The record-union., 1891-04-17
Special to the REcoRp-UN1oN.

rendered the Delegates.
Special to the RECoRD-UNIoN.
KANSAS CITY, April 16.-It was 10
O'Clock before the Western States Con-
gress assembled this morning. James
Peabody of Chicago read a paper on
Railroad Pools.'' He said that it was
not so much low rates that the shippers
wanted, but staple rates. AS tending to
obtain staple rates the speaker indorsed
the Interstate Commerce Commission.
General Blair of Kansas read paper
on transportation as affecting commerce
and finance. He said the Government
ought to provide as much money as neces-
sary to carry on the country's business,
and then came the question Of finance
alone. In like manner the Government
ought, also, to keep its hands off COM
merce and transportation and let them be
governed by natural laws.
a telegram from the President and
Executive Committee of the Chamber Of
Commerce of the State of New York was
read. II asked permission TO call the at
tention Of the congress to the late action
of the chamber regarding the improve
ment of the Mississippi River and par
tlcularly the grave importance OF protect
ing adjacent sections from the terrible
ravages occasioned by periodical over
flows of the river.
William f. 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 interstate traffic. He
wanted bill passed that would give the
present commission power TO enforce its
DEGREES.
Senator Cochran, of Missouri, thought
the State and Federal Governments
ought to keep their hands off and permit
the railroads to do their best.
John l.. COrntorth, Of Denver. also
spoke of the benefits Of railroads.
Speeches have been made before Congress
by men who condemned railroads. These
men had come West and bought land at
81 25.per acre, and were now offering it
Tor sale for Sl50 and $500 per acre, and Civ
ing as an excuse for the high price that q
railroad passed through the land. Rail
ways lead the advance OF civilization and
industry, and in western countries they
should be built numerouSly.
&. S. Dietrich, of Hastings. Neb., read a
paper on transportation in support of a
resOlutioutiOn introduced by him, which
provided that the Interstate Commerce
Commission should have supervision and
limited control of railroads.
State Senator SwitZler, of Nebraska,
OF transportation thoroughly and attempt
TO propose a remedy.
James Madison, OF Mississippi, Speaker
of the lower house of the Legislature of
that State, hoped Congress would be lib
eral with and tolerant of railroads. as
they had made the West what it is.
ii. Martin Williams, OF Missouri, be-
heyed the Government ought To super
wise railways and railway charges
Recess till = o'clock.
j. l.. Torrey of st. Louis read paper
on Uniform Commercial Laws" and
devoted particular attention to the bank
rupt law. LOrrey explained the prOyis-
ions OF the Torrey bankruptcy blll and
promised that it would be before the next
Congress with the Endorsement of the
commercial bodies ali over the country.
Hon. \. j. Warner of Ohio addressed the
Congress on the Relation OF Money TO
Bank Credits" There should be limit
TO bank credits. State banks no longer
had the power to issue money, but they
created money by the issuance OF bank
credits. Since they aTrogated 10 them
selves the function of the State, they
should come under State supervision. At
present bank credits in proportion TO the
actual money in banks was as from five
10 seven to one. 1t was out OF the unSub-
stanJial structure of credit money created
out Of nothing, that every panic was
known TO have had its beginning. 1t
should be restricted to S3 OF credit for 81
OF actual money. Panics would then be
impossible. Take a thousand millions
from the upper story Of our tOp-haavy
system OF bank credits, and broaden the
foundation Of our money system by add
ing 4 thousand millions or even five hun
dred millions Of real money Of either
god, silver orpaper, and panic would be
impossible
Judge r. NJ. Widner, of Los Angeles,
read a paper on the National Money
System The circulating medium must
be increased" said Widner. ito meet the
growth of population, or the business of
the country must be killed off until it is
within the compass Of the present circula-
ton. There Is not enough money III cir
culatIon, and the want of money caused
the Stringcncy in the money markets.
Free coinage would not accomplish the
desired results, for the population was in
creasing too fast. The great objection TO
free coinage is that the annual product
S46,0OO,e00 worth, when coined repre-
sented S0i0OO,000, or profit OF SlS,G00O00
10 Il few silver producers. This is of too
great a local benefit 10 be of any benefit
10 the whole people. The Farmers Alli-
ance scheme OF loaning money at low
rate of interest, secured by land, was too
local and partisan to be acceptable"
Other addresses were made on the sub
ject Of money.
In the evening areception was rendered
at the Commercial CluU.
The Resolutions Committee completed
its work this afternoon, and the report
which was not unanimous, will be made
tomorrow. The majority and minority
agree except on three resolutions favor
ing the free coinage OF silver; iavoring
the issue of legal tender notes redeemable
thereat in gold and silver in quantities
sufficient for the business of the country
and IaVoring tariff for revenue only. The
minority opposed those resolutions and
viii present report thereon.
Other resolutions Were passed, praising
Secretary kusk's conduct of the Agri-
cultural Department; favoring Federal
Improvement of the Mississippi River;
the irrigation by the National Govern
ment Of arid lands; the consUmmation OF
treaties of reciprocity with countries with
which the United States changes product,
and the construction by the Federal Gov
crnment OF deep-water harbor on the
Gulf OF Mexico.