Omaha daily bee., 1899-01-03
DAWES ON THE CURRENCY.

The speech of the comptroller of the
currency, Hon. Charles G.. Dawes, be-
fore the Commercial club of Chicago,
will not please the extreme currency
reformers any better than did his an
nual report, in which were pointed out
some of the defects in the plans Of cur
rency revision.
Comptroller Dawes earnestly advo-
Gates the adoption of President McKin-
ley's. recommendation, that when green
backs are redeemed in gold they shall
be paid out again only in exchange
for gold. lie says of this plan that
under it the government can protect
properly it's outstanding currency liza
bilities and break the endless chain
without contracting the currency or
seeking assistance from private corpora
tions in meeting its obligations of gold
redemption. The comptroller urges that
before the consideration of any of the
banking bills upon which there Is such
diversity and conflict of both expert and
popular opinion, this plain, practical
and simple solution of the governmental
currency situation suggested by the
president should pass into law. ITO
this plan," said Mr.. Dawes, "easily
comprehended by the great body of our
citizens, all those in favor of currency
reform should give their unqualified
and loyal support. To press the con-
sideration of other proposed remedies at
this time will prove hindrance ard OBJ
struction to the adoption Of the recon-
mendation, which is plainly a step in
advance. After this recommendation is
enacted into law those who have what
seems to them more complete remedy
can then present it for consideration"
1t is hardly to be expected that the
currency reformers generally will give
heed to this judicious counsel. Perhaps
some Of them approve the presidents
recommendation and are willing that
it should pass into law, but most Of
them will be satisfied with no legislation
that does not provide for the ultimate
permanent retirement of the green.
backs. This Is the chief purpose in
their plan for reforming the currency
and nothing short Of this will be accept
able to them. To eliminate the legal
tender notes and to give the banks a
monopoly of the paper currency of the
country is what they aim to accomplish
and as the adoption of the presidents
recommendation would render the at
tainment Of this purpose more difficult
the reformers are not likely to favor its
adoption. Their greatest reliance is upon
the 'endless chain" and as this would
be swept away under the operation of
the presidents plan the reformers will
not be found supporting that plan. Its
very simplicity is enough to incur for It
their disfavor and instead Of accepting
this plain, practical and simple solu-
ton of the governmental currency situa-
tion they will go on agitating for a
policy which is both impracticable and
unpopular-a policy which no political
party will dare commit itself to.
Comptroller Dawes is correct in the
view that the people and the business
interests of the country demand that
whatever changes are made in the cur
rency system should be simple and cas-
lily understood. They are not in favor of
complicated or radical changes. They
desire stability in the currency system
and that there shall be no unnecessary
tinkering with it. If President McKin-
ley knows the feeling Of the country In
this respect-and he is probably as care
full to inform himself in regard to public
sentiment on this question as on others
he will give no serious consideration
to the appeal of the currency reformers
for an extra session of the Fifty sixth
congress to consider the currency uues-
ton.