The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-01-06
THE MONETARY COMPRESSION.

The report of that body of gentlemen
styling itself a monetary COM
mission. organized for the pur-
pose of devising scheme for the
reformation of the currency system of
the country, has been made public. 1t
is voluminous and exhaustive in it's
scope as well as in its effect on the
reader.
To those familiar with the makeup of
the committee the report is in no way
a surprise. It is precisely such a re-
port as the gentlemen composing the
body would be expected to make. The
gentlemen were known at the outset to
favor the gold standard, the retirement
OF the greenbacks and the issuance of
all paper currency by the banks. The
report is taken up with the details of
the plan for carrying out these changes,
From the report itself the following
extracts are taken, showing the general
trend of the document:
The civilized world has determined
that the standard shall be gold. No
government, however powerful, can in
fact reverse that determination or,
without injury to the interests of all its
people, attempt to establish any other
standard of value.
1t is of the utmost Importance that
the standard shall not only be distinct
" declared in the law, but clearly fixed
IN the minds Of the people as the first
and Indispensable element of a sound
monetary system. All history is evil
dence that the people who suffer the
most from degradation of the stand
ara are not the rich and powerful, but
the poor and helpless.
. The gold standard does not mean gold
recommendation, and it necessarily re-
suits, not in contraction, but in the
greatest possible expansion of the cur
Eency within the bounds of safety.
If the necessary means be adopted to
secure the stability of the gold standard
the credit of the country will be estab-
HShed the national debt can be refund
"a AZ lower interest rates, the surplus
capital OF the world will come here to
find profitable Investment. and our
country viii enjoy the prosperity that
follows a currency system based uDon
stable standard of value.
When popular confidence shall have
peen restored as to the maintenance
OF the gold standard and the security
OF our national currency system there
VIII be no general desire to exchange
sliNer dollars or silver certificates for
SOid Tor the silver currency will then
De, beyond question, as good as gold
It is in the power of the executive de-
parTment, as the law now stands tn
decide absolutely whether the govern
ment notes shall be paid in gold or in
silver. An end ought to be put to this
s~-AOAAldlpuS ana hazardous SItuat ton bV
making specific and adequate provision
Tor the payment of the demand
oDLSat1ons, and directing in the law
that such payment shall be in gold at
the demand OF the holder.
There is no doubt that if our govern
ment were relieved of its existing de-
mand obligations, and our currency
system put in working order upon a
gold basis, 1t would be entirely possible
Tor US to go through a war without sus-
pension OF specie payment or any de-
Iangement OF our monetary system
IN the second paragraph quoted the
committee might have added, truthful
~ that what is true of the degradation
OF the standard is also true of its en-
hancement. Thousands of wrecked
lives and fortunes since the adoption of
the gold standard in this country would
bear them out.
When the men who own the currency
or their friends arrange the changes in
the currency system, whether they be
IN the direction of an enhanced or a de-
graded standard, it may always be de-
pended upon that the poor and helm
less will get the worst of it.