The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-13

the bill in contracting the currency Mr..
Eulnunds did not believe contraction would
Jurlously affected by having the supply of
enpacks limited and in part displaced by
me q Z, demand for. gold. Mr.. Newlands asked
II tne world had a sufficiency of gold.
Not a sufficiency of gold or of virtue"
answered Mr.. Edmunds land that is why
we are struggling for both" 1t was this
that LED to the rush to the Klondike.
MR.. FAIRCHILD HEARD.
Ex-Secretary Fairchild next spoke on the
banking features Of the bill. He prefaced
this, however, by saying that monetary
standards We're no more subject to govern
mental control than the tides and winds.
H. was natural and economic operation
between individuals. in which each sought
the best. Governments had adopted stand
ards already in existence and thus serving
the convenience of the people, but they had
never created a standard. When a govern
ment sought to make standard it merely
interrupted the natural law and embar-
Idsseu natural exchanges The question
was not one OF theory, but one Of fact the
same as the existence of steam or eectr-
Guy. IL was no more possible for a law
TO ignore this fact of a natural standard
than to ignore the existence of electricity
Making thing a legal tender gave it no
inherent value. The great body of the peo-
PIE, ne said, used banks as a great benef-
cent instrument of civilization, and it was
the people, not the bankers, who were
helped by wise governmental action. This
view, he declared, removed narrow preju-
GlceS and placed the subject on a broader
public plane. The design of the banking tea-
tire or the commissions bill was to facili-
tate the natural operations of banking and
eAchange by adding the government aid
toward rapidity, certainty and safety of
these exchanges.
After an hours recess and before contin-
ulng Mr. FairchildS hearing Mr.. NeWlands
made motion that the committee on ways
and means and the committee on coinage be
invited to participate in these hearings.
Mr.. johnson, of Indiana oppOsed the mo-
tion saying it would embarrass and delay
the subject leading off to many new inqui-
TIes and bringing about the confusion of a
tcWa N meetlEg The motion was defeated.
Mr.. Falrchild then went on with his state
ment. Mr.. Cox asked If he was right in un-
derstanding that The measure accomplished
TWO things: First the establishment of the
paper currency except national bank
notes" Mr.. Fairchild assented to this,
saying 1t was the practical effect of the
pm. Mr. Fairchild will proceed with his
Mr.. Bush, of Admission, Ala, member of
the Monetary Commission, was next heard
lie sad 1t would not be to the credit of any
party In power to check this movement for
currency reform, or to fail to embrace the
opportunity to execute it. There were some
VINO were so bound up in the tariff that
tney Wlshed to convince the country that
the tarlm would accomplish everything. But
the tariff would not cure the vital evils of
the currency. 1t was quite as important for
members of Congress TO meet these evils as
to furnish battle ships and cruisers as a
preparation for emergency
At the conclusion of Mr.. Bush's statement
the committee adjourned until Tomorrow
when the hearing will be resumed
chairman Walker and Representative
Fowler, of the committee, met members of
the commission tonight, with a view to
seeing II there was any basis of agreement
between their financial bills and those of
the commission and of Secretary Gage.