The San Francisco call., 1898-01-16
q SUMMARY OF CURRENCY REFORM

THERE are ten different kinds of currency cir
 culating in this country and authorized by its
 laws. These gold coins, silver dollars, sub sdiary silver coins gold certificates, silver certh cates, United States notes, currency certificates, treasury notes of 1890 and national bank notes.
 It will be seen that all of these originate in Fed eial authority, and there seems room for question ing the necessity for so many kinds of money com irg from the same source. Putting all metallic money in one group and placing with 1t such paper currency as is merely representative of metal like the silver certificate the tendency of legislation would seem to be wise when 1t aims at one single
 kind of paper currency, safeguarded Tn its issue, cure in its redemption and uniform In its value in all parts of the country.
 The report of the Volunteer Monetary Commis- sior aims at this simplifying of the currency Its de- Alterations directed to the presentation of a plan that will:
 I. Remove all doubts about our standard of value
 2 Give the United States the best credit of any nation
 ,. Purge currency system of features shown by experience to be weak and dangerous.
 4. Provide paper currency convertible into gold and therefore equal to gold at all times and in all places adequate in volume to the needs of business. with Guaty of growth and elasticity enabling its automatic adjustment to variations in demand and
  want and use may demand
 5. To utilize existing silver dollars as to main tain their parity with gold without imposing undue burdens on the treasury.
 O. To avoid injurious contraction of the rency
 /. To avoid issue of interest bearing bonds except in case of unooked-for emergency, but to author ize their issue when necessary to preserve the ticnal credit
 & To separate public and private credit that weakness in the former may destroy the latter.
 It is expected that if the system recommended by the commission be enacted into law we will secure stability of standard, two kinds of currency, metal lie and paper, of equal value and each good gold The paper will be bank issue as well secured the present national bank note, and its permanence will not be affected by the final payment or the national debt, and, therefore the disappearance of United States bonds now required security for the bank notes The greenbacks and treasury will grad ually disappear without perceptibe increase in the bonded debt and without contracting the volume of currency. The new national banking system will be unrestricted and banks with $25ooo capital may be formed.
 In this feature the West has a special interest. The function of bank is to distribute the surplus capital of the country and put loan fund with in reach of men who use their credit in their business. A proper distribution of this loan fund will avert frequently the necessity of mortgaging land and will give readier and cheaper use of credit than
 In this State it will be found especially useful to organize banks on $25ooo capital in the sections where money is needed in handling the fruit crop, and the new law If properly made of, would in- terpose protection between the producer and the commission man in form very useful to the pro- l ducer.
 The courts have given notorious pickpocket the privilege of leaving town" but if the police have any idea that she will leave their faith is sweet i and ehildlike