The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1898-01-13
THE MONETARY REPORT.


for currency reform. 1t is quite a
voluminous affair and contemplates
a more rigid adherence to the gold
standard than the present policy,
indeed going to the extremity of
demanding absolutely the single gold
standard. This much was expected,
however, since the whole movement
was engineered by the representa-
tives of the only political organiza-
ton that went before the country in
the last campaign upon the single
gold standard issue, without equivo-
cation or evasion-the so-called
National Democratic party.
Whatever may be said about the
proposed planit is quite evident that
SO far as it's being embodied into law
by the present Congress the exertions
of the compilers will prove to be a
very clear case of loves labor lost.
We are frank to say that we did
not expect the work of the commits
sion to result in proposition that
would be endorsed by the country
generally, because we knew that the
financial ideas of at least a majority
of the commission we're at variance
with the popular sentiment OF the
country upon what are considered
vital points.
That this plan will not be endorsed
is made manifest, not only for the
reason just stated, but also because
the criticisms upon it demonstrate
that it fails to meet endorsement at
the hands of some prominent single
gold standard adherents, evidencing
a lack of harmony and unity upon
the questions of wisdom, practicable
ity and expediency, even among
those who are agreed upon the one
point of single standard.
For instance, the Charlotte Observ
er, which is understood to favor the
gold standard, says the report Is
disappointing, that there is too
much detail to it, and that some
thing better was expected from the
business men constituting the COM
mission than would be expected from
ga lot of green Congressman or lot
of dreamy idealists." The Observer
says, further:
"What was wanted from this com
mission was two or three practical
suggestions as to how the unprofit-
able money massed In the centres of
trade can be made available to the
people in the country, or how, if it Is
determined that they cannOtg get this,
they may have a currency of their
own on their own securities and
borroWable upon their own solvent
collaterals. These questions this re-
port does not solve at all. 1t is i'm
pudent to say SO but we nevertheless
dare to say that the proposed
schemes for increasing the elasticity
in money will not procure the end.
"The concluding paragraph of this
summary, which reads: Estate banks
may come in, and proceedings there
for'' is wholly misleading. The full
text of the report shows, under this
head, nothing except a method by
which the present State banks may
convert themselves into national
banks"
The New York Sun, gold Republi-
can, cordially approves the declara-
ton that gold and gold only should
be the standard of monetary values,
but opposes the retirement of Coy
eminent notes and the issuing of
notes by national banks to the limit
of their capital, and takes issue with
the commission upon the assertion
that the debt incurred by the Gleve-
land administration was incurred
chiefly II not wholly in CONSCIENCE of
the existence of the Government
notes." and that the redeemed notes
must be paid out again and again
under any conditions of the national
revenue.
The Sun concludes that assertions
so groundless as these suggest a
consciousness of a lack of sound
arguments, and weaken the cause
they are used to support.
The Washington Post, gold, does
not discuss the details of the plan,
but pays a passing compliment to
the patriotism of the commission
and saws for reaaOna walI known no
such plan can get favorable consid-
GRAFTON from the Fifty fifty Congress.