Savannah morning news. [volume] (Savannah) 1868-1887, 1886-06-02
INTEREST FLUCTUATIONS.
KNIGHTS ASSAIL THE NATIONAL
BANK SYSTEM.

A Demand for the Establishment
Throughout the Country of Public
Loan Offices Where Money May be
Obtained for 3 Per Cent. on Good Sc
| curity.
CLEVELAND, o., June 1.-The Knights
of Labor Convention was opened at 8
O'Clock this morning, the first business
being the adoption of the amended report
OF the Committee on Strikes and BOyeotts.
The Executive Board must approve all
future strikes, and except in certain
grievous cases where immediate action is
necessary strike or boycott will not
be allowed without their approval.
An address to the Woman's Christian
Union was adopted, after which the Com
miLtee on Legislation presented the fol-
lowing report, which was adopted:
In place of document No. II, entitled an act
fixing the measure OF value and further regu-
lating the value of money, your committee
calls attention to the petition passed at the
annual session held at Hamilton. Ont, IN
October last, embracing the same subject,
which petition was known as docd ment \ o.
II, as printed on pages lis and ll9 OF the
record Of the proceedings Of that session, and
we urge that said petition be presented to
Congress as there recomm ended. and that it
also be given to the press for publication, as
we deem this course necessary before further
legislation by the General Assembly ON the
subject.
Document No. II referred to by the COM
mlttee is as follows, and was introduced
by Representative A. h. Law, of Penn
sylyania:
hesolUed That the following petition be
presented to Congress:
The petition OF the members OF the order of
Knights of Labor of America. through their
representatives IN General Assembly, met at a
session held at Hamilton, Ont, commenced
Oct. 5. 1888, and attested by their proper OIL
GERS, respectfully represent: That your petit
TONERS are mostly citizens of the United
states and members Of the labOrung class of
society; that while human labor produces all
the wealth, those who have performed no
honest labor have amassed most of the
wealth, and those who have performed
the labor have the least to enjoy :;
that we feel tins state Of things to be
largely. due to both vicious legislation and
want of proper legislation by Congress; that
the money OF the United States of uncer-
tain value, differing widely in different parts
OF the country at all times and in every part
at various times; whereas. being measure
OF commercial value it should be fixed and
unvariable in value, for example: At this
time In one part of the country money Is worth
only per cent interest per annum, in another
~ per cent, and in another 20 per cent, and
ranges from to 20 per cent. throughout the
country; that uncertainty of the value OF
money causes distrust and uncertainty
IN all commercial transactions, 1nasmuch
that capital Is timid and labor unemployed
and periodical panics occur in all business, in
consequence of which the industrial classes
are financially ruined and laborers thrown
out Of employment, and Undesirable want
ana suffering brought upon the masses OF the
people ana unjust gains are ACQUIRED by those
who manipulate money; that the supply of
large portion of the money of the country is
IN the control Of private corpora
tons called national banking associations,
creatures of Congressional legislation. with
whom private gain IS the only motive for sup
hp npOnlns is
the manipulations Of said corporations and
other money lenders that the people suffer
many of the misfortunes and grievances
herelnbefore mentioned, and many Others not
mentioned; that the right to issue or coin
MONEY is a high sovereign prerogative,
which ought not to be exercised by any but
the highest power in the nation. and we view
with alarm the exercise of such prerogative
by private persons or corporations; and as a
remedy for the evils OF which we complain
and for the redress of the greY-
ances we suffer, as herein set forth,
we pray that your honorable
body will fulfil the duties imposed on you bv
the constitution in section of article !. which
provides rho shall have power to issue money
and regulate the value thereof and of foreign
coin and IL the standard of Weights and
measures, that YOU fix the measure of value by
establishing Just, uniform and invariable
rate for money loaned; that in order to main
tain such rate, of interest as the nominal rate
you repeal all laws authorizing private per-
sons or CORPORATIONS to issue money, and IN
]
throughout the country wherever
needed, at least one in every
county with proper officers to perform
the duties of SAID Offices; that the national
government lend money To the people at said
Offices on good and sufficient security, and at
sand fixed rate Of interest on demand, and
/ that the profits arising from the business of
1 lending said money be covered into the pub
/ lie treasury for public uses. and that SAID
/ loan Offices be also made depositaries for saw
/ ings of the people, and your petitioners will
| ever pray.
Rssolc.d, That the General Master Work
| man shall certify duplicate copies of the fore
gong petition 20 Congress. and that he is re-
/ quested to select the most suitable member of
! Congress and United States Senator available.
! and request thatsthey prs sent said petition to
! their respective branches OF Congress.
! Representative Low, of Pennsylvania,
introduced a bill for recommendation to
Congress entitled "An act fixing the
measure of value and further regulating
the value of money" The bill provided
for corrections Of the abuses set forth in
document No. II, and provided for the
loaning of money by the government at {
per cent. per annum. The bill contained
| sixteen long sections.
After the adoption of the above report
the Committee on the State of the Order
read it's report, and the General Assembly
took a recess for dinner.
Ola srIS UrnDHrGn CTn~uC