Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-01-13
CURRENCY HEARING.
The MonetaryCo Be-
fore House Committee.
Sen,tor Edmunds Explain; the Views
Of Commission at Length.
As 10 How to Change and Strengthen Our
Currency System.

Washington, Jan. 12-The monetary
commission was given a hearing, to-.
day, by the House committee on bank
ing and currency on the commissioner
bill proposing a comprehensive revis-
ion Of the currency. Ex-senator Ed
munds OF Vermont. chairman of the
commission, headed the delegation and
with him We're Ix-Secretary of the
Treasury Fairchiid of New York, j.
w Fries of North Carolina, represent
ing the gold Democratic sentiment of
the South; r. j. Bush of Alabama,
and Judge r. s. Taylor of Indiana.
representing the middle West. Score
tary Gage was also present, accom-
panied by the assistant secretary of
the treasury.
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
currency was. first to know what
standard Of value in this county is,
and is to he. Many believed, and ne
was one of these, that it was impossible
TO have more than one standard Of
value.
Mr.. Edmunds referred to the experi-
ence Of the great nations of the world,
all showing, he said, that single
standard meant stability and safety
while legal attempts at double stand
ards meant disaster and panic
FROM this universal experience Mr..
EdmundS said he and his associates
had come to the conclusion that the
frs principle on which to base a cur
rency was to have one standard; that
gold is the best standard because it is
the most stable of all standards of
value. subject to the least fluctuation
from year to year. 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 invari-
able standard of gold.
That conclusion was reached, he said
with no prejudices,, no private political
considerations, but solely from the con-
viction Of those of the commission rep
resenung the various sections of the
country.
Mir. Edmunds then took up the prop
osition of the commission bill proposing
a retirement Of United States notes.
explaining and urging this on the lines
of the commissions report. He closed
with strong appeal for early action.
The best time 10 rectify financial evils.
he said. was in time of peace and pros.
perity.
As Mr.. Edmunds was to be engaged in
the supreme court tomorrow. he asked
that the committee PROFOUND questions
today.
mt a
pounded a series of questions intended to
bring out that the effect of the bill would
be to convert all debts into gold obIiga-
lions.
Mr.. Edmunds answered that it would
convert every government obligation ex-
cept lew of minor form into gold obli-
cations. He stated that broadly the eff
feet would be to make all United States
Obligations payable in gold But as to
private obligations between citizens he
answered in the negative. saving that n
proviso in the commissions bill declared
that nothing herein contained shall be
or held to affect the present
legal tender quality of the silver dollar
Or the subsidiary or minor coins or the
paper currency of the United States"
Mr.. Cox insisted, however, that the log,-
raj effect of compelling silver to be kept
It parity with gold was to convert all
Obligations, public and private into gold
obligations. On this point Mr.. Edmunds
ana Mr.. Cox differed widely and were
lot able to reconcile their views
MI Ednuhds SAID the commission rep
eHSnteu me convictions OF communities
NrteN scattered ana had presented its
nature conclusions TO Congress.
Mf. Walker said the committee appre-
=, "a s I, .ne eHorts OF the commission and
u u "e'lct.l! 'dsc IN seeking to remedy
. im currency condltlons. lie asked if the
,'n wiH uesisil.u TO chaiige the legal ten
tui[n,s .ol t"e standard silver dollar.
Nr' f-dihuhdS SAID that it would not.
IN M Only purpose was to give the silver
80, 80 - ui ;,t reference TO one liked
'ahdafd without naming ratio. Exist
la,, ,oi, r,. We're not changed but
'Unn "I Iifr neIi,oReu. me present was
.rn,,,,;ttor ~ ~ .oiiN ict'ohS ana the
,,l, !, - - ~ ~ " ne Il uuty 10
-, i1t,f1,,i,' ti.a ., az W nc BEYOND DOUBT
NJ VIII VIZ -, ..,,i au.io!is, .,
xnadiencn in ,. 49, WY uues''oii Oh
ion hafor, tha 49,. ,,'S 81 iaa se d 'iues
,jth Az ,na,nha ,.,d -, ~ s.ti,'a.ises
atn \vae II dasirabja go ;,,;. no VI ''e
ontIict " '''e e"ei d
Mr. Edmunds renlied that II aanonaaa
N tba do~rao az d,Ih, ~ ".Pchucu
feared up. But on the ouestion o az nr an
zeal expediencc the commission had ~
orted what it deemed to he essantio1
nd right TO a proDer adiustmen, IF ~
4 II ~