, 1891-04-17
TALKING ABOUT MONEY.
That Is the Main Subject Dis
cussed at Kansas City.
Speeches by Warner Of Ohio
and Widner of California.
A List of Resolutions to Be
Presented Today.

hANbAS Oll1, April p.-AI Tue GUN
mercial congress today Jay L. Torrey OF
St. Louis read a paper on Uniform Com
mercial Laws and devoted particular
attention to the subject of a bankrupt law.
TorreY explained the provisions of the
Torrey bankruptcy bill and promised that
it would be before the next congress with
the endorsement of commercial bodies all
over the country
Hon. A. j. Warner of Ohio addressed
the congress on The Relation of Money
to Bank Credits" There should be a
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 arrogated to
themselves the functions OF a state they
should come under state supervision. AT
present the bank credits in proportion TO
the actual money in the banks was
from five to seven TO one. Ii WAS
out Of this unsubstantial structure
Of credit money. created out of
nothing, that every panic that wss
known had its beginning 1t SHOULD be
restricted to 50 OF credit to 81 of actual
money. Pani:s would then be impossible.
Take a thousand millions from the upper
story of our top-heavY system of bank
credits and broaden the foundation of our
money system by adding a thousand mil
lions or even five hundred millions to the
real money of either gold, silver or paper,
aud a panic would be impossible. Which
should it be-a basis OF gold that Is con
stantly narrowing and It's production di-
minishing, coupled with an ever-expand-
ing system OF bank credit currency subject
to expansion and collapse as the interests
or cupidity of the banks may dictate, or
less credit and more actual money in which
confidence wa never wanting.
Judge r. NJ. Widner of Los Angeles,
Gala, read a paper on the National
Money System" The circulating medi-
um must be increased, said Widner. to
meet the growth of population, or the
business of the country must be killed off
until it is within the compass OF the
present circulation. There is not money
enough in circulation and the want of
money causes %stringency in the money
markets. Free coinage would not ac-
complIsh the desired results for the popu-
lation was increasing too fast. The great
objection to free coinage was that the au-
hutl plnAuAA VI &tbFbbOHbbb hhNh NpAhNA
represented S64, O00, 0Oo or a profit of
SlS. 600, 900 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 loanIng money at Il low rate
of interest; secured by land, was too local
and partisan to be accepted. Widuer
would have the system based upon the au-
thority of the people, backed by the
wealth of the people and administered for
the benefit of the whole population, using
all the gold aud silver and experimenting
their use by a legal issue offrom $50 to
$25 per capita Initiation, constitutional
reputation and the threatened change OF
the gold dollar rs the measure of value
! were dangers to be commended against. In
| order to overcome these dangers aud to
give his system stability, he proposed an
amendment to the constitution of the
United States providing for n national
currency and circulating medium
to the amount of S2l per capita
as shown by the census OF
1890 and each succeeding census
for the proper redemption OF which, when
required, tie property and faith of the
nation are pledged; for which redemption
congress, by a twO-thirds vote of each
house, may provide for the collection OF
government revenues for taxes in gold
and silver coin. Said currency, with the
gold and silver coin of the United States
OF the present weight aud fineness (the
gold dollar being the standard unit of
value) and such notes as may be issued in
lieu of gold OF silver coin and 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 NAV, by a two-.hIrds vote
of each house, reduce the rate OF further
issue.
Other addresses were made on the sub
iect OF money.
In the evening a reception was rendered
the delegates at the Commercial club.
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 rcsOlutious-tavor
ing the free coinage of silver; favOrlng thu
issue of legal tender notes redeemable II
gold and silver in quantity sufficient to'
the business of the country; favor
ing a tariff for revenue only
The minority opposed those resolution
and will present a report thereon. Tit
other resolutions praise Secretary Rusk
conduct of the agricultural department
and favor federal improvement OF tn,
Mississippi river; irrigation by the ma
tional government of the arid lands; con
summation of treaties of reciprocity will
countries with which the United State
changes products; construction by tn,
federal government of a deep water bar
Dor on the Gulf of Mexico.