Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-01-03
Approving Comment on the Monetary
Commission Report.
PRACTICAL REFORM OF CURRENCY
Secretary Gage Speaks in Terms
Of High Praise.
VIEWS CONGRESSME

Copies OF the report of the monetary
commission have been distributed to MEM
ners of Congress- and the few who are
in town have read them with much in.
terest. Some reservations were made in
expressions regarding the details Of the
report, but there seemed to be a very gen
eral impression among republicans and
gold democrats that it presented a we'll
matured plan, worthy of serious considera.
ton by Congress-
Secretary Gage Approves.
Speaking of the report of the commits
sion for the reform Of the currency, Sec
rotary Gage said:
L rave read the report with great in
terest and much profit. Avoiding abstract
terms, 1t proceeds in plain, comprehensive
language to point out the sources of our
present financial weakness, and the rene
dies proposed are SO clearly set forth that
all may understand. The reform measures
recommended l regard as well adapted tc
cure the ills from which We suffer and
which threaten our future. l sincerely
hope 1t will bear fruit in legislative ac-
tiOn.'
Representative Evans.
Representative Evans of Kentucky, a
member Of the House committee on ways
and means, said:
THE examination / have been able to
give the report of the monetary commits
sion leaves ME greatly impressed with
the care and ability with which it's con.
clusions are reached and advocated The
plan proposed for a national bank cur
:ency may possibly need some further
consideration in matters Of detail but upon
the report as a whole / think the sound
money sentiment of the country will agree
that 1t presents a practical means of
substituting sound, and we may say
logical currency, for the heterogeneous
conglomerati"n now existing and for bas
il s it upon the only standard that is either
sensible or available. Silver is too easily
and cheaply obtained and has become toe
variable In market value to be either a
desirable or possible standard of any
thing. Ii seems to me that the battle had
just as well be begun and fought out on
the lines the commission has laid down."
Representative johnson.
Representative Johnson of Indiana chair
nan of the House elections commtte No
:, and also a member of the committee
on banking and currency, said:
The report commends itself to my judg
ment in nearly all of it's essential features.
The declaration in favor of maintain.
ing the gold standard is especially admira-
ple. The enactment of such a provision
as this into law by Congress just now
would inspire renewed confidence in our
financial integrity and ability, and insure
us additional credit, both at home and
abroad. 1t is high time for us 10 quit
dallying with the chimerical and dangerous
theory of bimetallism, either national or
International.
The legislation proposed seems to me
to be entirely practicable, and would, in
my opinion, If enacted into law, retire the
demand obligations of the government at
minimum of cost, and without either
shocking the business interests of the,
country or contracting the currency. The
emancipation of the treasury from the
functions of a bank of issue, thus and
otherwise sufficiently provided for in the
report, is a most desirable and advanta-
geOuS contamination.
II heartily indorse the suggestion that
the issue of cur paper currency be restrict
ed to banks under national control, and
that these banks be permitted to issue cir
CulStng notes in part upon their assets,
but am not sure that the extent to which
such issue is contemplated Is entirely safe,
and that adequate provision is made for
the security Of hank depositors. If, how
ever, these objections are well taken, they
can easily be remeded without impairing
the utility of the plan. The scheme out
lir ed will insure to the banks proper con-
troll over their loanable funds, and at the
same time supply us with paper currency
which will not only be perfectly safe, but
which will also possess the qualities of
simplicity and elasticity
Representative Hill.
Representative Hill of Connecticut, a
member of the House committee on bank
ing and currency, said:
Il am much pleased with the general
provisions of the plan of currency reform
would prefer. however, that the Secretary
of the Treasury should not be authorized
to issue United States notes as provided in
section H. for believe 1t might seriously
delay their final retirement and the substi-
tuition therefor Of gold redemption bank
notes.
"As to the banking system 1 object to
the % per cent limit on secured notes. A
bank should have the option of issuing Sc
cured circulation up to the full amount of
its capital and upon that which is so Sc
cured, 1t should rot be required to contrib
ute to the guaranty fund or be liable to tax
or assessment to make good the defaulted
credit notes of other banks.
THE restriction upon credit notes are
proper and reasonable. With this option
given, the banks will adopt the plan more
readily and with less effect upon the value
Of bonds. Without this option, section SO,
providing for dissolution of existing ma
tional banks within cne year, seems to me
to be unjust. The one-eighth of one per
cent tax on capital, &c, instead of the
present tax on circulation, is an act of
simple justice to country banks and should
have been granted long ago.
am heartily In favor of this or any
other reasonable plan providing for the
cancellation OF the demand obligations of
the government I shall be glad to study
the bill in form"
Representative Cromwell.
Representative Bromwell of Ohio, a men,
Der Of the committee on post offices and
post roads, said:
THE report Of the monetary commission
is destined to become a classic in the liter
AZURE Of the money question. The terse-
ness and accuracy of its statements are no
less conspicuous than the clearness with
which the evils of our present system are
set forth, and the logical manner in which
1t Is proposed to correct those evils 1 am
partic ularly pleased with the recommends
tons as to the gradual and complete re-
tirement of the demand obligations of the
government, and, recognizing the fact that
1t will probably be impossible to secure an
International agreement as to the coinage
OF silver, 1 believe, with the Commission.
that the government should put itself
squarely upon single standard gold basis.
as suggested in his report. In most of the
recommendations ! think the sound judg-
ment OF the people will fully concur. al
though the points referred to in the two mi
nority reports by Garnett and LauRhIin are
flaN