar dis
tinct reference TO one fixed standard without nam
Ing Il ratio. Existing condition. were not changed.