Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-13

the most stable Of all standards of
value, subject to the least f1uctuation
from year to year. That, however did
not 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 fixed and invari-
able standard of gold That conclusion
was reached he said, with no preju-
dices, no private political considera-
tions, but solely from the conviction of
those of the commission representing the
various sections of the country
Mr., Edfnunds then took up the prop
osition of the commissions bill propos-
ing retirement of United States notes.
explaining and urging this on the lines
OF the commissions report He closed
with a strong appeal for early action
The best time to rectify financial evils
he said. was in the time of peace and
prosperity. There could be no great re-
form at time Of pinch. The time to
prepare for the storm was when the
storm was far off.
Representative Cox (dem) Tenn, pro-
pounded a series of questions intended
to bring out that the effect of the bill
would be to convert all debts into gold
obligations. Mr. Edmunds answered
that it would convert every government
obligation, except a few of minor form,
into gold obligations. He stated broadly
the effect would be to make all the Unit
ed States obligations payable in gold.
But as to private obligations between
citizens he answered in the negative,
saying that proviso in the commits
sion's bill declared that nothing herein
contained shall be construed. or held,
to affect the present legal tender quail
ity of the silver dollar or the subsidiary
or minor coins or the paper currency
of the United States"
Mr.. Walker said the committee appre-
ciated the efforts of the commission and
of Secretary Gage in seeking to RENE
dy currency conditions. He asked if
the bill was designed to change the le
gal tender quality of the standard silver
dollar. Mr.. Edmunds said that it would
not. The only purpose was to give the
silver dollar a distinct reference to one
fixed standard without naming ratio
Existing conditions were not changed,
but doubts were removed. The present
law was open to different constructions,
and the commission had felt it to be a
duty to make it so clear as to be be-
yond doubt or differing constructions.
Mr.. Walker suggested the question of
eXpediency in carrying so large ques-
ton before the house of representatives
with 1856 members ready for months of
debate. Was it desirable to invite such
a conflict?
Mr.. Edmunds replied that it depend
ed on the degree of doubt which the bill
cleared up. But on the question of
practical eXpediency the commission had
reported what it deemed to be essential
and right to proper adjustment of the
currency.
The government should aid in the
natural operations of exchange by aid
ing the rapidity Of money transactions,
and, beyond this, the people should be
left to themselves This government
service was not so much to the banks
as to the great body of the people who
used the banks The bankers could
place their capital elsewhere. But the
great body of the people used the banks
as a beneficent instrument of civiliza-
ton, and it was the people, not the
bankers, who were helped by wise gov
eminent action.
the commissions bill was to facilitate
the natural operations of banking and
exchange by adding the government
aid toward rapidity, certainty and safe
ty of those exchanges.
Mr. Fairchild said the banking fea-
lures of the bill sought to follow natu-
raj lines by binding all the banks re-
sources rather than requiring a deposit
of bonds with a government trustee.
To accomplish this, all the banks were
bound together in common action in
protection of all the notes they is
sued Mr. Fairchild will proceed with
his statement tomorrow.
Chairman Walker and Representative
Fowler of the committee, met members
of the commission tonight, with a view
to seeing If there was any basis OF
agreement between their financial bills
and those of Secretary Gage.