Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-01-06

Tho commission appointed by the
Monetary ConYbution held
ON January 18th. 1897, met 10 Wash
ington September 22d. aud reported its
conclusions December 18th, 1907. This
IL members OF the commission weru
Messrs. George r. Edmunds, George
4. leighton. r. g. Bush, W. b. Dean.
Charles S. Fairchild, Stuyyesant Fish,
D. W. Fries, l.. A. Garnett, j. Lau-
renee Lauphln, G. Stuart Patterson
and Il. S. Taylor. A plan, in the form
of propositions ito be later presented
to Congress 10 detailed billy, ia pre-.
cedsdby II brier study on the problem
submitted to them. A final report in
book form is to be later given to the
public.
The commission report as grave evils
in the situation the presence Of a very
large amount OF gold credit currency
improperly socured the absence of an
elastic circulation suited to an expand
ing commerce.; the circulation of 10
different kinds of money having diff
ferent le2al-tender qualities; the exist.
enGe OF m many eilyer dollars Of full
legal tender quality whose value as
bullion 10 less than one-half their face
value; an unequal distribution Of
banking facilities throughout the
country; system of bank Issues SO.
cured by bonds which shrinks in the
facs OF an expanding development of
trade; and, Of chief Importance, to
which the above contribute more or
less. the uncertainty which has heen
produced at home and abroad as to
what our standard of payments shall
continue to be.
Some standard of value either good
or bad must BIO 10 fact adopted by every
country. The standard must have
markst value as commodity indie
pendently of any governmental fiat and
of all legal. tender laws; it must he
durable; it must be homogeneous; 1t
must have a maximum Of value pro-
poriioned to its bulk; it must have, as
commodity. as stable market value
as possible, and in order to secIra the
stability of that market value, the rela
tiun between its supply aud demand
must be as constant as possible. Gold
alone fulfils these conditions.
Although certainty as to the standard
ia the cory essential OF business pros
perity, that has been lamentahly absent
in our industrial history. Since 1862
the gold standard has been suppianted
by an inconvertible paper standard
fluctuating during II years from 100 to
% cents on the dollar; in the remain
ing period the possibility Of change
from the restored gold standard to one
of silver (so constituted as to he about
one half in value) has been constantly
present. The injury to the development
OF our country by this uncertainty has
been incalculable, and the losses have
risen to hundreds of millions Of dollars.
In these years, willis the United States
has been suffering untold disasters,
other countries in which the standard
has remained unquestioned have in-
creased their trade and production to
the highest paint ever realized in all
their history. This Uncertainty as &c
the standard in which prioes and con
tracts have been expressed has giver
an undue speculative character to in
dustry, and placed the smaller producer
at disadvantages relatively to the larger
| manipulation.
So long az variations continue be
tween tina values OF gold and silver
only one or the other car be used as {
standard. Without entering into th,
reasons why these relative variation,
exist, or without discussing any sug
gestions as to how these variations
may be removed, the fact must BIZ
recognized that toese variations nov
| exist. And ii the CHOICE is 10 be made
between gold and silver it 10 clear tina
tine existing gold standard, upon whict
| present contracts have been in fac
based siuce 1875 shnuld be maintaineG
| diBtinct announcement in law woulC
efeGtually remopB all distruHt on thi
| point for the future, and the credit o
the government al homo and abroat
would be improved, to the saving q
| many millions to the taxpayer il
lowered ratea OF interest on our indebt
ellness. AS the first aud indispensable
element OF sound monetary systen
the standard should not only BIZ dis
tinctly declared in the law but clearl
liked in the minds OF the people. 81
tho cuncurring habits of modern eivi
lized nations throughout tie world
gold has in fact been chosen as to
standard. Any country wishing Il
maintain trade relations with the mos
enlightened countries OF the worl
must necessarily base their transaction
on the same chosen STANDARD.
1t is clsar that the t0etal selected a
standard is not in civilized lands tn
only device IN use as medium o
exchange. l3y creating ahs0lute trus
in the certainty OF the standard, use
full and safe media of exchange ar
ahundantly provided out nf the CON
mercial habits of country. Tho de
mand for "mure money! when il is no
| q mistaken cry for more wealth or CAPT
tall cannot possibly be- satisfied b
creating more standards, or by raisip
doubt as to what the standard shout
be. by taking cure Of the quality, th
quantity of money will take care Q
itself.
To this end great simplicity as TO OH
standard should be established, Inas
much as a SERIOUS cause OF distrust RI
garding our standard in recent year
has been the forced coinage Of silye
dollars, which now carry seiguiorag
of over so per cent, il is evident ths
no more silver dollars should be coined
and that the parity with gold of thos
already issued should be rigorousl
maintained by open and direct redomE
tion in gold whenever presented. Th
government received 100 cents in GOLD
or its equivalent, for every silver doliH
ssued and its nonor equally requires
il there are more outstanding than til
people wish, to give 100 cents in gol
in return for them. In order that th
existing silver coinage may, however
he given full employment, anu conse
quently mako small demands on th
gold reserves of the country for redemI
tion, place in our circulation for larg
change should ba provided for th
silyar dollars las represented by silvt
certiiicatss) by forbidding the issue {
all notes, othsr than silver certificates