The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-01-13
lR 4 single STANDARD.
.rcrrrARY COMMISSION ARGUES
FOR CURRENCY REVISION.
Chaisnan Edmusds Speaks for tie
G~~uission's Bill I'm the House
c>~ufftee silver Not Excluded.
mt Its Relative Wallace Fsxea.

wAsHTEGTcS. Jan. i2.-The monetary
..-r,ssssar was given a hearing today by
-. hns,se committee On banking ard 1aIr-
..,rv on the eommission'g bill proposing
sornnrenensive revision Of the currency
r~.a.nator Ed-4pnde. OF Vermont. chair
ss.n az the commission. heads TIE deiega-
,s.r and with Biu1 gere ex-Secretary OF
-. Treasury FalrchIfd. % New York: j.
M Fries. Of North Carolina, representing
m gold Democratic sentiment Of the sen-
-. T. J. Bush. OF Alabama. and Judge
q s. Tyler. OF Indiana. representing the
.rtAdia W@st. Secretary Gage was also
r,ssen.. accompanied by the solicstog OF
"a treasury TIE hearing attracted much
.aseyest. a number Of the members OF the
hruse. accompanied by ladies'. being pres
enf.
NJ. Eduunds aas the first speaker. He
sak the fuads mental principle which the
commission had felt was to be considered
Il ESTABLISHING q stable currency was sirss
Ia know what tne standard of value In
sbIs country In, and IL to be. On this
thsre were many divergent views among
anaecisi authorities. Many believed, and
s. was one OF these. that IL was Impossible.
Il have more than one standard OF vagus
n sn.s be frrle then the question Is wnas
4 the best gtandard2 The experience OF
~ world. Mr. Edmunds said. was that
he best standard was That one subject TO
the fewesr changes and 20 which other
xalrss most readily adjusted themselves;
one which will be the same when the trans
aetsor closes as when Ii was opened. The
commission felt that such a thing as =
doab,e standard had never existed In thu
varld through natural operations There
hza been double standards established by
law bt;, never 81 fact: When It came
d an actual Standard there could be
bat one.
Mr. Ednunds referred to the great ma
sion. of the world, ali showing. he said,
,ast single standard meant stability and
safety, while legal attempts a, double
aanaards meant disaster and panic.
Feeling that one standard was essential,
ard thai gold was the best OF these,
Nr. Edmunds said the commission had
been brought 10 she gold standard as the
arst proposition. That, however. did not
exclude the use OF silver or any other
metal 10 the largest extent that they
could be maintained on an equality with
the one lixed standard of gold.
The CONCLUSION was reached" Mr.. Ed
munds said with no preJndices with no
private political considerations. but solely
from the convictions of the members OF
the commission representing tho various
section OF the country"
Mr.. Edmunds then took up the PROPOSE
ton 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
strong appeal for early action.
Representative Cox, OF Tennessee. pro-
pounded a series OF questions intended
TO bring out that the effect Of the bin
would be TO convert all debts, public and
private, into the gold obligations
EdmAnds answered that IL would con-
vert every government obligation exeept
a few of minor form, into gold obligations.
and stated broadly that the effect would
BE- to make all United States OBLIGATIONS
payable In god. But as 10 private ohitea-
tions between citizens Edmands nnswered
emphaticaiiy in the negative. Walker
asked II the bin was designed 10 change
the legal tender quality of the standard
silver dollar. Edmunds answered that II
would not. The only purpose was to give
the silver dollar distinct reference to
one fixed standard without naming a RAJ
sio Existing conditions were not changed,
but doubts were removed.
Representative Newlands discussed with
Edmunds the effect of the bill In contract
lng the currency. Edmunas did no, be-
leye contraction would occur or that bank
Reserves would he injudiciously, affected
by having the supply of greenhacks linz
He'd and In part displaced by the demand
fer gold. Sewlands asked IL the world
bad suiiieiency OF gold.
"No. a sufflciency OF gold or OF virtue"
answered Edmunds, land that is why We
are struggling for both. II was this that
has led 20 the rush TO the Kiondike."
Ex-Secretary Fairchild next spoke. The
design OF the banking features OF the COM
missiens hill. he said. was TO facilitate
the natural operations OF banking and ex-
change by adding the governments aid
toward rapidty. certainty and safety OF
these exchanges.
Cox asked If he was right in understand
iag that the measure accomplished two
things: First the establishment OF the
geld standard: second. the retirement of
ell paper currency except national bank
notes
Fa'Eehiid assentsd to this. saying II vas
the practical effect Of the bill
Bush az Admission Ala. a member OF the
monetary commission was also heard
Tae hearing Will he resumed tomorrow.