The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-13
MONETARY COMMISSION BILL.
Ex-senator Edmund and EX-secretary Fair
child Appear Before the House Committee.

Ex-senator Edmunds and Ex-secretary Fair
child Appear Before the House Committee.
WASHINGTON, Jan. Misrepresentation of
the indianapolis Monetary Commission an.
peared before the Committee on Banking and
Currency to-day In support Of tho bill recon-.
mended by the commission to revise the bank.
ing and currency system of the country. They
were ex-senator Edmunds of Vermont, Chair.
man; ex.Secretary Fairchild of New York, au.
thor Of the bill; Robert S. Taylor of Indianapo.
lis, j. w. Fries Of North Carolina, and Hugh H.
Hanna Of indianapolis, Chairman of the con-
vention. Secretary Gage and Solicitor O'Con-
nell Of the Treasury Department also were
present.
Mr.. Edmunds was the first speaker. Tho
fundamental principle of the bill, he said. was
the determination of the standard of value.
Because the value Of gold varied less than that
1t as the standard and made it the sole standard.
for the reason that legal enactment was futile
n en dsd uot e. to establish n,6ana a. doqS!e STANDARD stan lard
mean that the commission rejected the use OF
silver or bimetallism in the coinage of tho
Regarding the sections relating to United
States notes, Mr.. Edmunds said the commission
of government to issue obligations which 1t
would be called upon 10 meet on demand. The
issue OF sueh notes was a constant source OF
existence nearly q thousand millions OF them
to-day, they were a factor In necessary and natu-
raj panics. such as may occur within six months
and would cause a demand upon the Secretary Of
the Treasury. that would seriously strain the
resources of the Government. The notes would
be met, Of course. but it would be a great ex-
pense. The retirement OF these demand obliga-
tons would not cost the Government any ad-
ditiOnal sum in the way Of interest, and would
not cause any contraction Of the currency. Tho
place and function of Government notes would
be taken by notes issued by banks properly Sc
cured. Such notes, in view Of the fact that tho
Government, as a debtor, cannot be compelled
to redeem its notes. In the long run were u safer
than the promise OF the Government to pay.
These were the considerations which moved the
commission to reach the conclusions embodied
In the bill. and they believed that now. In n
period of financial peace, was the best time for
the nation In which to prepare for the stress Of
storm and enable the ship Of state to ride in
safety to it's port.
To Mr.. Cox of Tennessee Mr. Edmunds said
that the bill would make all obligations Of the
Government collaborating obligations, but en-
phatically not as to the outstanding obligations
Ex-Sccretary Fairchild said that monetary
standards were no more subject to Government
control than wind and tide. They were the ma
dividuals, in which each sought the best. The
Government merely adopted the. standard
already In existence. but had created mono. and
ard It only Interrupted the natural law and EN-
barrassed natural exchanges.
James Bush Of Alabama urged the commits.
sion bill because It would benefit tho people of
money in circulation. but 1t was congested in
the large cities. According to Treasury figures.
the amount in circulation on Jan. IL was 1913
some reports, the calamities Of this country be-.
gan, 1t was but SIS. AS a business man he
urged that the financial question be taken out
o fpolitics.
row morning,