The Oskaloosa herald., 1898-01-06
PLAN MADE KNOWN.
Monetary Commissions Report
Given to the Public.
BRIEF ABSTRACT OF THE DOCUMENT.
Our Present Currency System Ana
Iyzed and Hts Defects Pointed Out
suggestions Made as to How Is
May BE Reformed.

Washington, Jan. 3.-The report OF
the monetary commission appointed I'M
der authority of the convention of busi-
ness men held in Indianapolis last Jan
uary has just been mad, bile. Fol-
lowing is synopsis of document:
It retains practically unchanged the ex-
listing metallic money. The existing gold
standard on which business has been done
since 1879 IL maintained, on the ground
that the Industrial interests demand GER
tainty as TO what the standard shall be.
To this end, 1t is urged that the United
States shall remove all uncertainty as to
the meaning OF ''coin" in its obligations,
thereby saving the taxpayer by the ability
to borrow at low rate Of interest. No
attempt Is made TO remove the existing
silver dollars, nor TO change their legal
tender quality; on the contrary. place
is provided for them IN the circule>.on by
forbidding the issue of any Jnzper money
other than silver certificates In denomina-
tons betow Zen dollars.
= Dangerous Practice.
It is regarded by the commission as dan
gerous to maintain the present practice
of using government demand obligations
as money. They were issued because there
were no resources in the treasury: and
so they deprecated. drove out gold. fur
nished a huctuating standard, increased
the national debt enormously. caused .
change In prices whenever the credit OF
the paper standard fuctuated, and by
causing unexpected changes In the level
OF prices gave rise to extraordinary spec
dlation, increased the severity of COM
mercial crises, and placed the small pro-
Queer at a disadvantage with the large OPP
should he wIthdravn.
For these and other reasons the commis-
sion strongly urge the government to with
draw its demand obligations now used a.
money, decline to provide gold Tor ak
porters and put the burden and expense OF
maintaining redeemable paper circulation
upon the banks. In order TO meet the de-
mand obligations, the present reserves OF
gold IN the treasury furnish q sufficient
sum TO be set aside In the division OF Issue
and redemption; and to meet possible coma,
tingencies the secretary OF the treasury II
authorised to sell bonds whenever the re-
serves need replenishment. In this way,
OF from surplus revenue, the demand OBJ
legations (that is, United States notes and
treasury notes OF 1880 can be removed In
such q way that the cost TO the country
can be reduced: while this will also give
the inestimable advantage of ceasing to use
demand debts as money, simplifying our
currency, and adding to confidence IN the
certainty OF our standard. By the plan
of the commission the withdrawal OF gov
eminent paper Ii so arranged that con-
traction cannot possibly take place; II
United States notes are Cancelled their place
viii be taken by the gold paid out for thems
or by the expansion OF bank notes (under
the new system proposed.
Good Word for the Bank Note.
The demand obligations of the United
States were not money based on prop
erty; they were only debt. On the other
hand, bank note Ia never issued fraud,
of course, excluded except for eonsiderR-
tion In negotiable nro--sSSv Of ecual or
greater yalneN -.s-OAYIs, Deputy.