The age-herald., 1898-01-13
THE MONETARY COMMISSION
Given a Hearing by the House
 Currency Committee.
EDMUNDS CHIEF SPEAKER
Gave His Views as to What Would Remedy ---- Existing Evls-Mr. Bush of Anniston
 . |,
 Also Delivered Speech

Washington, Jan. 12-The monetary com mission was given a hearing today by the house committee on banking and currency on the commissions bill proposing com prehensive revision of the currency. Ex- Senator Edmunds, of Vermont, chairman of the commission, and head of the dele gation. was present, and with him were ex-Secretary of the Treasury Fairchild, of New York; J. W. Fries, of North Caro- lima, representing the gold democratic sen- timent of the south; T. J. Bush, of Ala bama 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 interest, a number of the members of the house, ac- companied by ladies' being present. MT. Edmunds was the first speaker. He said that the fundamental principle which the commission had felt was to be considered in establishing stable currency was te first show what the standard value in this country is to be.
 MT. Edmunds referred to the experience of most nations of the world, all showing, he said, that a single standard meant sta=. bility and safety. while attempts at double standards meant disaster and panic. From this universal experience MT. Edmunds said he and his associates had come to the conclusion that the first principle on which to base a currency was to have one stand ard; that gold is the best standard, be- cause it is the most stable of all standards of value.
 '"rhat conclusion was reached" MT. Ed munds added, with no prejudices, with no private political considerations, but solely from the conviction of those of the com- mission representing the various sections of the country"
 Retirement of Notes.
 Mir. Edmunds then took up the proposi- tions of the commissions bill proposing the retirement of United States notes explain ing and urging this on the lines of the commissions report. He closed with strong appeal for early action.
 Representative Cox (dem.) of Tennessee propounded a series of questions intended to bring out that the effect of the bill would be to convert all debts, public and private, into gold obligations.
 MT. Edmunds answered that it would convert every government obligation ex- cept a few of minor importance into gold obligations, and stated broadly the effect would be to make all United States obli- gations payable in gold. But as to private obligations between citizens, MT. Edmunds answered emphatcally in the negative.
 MT. Walker asked if the bill was designed to change the legal tender quality of the standard silver dollar
 MT. Edmunds answered that 1t would not. The only purpose was to give the silver dollar distinct reference to one fixed standard without naming ratio. Existing conditions were not changed but doubts were removed.
 MT. Walker suggested the question of ex- pediency in carrying so large a question to the house of representatives with 356 members ready for months debate. MT. Edmunds replied that the commission had reported what it deemed to be essential and right to a proper adjustment of the currency, and it desired to stick to that right thing, despite questions of expediency. This brought a round of applause, the first of the day.
 Representative Newlands (silverite) of Nevada discussed with MT. Edmunds the effect of the bill in contracting the cur rency. Mr. Edmunds did not believe con- would occur or that bank reserves would be injuriously affected by having the supply of greenbacks limited and in part displaced by the demand for gold MT. Newlands asked if the world had suffi- ciency of gold.
 'Not sufficiency of gold or of virtue" answered MT. Edmunds, land that is why we are struggling for both. It was this that led to the rush to the Klondike."
 Ex-Secretary FairchiId. 2 Ex-Seoretary Fairchild next spoke on the banking features of the bill He prefaced this, however, by saying that the monetary standards were no more subject to gov ernmental control than the tides and winds. It was a natural and economic operation between individuals in which each sought the best. Governments had a standard al- ready in existence, and thus served the convenience of the office, but they had never created the standard. When a gov ernment sought to create standard it merely interrupted the natural law and embarrassed natural exchanges
 The question was not one of theory but one of fact, the same as the existence of SIedII Of tttCtTlClly. u WStS iio HlOic Por- sible for law to ignore this fact of nat ural standard than to ignore the existence of electricity Making a thing legal ten der gave it no inherent value The great body of the people. he said, used banks as a great benificent instrument of civliza- ton and it was the people, not the bankers, who were helped by wise government ac- ton. This view, he declared, removed mar row prejudices and placed the subject on 1 a broader plane. The design of the banking feature of the commissions bill was to fa- cilftate the natural operations of banking and exchange by adding the governments aid toward rapidity, certainty and safety of these exchanges.
 MT. Cox asked if she was right in under standing that the measure accomplished two things: First the establishment of the gold standard; second. the retirement of all paper currency except national bank notes"
 MT. Fairchild assented to this, saying it