The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-11
natural law of higher and more universal

natural law of higher and more universal
power.
OF what use, them is this strange measure
and why should il continued IT any productive
interest can possibly be promoted by measure
which gives less than "A dollars worth for IA dol
lar in trade the evil result TO The whole people
infinitely Outweighs them all.
With this steady stream of two millions
month running into the Treasury, it is mani
testify only question of time when these silver
dollars must become the preponderating guam
tity III the cash reserve and when tho swelling
volume will exceed the limits beyond which they
can not longer there accumulate, but must, from
obvious necessity of government, be paid out,
ana become the current money OF tie govern
ment.
When that unfortunate moment arrives, the
governmental measure for all business of the
country will suddenly descend from the stand
ard OF to-day to one of about tive-sixths its
value. and all debts and commercial obligations,
and the prices of all property and merchandise
must become adjusted to the change. Two stand
ards or so widely different purchasing power can
not simultaneously prevail Gold coin will be
hidden away, and be exchanged with other ma
tons whose standard money it is, and wh0 will
eagerly seize the occasion TO make for it the
trade at tile difference in market valne, and this
great nation will be then irretrIevably launched
into single metallic money, and that of silver.
AT the conclusion of the address the ex-
ecutive committee announced they were not
ready to report
Secretary Marsland read the treasurer's
report, as follows:
Balance on hand from last year, $5,914;
received, $16,44413; disbursements 12,O46.
95; balance on hand a. 347 SO.
The report of the auditing committee was
read and adopted.
Hon. John ]. Knox, Comptroller of the
Currency was then introduced and was re-
ceived with every mark of respect and ap-
plause. After a graceful reference to Ken
lucky and Louisville, Mr.. Knox took up
the question of the different systems of
banking, contrasting the national system
with the old State banks before the war.
The experience of twenty years shows that
the national system is the best yet devised,
having won its support from its former OPP
ponents. In proof of this Mr.. Knox gave
large list of new national banks
organized during the last year,
some of them in localities where
the demand was already supplied. The
average issue of these banks is one-quarter of
the capital stock. Our necessary Ndrplus
revenue should have an outlet, and the Sec
rotary of the Treasury had been forced to
call in outstanding bonds thus disturbing
the banks, and Congress must make provis-
ion for bonds on which to base the system.
Mr.. Knox went largely into statistical state
ments of bonds held by the government,
with the time when the same would natu-
rally be called. He did not believe the
national bank system would cease to exist as
long as there was a bond on which TO base it.
In closing his paper Mr.. Knox recounted the
loans made by France in aid of the colonies
in the revolution, and the methods adopted
afterward by the United States government
to meet and liquidate these claims, closing
with graceful tribute to George Washing
ton, under whom the debt was incurred, and
who afterwards completed arrangements for
~
hibit of the public debt of
the great nations, with the average interest
borne, and a showing that on these
bonds a safe system of banks might be
based, and a suggestion that United States
bankers might safely use them for that pur-
pose. He did not suppose it probable that
Congress would consider such a proposition
yet, but it was a subject which might safely
challenge the attention of this association.
Senator Joseph R. Hawley, of Connecticut.
was introduced and delivered a short ad-
dress to the convention, in which he referred
to the duty of Congress to legislate on the
subjects desired by the convention, and
prayed them to carefully do their work, so
as to properly present them to the lawmak-
ing power and lead it to proper consideration
of the same
]. H. Lindenberger, of Louisville, was in
troduced and read paper on The Banking
System"
Mr.. Lindenberger moved. at the conclusion
of his address, the following resolutions:
Resolved, That adherence by the govern
ment to policy which will attract to the United
States an abundant supply of gold and silver,
the recognized money OF the world. and cause
its general diffusion among the people in the
currents of business, will encourage the most
rapid development of our resources, stimulate
to activity our productive industries and pro-
mote the greatest steadiness and stability in the
business of the country.
Resolved, That a bank-nOte circulation abso-
lutely secured, and issued under ample safe
guards for its redemption demand, in coin,
is necessary for the convenient transaction of
the business of the country, and such ciFcula-
tiOn can best be provided through the continued
operation of the national bank act, as has been
attested by the experience of the past twenty
years.
Resolved, That the retirement OF United
States lega-tender notes by gradual process is
not liable to emDarrass the business of the cOun-
the government at the time of their issue; it
will be the final step accomplishing the full re-
turn by the government to coin basis; it will
tend to an increased supply of coin, will give
free course to gold and silver in commerce and
financial currents, and afford an ample basis for
redemption in coin, on demand, of the bank notes
issued"
These resolutions will be discussed at to-
morrow's session.
d. c. Bohnes then read paper on Gold"
In the afternoon William J, st. John read
a paper discussing the three questions: "Shall
the retirement of the 3-per-cent. bonds con-
tinue?' "Shall low-rate long bond be issued
to the banks@ Shall the tax on the national
bank circulation be removed
Hospital for Lumbermen
MILWAUKEE. Oct. 1O.-The merchants OF
lxUa ihano