The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1898-01-14
FINANCIAL REFORM
The Monetary Commission Given a Hear
ing on its Bill by the House Committee
on Banking and Currency

Washington, January 12.-The none
tary commission was given a hearing to-
day by the house committee on banking
and currency, on the commissions bill
proposing a comprehensive revision of
the currency. Ex-senator Edmunds, Of
Vermont. chairman of the commission,
headed the delegation and with him were
ex-Secretary of the Treasury Fairchilds,
of New York; ]. w. Fries, of North
Carolina, representing the gold demo-
cratic sentiment of the south: L. }. Bush,
of Alabama, and Judge r. S: Taylor, Of
Indiana, representing the middle west.
Secretary Gage was also in attendance,
accompanied by the solicitor of the
treasury The hearing attracted much
interest, a 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 more sta
BILE currency was: First, to know what
the standard Of value in this country is
and is to be. On this were many diver
gent 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
standard? The experience of the world,
Mr.. Edmunds said, was that the best
standard was the one subject to least
change: one to which all other values
most readily adjusted themselves; one
which will be the same when trans
action closes as it was when it opened.
The commission felt that such a thing
as double standard had never existed
in the world through natural operations.
There had been double standards eStab-
lis'hed 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
and a gold coin-established on the the
Ory that they could be maintained at an
exact equality.
Mr.. Edmunds then took up the PROPOSE
tion of the commissions bill proposing a
retirement of United States notes, eX-
planning and urging this on the lines Of
the commissions report. He closed with
a strong appeal for early action.
AS Mr.. Edmunds was to be engaged in
the supreme court tomorrow, he asked
that the committee PROFOUND questions
today. This made the discussion gen.
eral
Representative Cox, democrat, of Ten
nessee. propounded a series of questions
intended TO bring out that the effect OF
the bill would be to convert all debts,
public and private, into gold obligations.
Mr.. EdmundS answered that ii would
convert every government obligation eX-
cept a few of minor form, into gold OBJ
legations and stated broadly that the
effect would be to make all United States
obliga tions payable in gold. But to
private obligations between citizens, Mr..
Edmunds answered emphatically in the
negative.
Chairman Walker asked if the bill was
designed TO change the legal tender quail
! ity of the standard silver dollar.
| Mr.. Edmunds answered that it would
! not. The only purpose was TO give the
| silver dollar a distinct reference TO one
fixed standard without a ratio.
Representative Newlands, silverite, OF
Nevada. discussed with Mr.. Edmunds the
| effects of the bill in contracting the cur
rency. Mr.. Edmunds did not believe con-
t~aa iov, "a hl
| serves would be injuriously affected by
| having the supply of greenbacks limited
| and in part displaced by the demand fol
| gold. Mr. Newlands specified the limited
| quantity of gold in this country, TO which
| Mr.. Edmunds replied that the meta
| flowed to the point where it was mos
| needed and followed law like that OF
| gravitati ton.
| Pursuing his questions, Mr.. Newland:
| asked if the world had a sufficiency Of
gold.
/ Not a suffciency of gold or of vir'
| tue" answered Mr.. Edmund'S, land thi:
| is why we are struggling for BOTH