The Washington times., 1902-04-08
Numerous Advantages of
Proposed Measure De-
fined by Committee.
TO PROTECT NATIONAL CREDIT
Will Equalize Interest Rates Throughout
County-May Make New York the
Commercial Centre of the World In
stead of London.

Representative Fowler, the chairman OF
the House Committee on Banking and
Currency, has submitted that committee s
report on the revised bill to maintain the
gold standard
The report defines the purposes of the
measure as follows:
TO secure the advantage OF longer ex-
pcrience. and therefore a higher degree
of intelligence and more permanent pol
icy in the supervision OF our vast bank
ing interests
To Protect National Credit.
ITO protect the national credit against
assault through the demand obligations Of
the Government by completely relieving
the Treasury at once Of a burden amount
ing to more than $7O0, ,O0O, 600.
To transfer from the Government to
the banks the entire responsibility OF pro-
viding and protecting the commercial re-
serve, and to impose upon the banks the
burden of furnishing all the gold that
may be needed for export or for any other
purpose.
To place the Government in d position
where its relation and duty to commerce
is limited to fixing the standard. estab-
fishing measure OF value, furnishing all
token money. and providing for a system
OF paper currency.
ITO simplify and limit the Govern
ment's fiscal operations by confining it to
the collection of its revenues and the
payment of its expenses, precisely as the
several States and all municipalities col
lect and disburse their revenues.
TO provide for a system of paper cur
rency which is absolutely sound, uniform
responsive. always adequate. and per-
and under all conditions.
To Equalize Interest Rates.
To lower and cqualize the rates of in
terest in all parts of the United States,
SO that the farmer and the manufacturer
in our smaller cities and remote sec
tions may be placed upon equal terms
with the borrowers in our great CONNER
cial centers.
To give our banking institutions the
privilege OF establishing themselves any
where in the United States and its pos
sessions and In all other countries. for
the purpose of extending American trade.
controlling foreign exchange. and ensur-
ing the successful development of our
merchant marine.
ITO wiIe the last stain of fiatism from
the escutcheon of our nations commercial
honor, and remove the last doubt hang
ing over our national credit by providing
for the redemption IN gold coin of all the
legal tender money OF the Government.
including the silver dollar, as well as the
United States and Treasury notes and the
subsidiary coins.
THAT all these purposes are most de-
sirable there is no possible doubt; that
their attainment is essential to a COM
plete reform of our financial and currency
system everyone who has carefully
studied the subject agrees. The accom-
plishment of any one of them would i'm
prove and strengthen the present situa-
tion. but each is largely dependent upon
the others for it's NEST material advan-
tages, since all are so closely related and
Some Pertinent Queries.
The report then goes on at considerable
length to explain the bill. and in its ar
gument propounds the following ques-
lions:
Can anyone. by any course of reason
ing, show that the Government. as u r1at-
Ter of good faith and good morals. is
bound to redeem a piece of fiat paper.
no value whatever. such as
The United States notes were, and yet is
not bound to redeem its own obligation
expressed in silver dollar, for which IL
has received full value, because, fcrsooth.
what? That it carries a value of i5 cents
md the Government can -nuci the hold
n to carry the balaEc- - aents: or
hat the Government il lea and lis
Treasury beggared?
Can anyone explain why the Govern
nent bound itself to redeem the Treasury
notes. whose face value is about so cents
n gold coin. and refused TO honor its OBJ
igatiOn of 90 cents in every silver dollar?
Can anyone reconcile the Governments
position in undertaking to redeem its sill
'er half, quarter, and l0-cent pieces, its
lickels. and even it's pennies in gold coin
With it's persistent refusal to Oravcly
meet its moral obligation and honor ihs
Continued on Third Paee.)