The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-04-17
Transportation and Commerce
Discussed.
UNIFORM COMMERCIAL LAWS
General Warner on "The Relation of Money to
Bank Credits"-Judge Widner's
Initiation Scheme.

he SAID IL was not so much low rates thai
shippers wanted, but stable rates. AS
tending to obtain stable rates, the speaker
endorsed Sthe interstate commerce com.
mission.
General Blair, of Kansas. read paper OF
Transportation as Affecting Commerce
and Finance" He said the government
ought to provide as much money as neses-
sary to carry on the country's business
and then leave the question of finance
alone. In like manner, the government
ought also to keep its hands off commerce
and transportation and let them be gov
efned by natural laws.
| A telegram from the president and ex-
ecutlve committee of the chamber of com
merce of the state of New York was read
1t asks permission to call the attention OF
the congress to the late action of the cham
DER regarding the Improvement of the Mis-
s1sslppl river and particularly the grave
Importance of protecting the adjacent land
from the terrible ravages occasioned by the
periodical overf1oWs of the river.
William E. Scweppe, president of the
wholesale Grocers' association of St
Louis, spoke on transportation. He thought
the federal government should control the
traffic OF railroads just as it now controls
inter state traffic. He wants bill passed
that would give the present commission
power to enforce its DEGREES.
Senator Cochrell, Of. Missouri, thought the
state and federal government ought TO keep
their hands off and permit the railroads do
their best.
John Cornforth, of Denver, spoke of the
benefits of railroads. Speeches were made
before Congress by men who condemned
railroads, yet these same men had come
west and bought government land at S1.25
per acre and were now Offering it for sale
for $3.50 and $500 per acre and giving as an
excuse for the high price that railroad
passed through the land. Railways led the
advance OF civilization and industry, and
In the western countries they should be
built numerously.
q. 5. Dietrich, of Hastings, Neb., read a
paper on Transportation, in support of
the resolution introduced by him, which
provided that the Interstate commerce
commission should have supervision and
limited control of the railroads of the state
Senator Switzler, of Nebraska, advised
the congress to consider the matter of trans
portation thoroughly and attempt to pro
pose remedy
James Madison, of Mississippi. speaker
of the lower house of the legislature of that
state, hoped the congress would be liberal
with and tolerant. OF railroads, as they had
made the west what it is.
II. Martin Williams, of Missouri, be-
lieyed the government ought TO supervise
railways and railway charges. Recess
until 2 o'clock.
Jay. l.. Torrey, of st. Louis. read a
paper on Uniform Commercial laws" and
devoted particular attention to the subject
of bankrupt laws. Torrey explained the
provisions of the Torrey bankruptcy bill
and promised it would be before the next
Congress with the endorsement of CONNER
cial bodies all over the country.
Hon. A j. Warner, of Oeio, addressed
the congress on 1.-The Relation of Money to
Bank Credits" There should be limit to
bank credits. Even state banks no longer
had power to issue money, but they created
money by the issuance of bank credits.
Since they arrogated to themselves the func-
lions Of the state they should come under
state supervision. At present, bank cred
its IN proportion to the actual money in
the banks was as from 5 to TO l. 1t was
out of this unsubstantial structure of
credit money, created out of nothing, that
every panic known had had its beginning.
1t should be restricted to S. of credit to 81
of actual money. Panics would then be
impossible. Take thousand millions from
the upper story Of our top-heavy system of
bank credits and broaden the foundation of
our money system by adding thousand
million or even five hundred millions to the
real money of either gold, silver or paper,
and its issuance would be impossible.
Should it be on basis of gold that is con-
stantly narrowing and its production di-
mlniShing, coupled with an over expanding
system of bank credit currency subject to
expansion and collapse as the interests or
cupidity Of banks may dictate, or less
credit and more actual money in which con-
fiQeQCe was never Wantinp3
Judge 4. M. Widner, of Los Angeles,
read paper on the National Money Sys-
tenn" The circulating medium must be
increased, said Widner, to meet the growth
of the population, or the business of the
country must be killed off until it comes
within the compass of present circulation.
There is not enough money in circulation,
and the want OF money causes a stringency
in the money markets. Free coinage would
not accomplish the desired results, for the
population was increasing too fast The
great objection TO free coinage was that the
annual product of the mines was SAG, 000 OOO
1t is worth when coined represented S64. =
100000, or a profit of S1S,000,000 to a
few silver producers. That was of
too great local benefit to be
OF any benefit to the whole
loaning money at low rate of interest Sc
cured by land, was too partisan to be &C
copied. Widner would have system based
upon the authority of the people, backed
by the wealth of the people and admins
tered for the benefit of the whole popula-
ton, using all the gold and silver and sup
plementing their use by legal issue of
from $40 to S25 per capita. Initiation, con-
stitutional reputation, threatened change
of the gold dollar as the measure of value,
were dangers to be contended against In
OrNp
give his system stability, he proposes an
amendment to the constitution of the
United States providing for national cur
rency circulating medium to the amount of
$40 per capita as shown by the census of
1890 and each succeeding census; for the
proper redemption of which when required
the resources, property and faith of the
nation are pledged. For the redemption
of which Congress, by a two thirds
vote of each house. may provide for the
collection of government revenues or taxes
in gold or silver coin Said currency, with
the gold and silver coin of the United States
of the present weight and fineness, (the gold
dollar as the unit of value, and such notes
as may be issued in lieu of gold or silver
coin and in bullion held exclusively for the
redemption thereof shall constitute the
only legal money of the United States.
Congress shall have no power to increase
or decrease said issue, provided that after
the issue of 1900, Congress may by a two
thirds vote of each house reduce the rate
of further issue. Other addresses were
made on the subject of money In the ev-
ening reception was rendered the dele
gates at the Commercial club
The resolution committee completed its
work this afternoon and its report, which
was not unanimous, will be made to-mor-
row. The majority and minority agree
except On three propositions: Favoring
the free coinage of silver; favoring the
issue OF legal tender notes redeemable