The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-12
fiIE REFORM OF THE CURRENCY
Southern Comment on the PLAN OF
the Monetary Communication

inc monetary Commission
Washington, Jan. I1.-some Of the
strongest expressions of approval Of the
monetary commissions plan for the re-
form of the currency are written by
Southern men. Aside from the ringing
declarations in the report for the mainte-
nance of the gold standard many Of the
Southern men commend the banking fea-
ture of the report as having a direct in
terest for the people of that section. The
necessity for more adequate medium of
exchange and a greater extension of the
credit system in the South is highly ap-
preciated by these gentlemen, and in the
opinion of the commission will 90 far to-
ward solving the problem for more cur
rency in the outlying regions of the
South, where banking facilities have been
for years too limited to meet the demands
of trade. Mr.. NJ. b. Wellborn of Admission
Ala writing TO the secretary of the com
mission, under the date of Jan g. saws:
Il have read with much interest your re-
port just published 1 believe YOU have
struck the keynote of the financial legfs-
latloh that IS needed at the present time
If your recommendation are enacted into
law [ believe it viii give US a safe bank
ing law and a reliable and elastic curren-
cy. This IS the kind of money the South
really needs. and as the banks deal di-
fectly with the people, the competition Of
the banking business Wlfl give the people
cheaper money without lowering the stand
ara OF value and violating all contracts,
both public and private. Your report and
the principle ii embodies If substantially
adopted by congress, would 1T strikes me,
be the most feasible and scientific way TO
effect the currency reform that is so much
nv ta.a 81
every occupation and political persuasion.
1t will, in my opinion, break the endless
chain" and put the government finances
on such a sound basis that when the next
depression comes it will not he intensified
by doubt as to the soundness Of the
money in the hands of the people"
Mr.. A. C. Danner of Mobile Ala be-
lieves the plan suggested by the commits
sion points out the path toward the much
needed reform in our currency laws, and
he heartily approves most of the sugges-
tons and recommendations made in the
report, and hopes that congress will act
in the direction suggested by the commits
sion. He would favor some additions and
changes, but frankly says that no plan
can be recommended at this time that viii
meet the approval of the majority of the
people of the country more fully than
that of the commission. LAS we cannot
all have our own way" Mr.. Danner con-
tinues, lit would seem wise to meet on
middle ground and accept a plan that, if
adopted, would be of untold advantage to
| the business of the country at this time -
| From North Carolina comes one of the
strongest Endorsements of the report writ
! ten by Mr.. Joseph G.. Brown, president
| of the Citizens National Bank of Raleigh,
| who says: THE commission is to be
| congratulated upon the happy result of its
labors. The schemes proposed are, in the
main, admirable, and with some
notifications which may be made
| from time to time, seem
| to fully meet the demands of the situa-
ton. The report is fun and exhaustive,
| and shows an intelligent grasp of the
| great financial problems of the day, a
| thorough knowledge of the defects of our
| monetary system and wise suggestions for
| its revision. Its statement of the present
| complicated and confusing status of our
| currency issues is remarkably clear and
| comprehensive Its tone is conservative
and dignihed and indicates a sincere pur-
| pose to provide for the wants of the peo-
! pie in every section. While il wisely
favors the gradual retirement of all OBJ
| jecuOnable and menacing issues, it care
/ fully guards against damaging contrac-
{ ton, and offers plan of substitution
| which not only maintains the necessary
volume of currency, but furnishes the
| elasticity, so essential, but so lacking in
| our present system. The provision for
! an emergency issue is a safeguard against
|
| tural sections to use their own resources,
| and no longer leaves them so entirely de-
| pendent on the large central institutions
for funds for their own protection and
for the prompt and profitable handling
of their crops.
THE courageous declaration as to the
| character of our money standard leaves
| no uncertainty as to the determination of
the government that every dollar of cir
culation bearing its imprint whether of
| gold or silver or paper, shall be worth
| full 100 cents. The suggested modifca-
| lions of the existing national banking
system are in the right direction, and are,
for the most part. wise and timely.
1.-THE whole scheme, while not perhaps
| perfect, is evidently the result of wise
and patient study, and in its general
| scope, is such as to commend itself to
| every thoughtful man. If Congress will
now promptly adopt it, depending upon
| experience 10 bring il to higher state of
| perfection, 1t will eliminate the currency
question from our politics, forever set at
rest all question of our government credit,
and easily place the United States abreast
with the leading financial nations OF the
world
BANK OFFICIALS ELECTED.