The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-02

with q bin which I had carefully pre-
pared, and which 1 sincerely believed
would prove to be a panacea for tho
ills we are suffering from, but l have
never drawn 1t from my pocket, and
1t has not seen the light of day. nor
has it been read to any member of
tho commission He further said:
The chances are that each member
of the commission is in similar posi-
ton. I thought I was really CONVEX
SAINT with currency problems and had
viewed them from every standpoint.
Tho free discussions we have had. the
Interchange OF thoughts. and the con-
illusions we have SO tremendously
reached have convinced me of my error.
have learned many things during our
sessions, and am firmly convinced
that the recommendations we have
unanimously agreed on, If adopted by
Congress. Will prove to be long step
toward currency reform"
Recommendation Formulated.
No member OF the commission pro-
posed any plan. 1t was decided at the
inaugural meeting that Fundamental
principles would be discussed and
foundation. After discussing such
principles and unanimously agreeing
on them. the recommendations We're
formulated which were made to the
Committee on Banking and Currency,
If the fifteen men who served on the
commission, representing different sec
lions of the country, had divergent
IDEAS when they went to Washington,
and then unanimously indorsed these
recommendations. and these men repre-
sented trust companies, savings banks,
national banks. and state banks.
then there must be a great deal of
weight and good common sense behind
their proposals.
after these recommendations We're
received by the Committee on Banking
and currency of the House of Repre-
sentatives this committee held public
sessions, and each member of the COM
mission appeared before them, and they
were questioned in the closest way.
one member OF the commission was
before the above committee for six
hours, and no member of the commls-
sion was questioned for less than two
hours. The queries We're most search
We're themselves conversant and ia
miliar with the subject of the currency
a number of them being experts.
Public Hearings of Commission.
After the commission left Washing
ton the Committee on Banking and
hearings and any one who desired
could appear before it. The only recon-
mendation made by the commission OF
the American Bankers Association
which was not adopted in the report
of the Committee on Banking and Car
rency to Congress was a tax of 2 IL
per cent which the commission
thought should be placed on the pro-
posed credit currency. which was limit.
ed TO % per cent. of the capital OF
banks. The committee changed in its
reN,rt the tax of 21-2 per cent. to ;
per cent. there being a difference OF
opinion as to whetre a tx of IL:
per cent. was sufficient. They made
their report to Congress, cmbodyinp
all other recommendations in bill
contained In report, which did not
become law. Congress did, however
pass what Is known as the Aldricl
bill, which contains number Of the
recommendations above referred to
and, while 1t is a step in the right
direction and has already proved tc
The beneficial the Aldrich, bill does not
authorize tho banks to Issue credit
currency, although the United States
Is the only civilized country which
has no currency of this nature. Tho
reports of the Committee on Banking
| and Currency and our Currency Com
mission have been sent to every banker
newspaper and lawyer in the United
states They did not appear to arouse
the interest anticipated, for the peo-
plc were more lukewarm than the
Commission thought they would be-
This condition Is probably due to ig.
norance Of tho subject and failure tc
take the necessary time to investigate
Unanimous for Credit Currency.