The times. [volume] (Richmond, Va.) 1890-1903, 1899-04-16
PROBLEM THAT
CONFR0NTS THEM
Republican financiers Must Relieve
the Monetary Stringency'
VOLUMEO CURRENCY TOO SMALL
Some Elasticity Must BE Given Our
Medium of Exchange TO Meet the
Growth OF Business-Comm
Looked TO for Relief.
VOLUMEOF CURRENCY TOO SMALL

WASHINGTON, April 14.-Special-The
present scarcity OF paper money at the
Treasury is attracting the special atten-
ton Of the Treasury officials 10 the action
of the Republican caucus Committee
ON Monetary Legislation which meets at
Atlantic city next Monday. The Treas
ury officials are looking to this commit
tee 10 take steps which will AFFORD re-
lief in the future for the monetary strin-
gency.
IL is not unlikely that Secretary Gage.
Treasurer Roberts. and Mint Director
Roberts will be heard by the committees
or will be asked TO present their views
In writing. There was a disposition az
the preliminary meeting Of the commit
tee. lust after the adjournment Of Con-
press. not 10 give any formal hearings
The committee does not possess definite
official character, so that no one can ask
Of right to be heard. The decision not
10 give extensive hearings VIII PROBABLY
be adhered 10. but some OF the Treasury
officials and a few students OF the none
tarv problem are likely 10 be asked 10
present their views.
WILL STUDY IT CAREFULLY.
II is understood that the committee
VIII remain in session several weeks ana
will endoavor 10 study every branch 81
tho currency problem. The membership
o. the committee. including, As IL does
three OF the Republican leaders OF me
House is likely 10 give special weight
"a their decisions Mr.. Payne. or New
York is chairman Of tho Ways ana
Means Committee, the leading comm tee
OF The House while General henderson,
of low. and Mr. Dslzcll. Of Pennsylvania,
make IN with Speake. Reed tho Repub-
licau majority Of the Committee on Rules.
ANY measure which has the approval ot
these three members Is likely 10 be adopt
Oh after proper discussion by the Re
publican caucus and TO receive tho sup
mort Of the Republican membership or the
House Secretary Gage has already prom
iscd every assistance in his power 10 the
committee. and number or important
documents have been forwarded 10 theh
mt Atlantic City.
THE GOLD STANDARD.
The promoters OF the indianapolis move
mcnt claim that the Republican party Is
so FAR committed by tho appointment OF
tho committee 10 an intelligent reform
of the currency that any measures taken
arc likely to be I'm the right direction. The
members of the committee arc generally
I'm favor of tho gold standard and are
likely 20 take up and dispose ~ the pro-
position for a gold standard law Niihin
DIV or two after their meeting. The
direct retirement Of the rreenba'ka may
not be accomplished but n IS believed
that the recommendation Of the President
I'm his last annual message. that a dVls-
ion Of issue and redemption be establish
"a win 5o adopfed and that silver and
gold viii he put upon common roofing
~ the Treasury by being made exchange
able for each other.
A TROUBLESOME PROBLEM.
Tho nroblern Of meeting the necessity
for tho growing volume Of business in
tho country is likely to prove tho most
troublesome TO the committee Mr. Han
M the chairman Of the indianapolis
Executive Committee was instructed at
the recent meeting I'm New York TO urge
the bin Of the Monetary Commission unon
Tho caucus committee. He was given
authority. however. II II should seem wise,
10 accent some notifications OF the None
fairy Commission bill so long as they
were based upon the PRINCIPLES Of the
cold standard and 4 flexible currency
adeouate in volume 70 the needs OF trade
some Of the plans which have been
talked over by the committee involve a
modification OF the Monetary Commits
sion plan in regard 20 bank currency,
which would make the plan much more
conservative I'm outward appearance and
place a large cash guarantee behind me
notes. Some of these plans are likely -
he very carefully considered. and ona OF
them may be adopted II the supposed pro-
iudice in certain States against the M
fional banks can be overcome ~ divid-
ine the profits Of note issues with the
government
Some Of the more thouchtful members
~ the committee believe that the coun-
trv must have some means Of currency
EXPANSION 10 meet the growth Of business
hovond the direct importation Of gold
and that when the alternative Is present
~ between crconhack imitation and n
,roll secured bank-note currency. the
choice must be made in favor Of the lat
ter.
VIII, BE WORSE STILL.
Conditions at the Treasury make Y
moro evident every day that there VII
no q period of stringency this autumn
and rerhaps a more intense one i'm an
other wear. n some elasticity IS not given
tho medium OF exchange. Secretary Gage
has already advised the committee OF me
necessity OF action I'm this direction. and
nearly every fnancier consulted on the
enbiect has concurred in his opinion. Mr..
Overstreet. Of the indianapolis district,
hqe prepared n cOmraris0n NJ tho differ
en+ hills pending before the last Congress
classifying the provisions ~ each blll re-
latlng 70 one subject under separate
head. end copies ~ this comparison VIII
10 furnished % the committee IN begin
ming their labors.