The times. [volume] (Richmond, Va.) 1890-1903, 1898-03-27
OUR CURRENCY DIFFICULTIES.
The Recommendations TO Congress It
is Claimed VIII Relieve Them.

EDITOR or The Times.
Sir,-After reading the editorial I'm your
issue OF the 2ilh relating TO the currency
question L have prepared an article bear
ing on the subject which contains extracts
taken from the Monetary Convention held
I'm Indianapolis In September. 1897 and
also from the report of the Republican
subcommittee appointed by Congress to
device plan for the Improvement OF our
currency laws. and have endeavored TO
show the remarkable similarity existing
between the two. AS stated I'm your edi-
torial. "the free silver case is built upon
the proposition that the public needs
vast quantity Of money for the transac-
ton Of business and that there is not
enough gold TO supply the quantity OF
money needed, and silver is necessary,
therefore. 10 supplement gold" Instead
of going into an argument Of this qucs-
ton, which has long since proven USE
less, 7 shall simply submit few OF the
recommendation offered 10 Congress,
which, if adopted. will. no doubt. remedy
in a great measure. If not entirely, the
present financial difficulties, which are
claimed 90 be harassing this country and
demorallzing trade in general When the
Monetary Convention assembled in In
dlanapolis. the following resolutions were
adopted:
First. That the present gold standard
should be maintained.
Second. That steps should be taken 10
insure the ultimate retirement Of all
classes of United States notes by a grad
ual and steady process, so az avoid in
furious contraction Of the currency Or
disturbance Of the bushes interests OF
IN country. and that until such retire
ment. provision should be made for
separation Of the revenue and note issue
departments Of the Treasury:
Third. That n banking system be pro-
vided which will furnish credit facilities
20 every portion Of the country, and safe
and elastic circulation, and especially
with n view Of securing such a distribu-
ton Of the loanable capital OF the coun-
try as will tend 10 equailze the rates Of
interest In all parts thereof
The above resolutions did not emanate
from the minds OF any political body
OF men, but from men who represented
the business interests OF these United
states, regardless Of any political or sec
tional feeling.
The Importance OF such a measure as
the above can be appreciated when we
compare 70 20 the recommendations as pre-
sented by the subcommittee That the
gold standard should be maintained is
upheld by all citizens who desire the
credit OF our country 20 remain unim-
paired. and that the Government should
20 out Of the banking business is the
opinion Of q large majority OF our people
who are DESTROYS OF preventing the draw
ing Of gold from our Treasury and ship
ping fl baroad IN times OF panic This
latter clause seems to be the great barrier
which prevents q ready solution Of the
currency problem. u IS an undisputed
fact that so long as the greenbacks are
rcdeemable in gold there will always arise
emergencies 20 cause the issue OF bonds
70 rcpieto the deficit I'm the Treasury re-
serve brought about by spectators. who
are only human. and can't resist the
temptation OF enrlching their own Golfers
at the expense and detriment OF Uncle
sam Tho subcommittee have devised
a Man for remedying this evil by advising
the retirement OF all United States notes
and In lieu thereof make a change In the
notional hank issue which. though at first
NAV not be taken advantage Of, VIII even
tuaiiv be unanimously adopted by the
rational banks as II will afford them
larger circulation AZ smaller cost and
will prove profitable both to the Gov
eminent and our banks. Under the pro-