The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1899-01-06

4 ! ! ! , !, Must Be Maintained !
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The American Economic association
held its annual meeting at New Haven,
Conn.,. last week, and on Thursday was
heard the report of the committee ap-
pointed at the annual meeting held in
Cleveland in 1897. The committee
consisted Of Professors Taylor of the
University of Michigan. Taussjg of
Harvard University, jerks Of Cornell
University, Sherwood Of Johns Hop
kins University and Kinley Of the Uni
versity of Illinois. The report gives
the following conclusions of the COM
mittee:
"Under existing conditions. the only
wise and consistent policy for the
United States is the frank recognition
of the fact that the actual monetary
standard is now, and for some time to
come will be, gold, and the adoption of
legislation which will insure the entire
stability of that standard, until such
time as the nation may have decided to
establish some other. Assent to this
the position that the gold standard is
abstractly considered, the most desira-
BILE one. AS is well known, a large
number of economists hold to the op-
posite opinion. But, a is also we'll
known, the particular substitute which
such economists favor, j. e., interna-
tional bimetallism, is at present, and
for a long time will be, out Of the ques-
ton. In consequence, the precise form
which the question Of standards now
takes in the United States is as to
whether tile currency shall rest Oh a
gold basis or on a silver or paper basis.
Thus stated, it can have, to the ma
iority Of economists, but n solution.
Under existing conditions the gold
standard is, for the United States, the
best available. This being the case, it
is the duty of the nation to render that
standard as stable as possible and to re-
move all uncertainty as to its mainten-
ance and it's easy working: for uncer-
tainty as to the basis Of the currency
must always be a n to prosperity.
with respect to the means through
which increased stability for the stand
ard shall be insured, it is hardly to be
doubted that much would be gained by
it's explicit definition in terms Of gold.
Still more important would be the en-
acting of such legislation as shall in
sure that the task Of maintaining the
standard, or, in other words, Of main
tanning the convertibility into gold of
other forms of currency, shall be eff
GENTLY performed. At this point your
committee finds itself i'll accord with
the commonly received opinion that,
under normal conditions, the task in
question can most advantageously be
devolved upon some institution or insti-
tutions of a banking nature. 1t is also
agreed, though perhaps less positively.
that, even under the conditions which
must prevail in the United States, this
same solution of the problem is, on the
whole, the best. If, however, this
plan shall prove impracticable-if the
task Of maintaining the standard of
value is still to rest upon the treasury
everything calculated to make that task
an easier one should be done. and the
department. should be specially organ
lied with reference to the duty thus de-
volving upon it, and provided with
such additional powers as are neces-
sarv to insure its fitness for the work
in hand.
Among the various changes which
would tend to the accomplishment of
these objects, your committee believes
the most important to be some modif-
cation Of the existing system whereby
the duties of the treasury as respects
the management Of the monetary sys'
tenn of the country shall be separated
from those functions which are Of a
purely fiscal nature. 1t would doubt.
less be we'll, also to find a place for sill.
yer where it will cause least trouble,
by retiring all notes under $40, and te
authorize the secretary to retire., al
least temporarily, notes which have
been once redeemed.
whatever decision may be reached
with reference. to the much-dispute6
question as to whether United States
legal-tender notes shall continue tt
hold their place as part of the paper
currency Of the country, it is certain
that the maintenance Of some system Of
bank issues will be Indispensable
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