The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-04
REFORM OF CURRENCY
PIT All EXPENSE or PAPER iSSo l.
on THE BANkS
= the Plan of the Monetary Commissions
Existing Gold Standard to lie ""'"
tained--Defne Coin

rNDIANAPOLfs. IND, Jan. Sine re-
rort of the Monetary Committee appoint
oa under The authority Of the conNei''.o"
or business men held ia Indianapolis
las, January. has Just been made public
The summary given out by the comi'''S-
sion says:
Il retains. practically unchanged the
twisting metallic money. The eAislns
cold standard on which business mas
6,on done since 1879. is of course mann
tafned i'm the great industrial lh'eies'a
ae 10 what the standard shal De- rO'
the steady employment OF laDoI' IoD-
tories and mines must be constantly op'
rated. and constant operation III 'l0
judgement Of the business men, - Hhpo9-
siblc so long as there ls uhcel any a.
10 the standard on which prices oi 49,
and orders are based And 10 TINS emu,
=, ts ,roed that the United States should
,.,,ove All uncertainty as TO the mean
,r, ~ "coin" i'm Hs obligations thetepy
eavin- the taxpayer by the abilly 10
horrovc at a lower rate of interest. no
aftcmpt is made 10 remove the cN's'iis
silver dollars nor to change 'heH -"
tender oualitv: on the contrary, a pace
is provided for them IN the clrcuia'lon ~
forbtddine the issue OF any paper HloHeS
,b.r tban silver certificates in denomi-
nations below SO The silver currency
which will be in the hands Of the people
,nnst he kent on parity with gold as
k now provided by law and TINS shoulu
nc done by requiring the Treasury 10
Give gold for a silver dollar on demand.
consequently. when il is known that
silver dollar can be exchanged Tor golu
n will circulate freely. I'm the form oil
certificates and our metallic money,
without Icing diminished, Will be piaceu
on certain basis. And as all 'he sli-
yer currency will be needed 10 meet lho
demands for large change wheh other
naper below $40 IS retired. it will not be
,,rasented for redemption ut the Treasury
and il will create no strain on the goiu
reserves But no more silver dollars
should be coined.
TOO MANY KINDS OF MONEY.
The commission contends that the ten
different kinds of money now ID use
create an anomalous and confusing sit
uation. Moreover. the whole fabric rests
on too slender a reserve of gold. * is
urged that the demand obligations or
the government should not be used as
money. because they may be. and have
been presented for gold TO the INJURY OIL
the nations credit. This causes grave
doubts as to the standard on which the
business operations Of The country rest.
Everything which, by experience, creates
uncertainty and hurts trade, hin3ers
prosperity and should be- removed
Hence. the fiscal affairs OF the Treasury
relating TO the receipt and disbursement
of public revenues should be entirely
separated from the monetary functions
dealing with the exchange and redemp-
ton of the currency. BY establishing =
separate division Of the Treasury II VIII
be impossible 10 take away funds set
apart for the protection Of cur monetary
system and use them for current e1-
pend lures
Above all. It is regarded as dangerous
20 maintain tn, present practice OF using
government demand obligations as
money Our fathers never made any
thing full legal tender money except gold
and silver but I'm the stress of civil war.
confusing the fiscal and monetary func-
tons of the State. forN Of debt due on
demand were used as Honey. not as the
result of deliberation. but Of emergency
conditions. They were issued exactly be-
cause there were no resources IN the
Treasury, and so they deprecated. drove
out gold furnished a fuctuating stand
ard increased the national debt eror-
mcrsly. caused a change in prices when
ever the credit of the paper standard
fiuctuated. reduced the pun chasing power
of wages and by causing unexpected
changes in the level of prices gave rise
to extraordinary speculation. increased
the severity of commercial crises and
placed the small producer at a disad-
vantage with the large operator. For
seventeen years-1S62 10 1S79-the govern
ment paper was a falsined promise and
our standard was based on this le
Trade and industry became speculative.
Men of large wealth can take care OF
themselves. but mer of small means
should be protected from the evils
arising from such uncertainty OF the
standard
II the demand obligations of the gov
eminent are used as money. reserves
must always be kept on hand &c redeem
them. They are not, therefore. loan
without interest: and the expense OF
keeping up these reserves has made the