The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-04-17
They TALKED OF MONEY.
II Was the Topic of Discussion at
the Western States
Congress.
The Control Of Railroads. How
over, Occupied Part OF
the Time.
Judge Widner's Views IN n National
Monetary System-Reports of h
Resolutions Committee.

AAN1Ao SAEAss
before the western states congress as
sembled this morning. James Peabody, OF
Chicago, read a paper on railroad pools
He said it was not SO much low rates that
shippers wanted as stable rates. Gen. Blair,
of Kansas, read a paper on transportation
as affecting commerce and finance. He
said the government ought to provide az
much money as would be necessary to carry
on the country's business and then leave
the question of finance alone. William
T.. Scheppe, 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 interstate
traffic. Senator Cochran, of Missouri,
thought state and federal governments
ought to keep their hands off and permit
railroads to do their best.
Jay L. Torrey, of st. Louis, read a paper
on uniform commercial laws, and devoted
particular attention to the subject of the
bankrupt law. Torrey explained the prov
isions of the Torrey bankruptcy bill and
promised that it would be before the next
congress with the endorsement of CONNER
cial bodies all over the country.
Judge II. NJ. Widner, of Los Angeles,
CAL. read a paper on q national money sys-
tem. The circulating medium must be in
creased, said Widner, to meet the growth
the of population or the business
of the country must be killed
off until 1t is within the compass
OF the present circulation. There is not
enough of money circulating, and want of
money causes stringency in money markets.
Free coinage would not accomplish the de-
sired results for the population was increas-
coinage was that the annual product of
SAG, 600, 200 worth of ore was, when coined,
S64, ZOO, coo, or a profit of SIS 00, 600 to a
few silver producers. That was OF too
great local benefit to be of any benefit to
the whole people. The Farmers alliance
scheme OF loanlng money at a low rate OF
interest secured by land was too local and
partisan to be accepted. Widner would
have q system based upon the authority of
the people, backed by the wealth of the peo-
pie and administered for the benefit
of the whole population, using all the gold
and silver and experimenting their use by
a legal issue of from $50 to $25 per capita.
The threatened change of the gold dollar
as the measure of value was a danger to be
commended against. In order to overcome
these dangers and to give his system stabil-
ity, he proposed an amendment to the con-
StltuilOn OF The UulteQ SlaGeS pFoSlulHS lor
a national currency circulating medium to
the amount of $50 per capita "a shown by
the census of 1880. and each succeeding
census, for the proper redemption OF which,
when required, the resources, rnperty and
faith OF the nation are pledged; for
which redemption congress, by two-thlrds
vote of each house, may provide for the
collection of government revenues or taxes
in gold and silver coin; said currency. with
the gold and silves coin of the United
States of present weight and fneness (the
gold dollar being the standard unit of
value! and such notes as may be issued in
lieu of gold or q liver coin. AMI in bullion
held exclusively for the redemption there
OF, shall constitute the only legal money of
the United States. Congress shall have 40
power to increase or decrease said issue,
provided, that after the issue of 1906 con-
gress NAV, by two-thirds vote of each house,
reduce the rate of further issue.
Other addresses were made on the sui
ject OF money. In the evening a reception
WAS rendered the delegates at the CONNER
cial club. The resolutions committee COM
p!eted its work this afternoon and the re-
poit which was not unanimous, will be
made tomorrow. The minority agree ex-
cept upon three resolutions. Those favor
ing the free coinage of silver; ~favorlng the
issue of legal tender notes redeamable in
gold and silver, in a quantity sufficient for
the business of the country; favoring a
tariff for revenue only. The minority OPP
posed those resolutions and will present a
report thereon.
The other resolutions praise Secretary
Rusk's conduct Of agricultural department
and favor federal improvement of the
Mississippi river; irrigation by the national
government of arid lands: contamination
of treaties of reciprocity with countries
with which the United States changes FRO
ducts; construction by the federal govern
1nent of a deep water harbor on the gulf of
Mexico.