The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-13
THE BILL EXPLAINED
POINTS IN THE MONETARY COMMITS
sION's PLAN MADE CLEAR.
Messrs. Edmunds, FairchiId and Bush
Before the House Banking and
Currency Committee.
MANY QUESTIONS ANSWERED
--N
SHOWING SCOPE AND PURPOSE OF
THE COMMISSIONS PLAN.
Strong Appeal Made for Early Action
by Congress-Judge Taylor to
BE Heard To-day.
MANY QUESTIONS ANSWERED
SHOWING SCOPE AND PURPOSE OF
THE COMMISSIONS PLAN.

Special to the indianapolis Journal
WASHINGTON, Jan. Eek Senator Ed
munds made a wonderfully luminous and
comprehensive expose of the financial
problem at the hearing given the monetary
commission to-day by the House committee
on banking and currency. Those who heard
it, both members of the committee and those
who were attracted to the committee room,
agree that it was a marvellously lucid ex-
planation of the plan and report of the
monetary commission. The cross question
ing to which he was subjected by Judge Cox
and by Mr.. Newlands only served to bring
into greater conspicuity the strong points of
the statements. Ex-senator Edmunds dom
mated the committee room just as he DOM
mated the commission-not in overbearing
or offensive way but from sheer preponder-
ating mental force. Judge Taylor, of In
diana, was not reached to-day. His turn
will come tomorrow. The committee has
not decided whether to limit the commits
sion to one more day. or give 1t two.
Accompanying Mr.. Edmunds to the com
mittee room to-day were ex-Secre-
tary of the Treasury Fairchild, of New
York; j. w Fries. of North Carolina, rep
lresenting the Democratic sentiment of the
South; I. ]. Bush, of Alabama, and Judge
R. S. Taylor, of Indiana, representing the
middle West. Secretary Gage was also
present, accompanied by the solicitor of the
treasury. The hearing attracted much in
terest, number of the members of the
House, accompanied by ladies, being pres
ent.
Mr.. Edmunds was the first speaker. He
said that the fundamental principle which
the commission had felt was to be consid-
cred in establishing a stable currency was,
first, to know what the standard of value
in this country is and is to be. On this
there were many divergent voices 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 was, what
is the best standard? The experience of the
world, Mr.. Edmunds said, was that the best
standard was the one subject to least
change, one to which all other values most
readily adjusted themselves one which will
be the same when transaction closes as
it was when it opened. The commission felt
that such thing as double standard had
never existed in the world through natural
operations There had been double stand
ards established by law, but never in fact
When it came to an actual standard there
could be but one.
Mr.. Edmunds referred to the experience of
most nations of the world all showing, he
said that single standard meant stabil-
ity and safety, while attempts al double
standards meant disaster and panic. From
this universal 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 to have one standard;
that gold is the best standard because it is
the most stable of all standards of value.
Feeling that one standard was essential and
that gold was the best of these, the COM
mission was brought to the gold standard
as their first proposition. That, however,
did not exclude the idea of bimetallism for
it did not exclude the use of silver or any
other metal to the largest extent that they
could be maintained on an equality with
the one fixed and invariable standard of
gold. THAT conclusion was reached Mr.
Edmunds added, with no prejudices. with
no private political considerations, but sole
ly from the conviction of those of the COM
mission representing the various sections
of the country"
EARLY ACTION URGED.
Mr.. Edmunds then took up the PROPOSE
ton of the commissions bill proposing a
retirement of United States notes, explain
ing and urging this on the lines of the COM
missions report He closed with a strong
appeal for early action. Representative
Cox dem. Tenn.), propounded a series Of
questions intended to bring out that
the effect of the bill would be to con-
vert all debts, public and private, into gold
obligations. Mr.. Edmunos answered that it
would convert every government obligation,
except few of minor form, into gold obga-
tons, and, stated broadly the effect would
be to make all United States obligations
payable in gold Blu. as to private oblga-
tions between citizens Mr.. Edmunds
answered emphatically in the negative.
Mr.. Walker asked If the bill was designed
10 change the legal-tender quality of the
standard silver dollar. Mr.. Edmunds an
swered that 1t would not. The only purpose
was to give the silver dollar a distinct
reference to one fixed standard without
naming a ratio Existing conditions were
Lot changed, but doubts were removed
Mr.. Walker suggested the question OF ex-
pediency IN carrying so large a question be-
fore the House of Representatives with 356
members ready for months of debate Mr.
l-dmunds replied that the commission had
reported what 1t deemed to be essential and
right 10 proper adjustment OF the cur
rency and It desired TO stick TO that right
thing. despite questions of expediency. This
brought round of applause, the first of
the day
Representative Newlands (Siverite, Nev).
discussed with Mr.. Edmunds fhe effect Of