The news & observer., 1898-01-13
Mr. L1MU4OS SPEECH
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Before the Banking and Cur
roncy Committee
A COLO BUG MOVE
THE DISCUSSION WAS A GEN
ERAL ONE.
MANY IMPORTANT QUESTIONS ASKED
he GoIo6Jg Monetary Commission, Consist
ing Of @easrs Edmunds, Fries, Bush
and TSy!or, Gwen Hearing Be-
tJre rouse COMMITTEES.

lore 5IOuSe NJ!tiIllIlSeI
Washington, Jan. 12-The Monetary
Commission was given a hearing to-day
sby TIE House committee on Banking and
Currency, ,on the commissions bill propos-
ing a comprehensive revision of the cur
rency. Ex-senator Edmunds, of Yer
mont, chairman of the Commission, head
ed the delegation ana with MIN were
ex-Secretary Of the Treasury Fairchild,
Of New York; J. ". Fries, North Caro-
lima, representing the gold Democratic
sentiment Of the South; 7. ]. Bush, Ala
bama, and Judge r. $. Taylor, Indiana,
representing the middle west Secretary
Gage was also in the attendance, accom-
panied by the Solicitor of the Treasury.
The hearing attracted much interest,
number Of the members of the House,
accompanied by ladies', 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 a stable cur
rency was, first, to know what the stand
ard of value in this country is and is to
be. On this there were many divergent
views among financial authorities. Many
believed, and he was one of these, that
it was impossible to have more than one
standard of value. If this be true. then
the question is, what is the best stand
ard? The experience Of the world, MIR.
Edmunds said, was that the best stand
ard was the one subject to tho least
change; one to which other values most
readily adjust themselves; one which
will be the same when transaction
closes as it was when it opened. The
commission felt that such thing as
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
came to an actual standard there could
be but one. BY law the United States
had a double standard-a silver coin
and Il gold coin-established on the the
ory that they could be maintained at an
exact equality
Mr.. Edmunds then referred to the ex-
reriences Of the great nations of the.
world, all slowing. he said. that a single
standard meant stability and safety while
legal attempts at double standards
meant disaster and panic. From this
universal experience Mr.. Edmunds said
conclusion that the first principle on
which to base q currency was to have one
standard; that gold is the best standard
because it is the most stable of all stand
ards of value, subject to the least fluct-
nation from year to year and from CEN
tury to century.
Mr.. Edmunds then took up the prop
osition of the commissions bill
proposing a retirement of United !
States notes. explaining and urging |
this on the lines of the commissions re-
port. He closed with a strong appeal |
for early action.
Ms Mr.. EdmundS was to be engaged in |
the Supreme court tomorrow he asked !
that the committee propound questions |
to-day. This made the discussion gem
eral. Representative Cox, Democrat, Of
Tennessee, propounded series Of ques-
tons intended to bring out that the eff
feet OF the bill would be to convert all I
debts, public and private, into gold obi
cations. Mr.. Edmunds answered that
1t would convert every government obli-
cation, except few OF minor form, into
gold obligations and, stated broadly the
effect would be to make all United
States citizens, Mr.. Edmunds answered.
dn the negative.
Chairman Walker asked If the bin
was designed to change the legal temler
quality of the standard silver dollar
Mr. Ndmunds answered that it would
not. The only purpose was to give the
silver dollar "a distinct reference to one
liked standard without naming n ratio.
Mr. Walker suggested the question of
eXpedicney, in carrying SO large n ques-
ion before the House OF Representatives
with 500 members ready for months
# debate. Was il desirable he asked
Mr.. Edmunda, to invite such n conflict
N many provisions which are a re-enact-
nent of the present law. Mr.. Edmunds
'eplied that it depended on the degree Of
lOubt which the bill cleared up. But
IN the general question of practical ex-
he said, the commission had
exported what 1T deemed to be essential t
md right to a proper adjustment of the {
and it desired to stick to that I
light thing despite questions Of expe-
lienCy. This brought a round of an j
,lause, the first of the day in which 2
ome of the members OF the committee +
oined II
Representative NewIands. Silverite Of 7
savda, discussed with Mr. Edmundss the 2
fleet or the bill in contracting the cur y
ency. Mr.. Edmunds did not believe Il
oniractlon would occur, OF that bank re-te
erves would be injuriously affected by \
aTing the supply of greenbacks limited Il
nd in part displaced by the demand for q
old. Mr.. Edmunds specified the limit o
d quantity of gold In this corlltry. to d
fhicb Mr. Edmunds replied chat the Is
aetal flowed to the point where it was e