Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-13
MR.. EDMUNDS HEARD.
PLAN OF THE INDIANAPOLIS NONE
TARy COMMISSION.
CURRENCY AND BANKING REFORM
The Double Standard OF Money I'm
reasonable, in the Opinion of the
Great Vermontcr-PrincipI Not
Expediency. His Aim.

WASHINGTON, ID. c., January r.
The Monetary Commission was given
hearing to-day by the House Committee
on Banking and Currency, on the COM
missions bill proposing a comprehensive
revision of the currency. Ex-senator
| Edmunds, Of Vermont. chairman Of the
commission. headed the delegation, and
with him were ex-Secretary-of-the-T
sury Fairchild OF New York; J. W.
Fries, OF North Carolina, representing
the gold Democratic sentiment Of the
South; Il. j. Bush, Of Alabama. and
Judge r. S. Taylor, of Indiana, repre-
senting the Middle West. Secretary Gage
was also in attendance. accompanied by
the Solicitor Of the Treasury.
The hearing attracted much interest,
number of the members OF the House,
accompanied by ladies, being present.
Mr.. Edmunds was the first speaker. He
said that the fundamental principle,
which the commission had felt was to be
considered in establishing a stable cur
rency WAS first, TO know what the stand
ard Of value in this country is, and Is 10
be. On this there were many divergent
views among financial authorities. Many
| believed and he was one of these. that
it was impossible to have more than one
standard Of value. If this be true. then
the question is, "What is the best stand
| ard?" The experience of the world, MI.
| Edmunds said, was that the best stand
ard was the one subject to least change,
the one to which all other values most
readily adjusted themselves; one which
would be the same when transaction
closes as IT was when it opened. The
commission felt that such thing as a
double standard had never existed In the
world. There had been double standards
established by the law. but never in fact.
| When it came TO an actual standard
there could be but one BY law, the
United States had a double Standards
silver coin and gold coin. established
on the theory that they could be main
tanned at an exact equality.
EXPERIENCE OF GREAT NATIONS.
Mr.. Edmunds then referred to the ex-
periences of the great nations Of the
world. all showing, he said, that single
standard meant stability and safety,
while legal attempts at double standards
meant disaster and panic. From this uni
versal experience. Mr.. Edmunds said, he
! and his associates had come TO the con-
clusion that the first principle on which
to base a currency was 10 nave one
standard: that gold is the best standard,
because il is the most stable of all stand
ards of value subject to the least fiuc-
tuation from year to year, and from
century TO century. Mr. Edmunds then
took IN the proposition of the commit
tees bill proposing retirement or
United states notes. explaining and
urging this on the lines Of the commits
| sion's report. He closed with strong
appeal for early action.
As Mr. Fdmunds was TO be engaged In
the Supreme Court tomorrow, he asked
that the committee PROFOUND questions
| today. This made the discussion general
Representative Cox Democrat, or Ten
nessee. propounded a series Of questions
intended 10 bring out the suggestion that
the effect of the bill would be TO con-
vert all debts. public and private, INTO
gold obligations.
Mr. Fdmunds answered that IL would
convert every government obligation, ex-
cent a few of minor form. into gold obi
cations. and stated broadly that the ell
feet would be to make all United states
obligations payable in gold. But as TO
priyate obligations between cltlzens' MI.
Edmunds answered emphatlcaiiy III the
negative. 80, ..o.
chairman Walker asked If the bill was
designed 10 tlidilEt AiA' ANc'
" of the standard silver dollar.
Mr. Ednnunds answered that II would
NOT The only purpose was to give the
oliver dollar a distinct reference 10 one
fixed standard without naming a ratio.
QUESTION OF EXPEDIENCY.
Mr. Walker suggested the question OF
expediency in carrying so large ques-
ton before the House OF Representatives
with S5s members ready for months oil
debate. Was 1t desirable, he asked MI
Edmunds. TO invite such a CONNECT on
MANY provisions which are a re-ehact-
ment of the present law? Mr.. Edmunds
replied that it depended on the ueslee Vi
doubt which the bill cleared up But on
the general question Of practical eNpe-
diencv. he said the commission mad re-
,,orted what il deemed TO be essential
ana RIGHT 10 a proper adjustment OF the
currency. and il desired 10 SUCK 10 lhdt
RIGHT thing. despite questions OF eApeul-
oncv This brought a round Of applause,
the first of the day, in which some OF
the members Of the committee joined
Representative Newlands tSiiVeilte)' OF
Nevada. discussed with Mr.. Edmunds the
effect Of the bill in contracting the cur
rency. ,.,,o,.o oo,,rac-
atom would occur or that bank reserves
t,,o,,ld he iniuriously affected by having
The sunnlv of greenbacks limited ana III
art disnlaced by the demand for gold
M. Newlands specified the limited guam
ETC.,, of cold in this country, 70 which MT.
Edmunds replied that the metal flowed 10
the poinr where 1t was most heeaed' ana
followed a law like that OF gravity
Pursuing his questions MI. Ne"iahds
asked If the world had suiflciehcy Oh
gold. -, ..,,,,,,,,
answered Mr.. Edmunds. land that Is why
we are struggling for both. 1t was this
that led 10 the rush to the klondike.
RIII,s BANKING FEATURES.
Ex-Secretary Fairchild next spoke on
the banking features OF the bill. He pre-
faced these. however, by saying that
monetary standards were no more sub
iect TO governmental control than the
tides and winds. IL was a natural ana
ocononic operation between individuals,
I'm which each sought the best.
As TO banking. Mr.. Fairchild said 1t was
,,sefui To consider how intelligent private
individuals would conduct banking WITH
out the aid of law and from that judge
u,bat the government could do.
A. tn the bank note, there was no es-
Genital reed for the governments beins
a factor. The design OF the banking tea-
- ~ the commissions bill was TO IA
cilitate the natural operations of bank
inc and exchange. by adding the govern
noent's aid toward the rapidity certainty,
and safety of these exchanges.
Mr. Push. OF Admission. Ala, member
~ tho Monetary Commission. was next
- lie said IL would not be TO the