The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-02-23
IN CONVENTION ASSEMBLED.
WHAT A DAY BROUGHT FORTH
The Resolutions and Nominations of
the Indiana Independent Con-
vention Yesterday.
THE FORENOON P PROCEEDINGS.


ADDREss-REs AND PLATFORM
NOMINATIONS FOR GOVERNOR, LIEUTENANT
GOVERNOR, AUDITOR AND SECRETARY OF
STATE.
As predicted by the Sentinel something
more than six hundred delegates gathered
In the Academy of Music yesterday to par
ticipste in the greenback convention. Their
enthusiasm was somewhat chilled by the
barn like temperature of the house. The
furnace was out of order; there was no tre
In the building and the place was cold
enough to freeze the hopes or the most ar
dent greenbacker of them all, but they
the convention closed and seemed
well satisfied with the days doings.
The character of the men chosen, politically
speaking, will more fully appear in the
sketches made by the Sentinel special on
the spot and added to chs proceedings of the
convention.
CALLED TO ORDER BY E. A. oLLEMAN.
The conven ton was called to order by Mr..
L A. Ollemsp, who ssid: FELLOW CTTI
zENs OF THE STATE OF INDIANA: This large
assemblage of earnest faces that 1 see before
me is sufficiently indicative of the great in
terest that the people OF Indiana are now
taking in public affairs. We have met uu-
der extrsordin airy circumstances. There is
a large amount OF work expected of this
convention. Not only the eyes of the peo-
pie of Indiana, but the eyes of the people Of
the nation are turned. looking toward the
action of the Independent Convention
of Indiana on the 10th of Feb
ruary. This is not time Tor
making speeches but for work, and l an
nounce that we are ready for business.
The first thing in order according to the
programme will be the report OF the COM
mittee on organization.
r. NJ. Hszlett, of Putnam, chairman of the
committee on organization, submitted q
report recommending the Hon. Arson
Wolcott, OF White, for permanent chairman.
A unanimous and enthusiastic "aye" ap-
proved the report, and
Mr.. woLcorT WAS INTRODUCED
by Mr.. Olleman, amid loud and general
applause. He said:
Gentlemen-I have the honor and respon-
sibility OF presiding over this meeting of
earnest men. This is the first state con-
vention that has been held in this whole
United States, the distinct purpose of which
Is the working out of q system OF financial
reform. Through many years this
country and other countries have
suffered periodically from something
systems of the world. In times
OF complete and perfect protection we have
had great disasters. There have come
sudden commercial revolutions and psnics,
which have Frustrated business, thrown
labor out OF employment, and all through
some unnatural and insufficient cause in
the money systems of the country. For
instance we will take the case of Great
Britain, which Is the seat of financial varis-
ton, and yet IL Is the great seat of capital.
Those who are
ACCUSTOMED TO READ
the history Of the financial changes In the
world will notice variations OF interest in
the bank from eight to nine Fer cent, and
find that those variations took place in the
period of few days or a few months, coin
being the basis, and an inadequate basis
The arbitrary system Is put in force, and
destruction comes to all material interest
Our secretary, in report OF speech in re-
spect to the depression in our business al
fairs and depreciation of property, says
other countries are suffering as badly as we
are. He attributes our suffering to paper
system. Others have a coin system and
suffer - much as ws, There Is something
wrong in the general money system. IL il
the inadenuate supply OF coin to meet the
demsnds of commerce and business of the
world. 1t is as true that money Is required
for production as for exchange, and the mo-
ment money ceases TO circulate production
ceases. The advocates OF contracted cur
rency say that money Is only necessary
to settle the balances.
1T IS GREAT ERROR.
Without money to produce there Is no bal
ance to settle. For instance, the manufsc-
turer has to buy the raw material. He has
to rent or build building. He has to put
the machine In operation. And it is weeks,
often months before the manufactures reach
the hands of the consumer and returns come.
In the meantime, unless there Is money in
the community possessed by the manufac-
turer or accessible 10 him, his work of man.
ufacturing or production must cease. His
employees must 90 out of employment; their
families must suffer. Now, Is it necessary
accountable Tor, except that the basis is too
small, shall be contlnued9 We think not.
We think that domestic money for the pur-
poses of our internal trade and business and
production, based upon the wealth of the ma.
ton, the faith of the nation, backed by the
taxes of the nation can give us good money
as coin. (Applsuse.) The national bonds bring
coin the world over. 1.-THE national obliga-
tons in the form of bonds are the
EQUIVALENT OF COIN
IN the commercial world, then the national
obligations In the form of money are as
good as any other form of money. We have
that basis that we can rely upon. The value
of our domestic paper is In the fact that 1t is
non convertible. Now the difficulty In the
way of resumption lies In our foreign
Indebtedness. Jt Is estimated thai
the aggregate OF American securities held
In Europe is not less than
THREE THOUSAND MILLIONS OF DOLLARS
and some estimate IL "a high as five. The
interest," on this Is SOC, 900 600. This whole
Indebtedness of 50 600, 900. 900 is but an aggre
gate of balances that have been sccumu-
lated since the war. At the beginning OF
the war the debts were small. But we have
increased our obligations All the better
obligations are held in Earope. Previous
to the war after the mines had been yielding
their gold aud silver for f,rty years, we
had two psuics, the paDics of "a and '57.
The balance of trade took our coin from US.
We have now an enormous foreign debt.
So much so that jt takes $500, O0O, 600 to pay
the interest of that debt. The nosition that