Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-04-17
Before the Western States Congress:
Railroad Pools. Commerce
and Transportation.
A PAPER ON UNIFORM CONNER
ciAL LAWS.
The National Money system.-Coekrcll
Makes q Strong Plea for
Free silver.
Papers on Railroad Pools. Transpor.
tafion aud other Subjects.

s"ft'" vi" 'tb'f |o'I''t"f
KANSAS CITY, April lett was 10
O'Clock before the Western States Con.
grcrs assembled this morning. James
Peabody VI Chicago read paper on
railroad pools. He said II was not 10
much low rates that the shippers want
hut stable rates. AS tending To obtain
stable rates, the speaker endorsed the
Interstate Commerce Commission.
General Blair Of Kansas read n paper
on transportation, ~ affecting COM
mefce and finance. lie said the gov
crnment ought 10 provide as much
money ~ n necessary 10 carry on the
country's business and then leave the
question Of finance alone. In like
manner tho government ought also 10
keep IT, hands Off commerce and trans
poI'ation aud 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 attention OF the Congress to the late
action OF the Chamber regarding im.
provement of the Mississippi River,
and particularly tho grave Importance
Of protecting the adjacent territory
from the terrible ravages occasi0ned by
a periodical overflow OF the river.
William Il. Scweppe, president ofthc
Wholesale Groccrs' Association OF -.
Louis, spoke
on TRANSPORTATION
He thought the Federal government
should control the traffic Of the rnil.
roads, Just NJ Il now controls Interstate
trniilc. Ho wants bill passed that
would give the present commission
power 10 enforce IL DEGREES.
Senator Cochran Of Missouri thought
the state and Federal governments
ought 10 keep their hands of and per.
init tho railroads TO do their beat.
John Cornforth OF Denver spoke Of
the benefits OF the railroads. Speeches
were made before the Congress by men
who condemned the railroads. These
same men had come ives; and bought
government lands at sl.25 pcr acre and
were now offering It for sale for $50 aud
5000 per acre and giving as their ex-
cuse for the high price that the railroad
passed through tho land. The rail.
ways led the advance OF civilization
and industry and In the Western
countries they should DO built nuncr.
ously.
q. y. Dietrich Of Hastings, Neb.,
read paper on transportation In sup
port OF u resolution introduced by him,
which provided that the Interstate
Commerce Commission should have
supervision and limited control OF the
railroads.
State Senator Switzler, OF Nebraska,
advised the Congress " consider
the matter Of transportation thor.
oughly anu attempt 10 propose REM
sdy.
James Madison, Of Mississippi,
Speaker OF the Lower House OF the
Legislature, said that the state hoped
tie Congress would be liberal with
and tolerant Of the railroads, a. they
had made the West what II Is. ID. IA.
Martin Williams, OF Missouri, be-
lievcd the Government ought to
supervise the railways and railway
charges.
Recess until O'Clock.
JAY l.. ruRREy OF ST. LOUIS
read paper on "Uniiorm Commercial
Laws,o AMI devoted particular atten-
ton 10 tho subject Of his bankrupt law.
Torrey explained the provisions OF the
1orrey bankruptcy bill, ana promised
thatit would be before the next Con.
gress with the endorsement OF COM
mercial bodies all over the country.
Hon. A. j. Warner ofOhio addressed
the congress ON "The Relation OF
Money TO Bank Csedits.o There
should be limit TO bank credits. The
State hanks no longer had power 10
Issue money, hut they created money
10 the issuance Of bank credits. Since
they arrogated 10 themselves tho func-
ton Of III. state, they should come
under the States supervision. At
present the bank credits, In proportion
10 the actual money In the banks, was
ms from fiye 10 seven TO one. II was
out OF this unsubstantial structure OF
credit money, created out OF nothing,
that every panic that WINS known lind
hal beginning. II should be restricted
20 50 OF credit 10 81 Of actual money.
ranits would then be impossible Take
thousand millions from the upper story
u our top.heavy system OF bank credits
and broaden the foundation Of our
money system by adding u thousand
millions, or even five hundred millions,
10 the real money Of either gold, silver
or paper, anu disaster would be impos-
siblc. Which should It be, by q basis
Of gold, that In constantly narrowing
aud its productlon diminishing, coupled |
with the ever.expanding system Of
bank credit currency, subject 10 ex.
panslon and collapse, M the interests
or cupidity Of the banks may dictate,
or lees credit and more actual money,
IN which confidence was never want. |
Ing?
JUDGE II. ii. wIDsER
Of Los Angeles read paper on the
National Money System" The |
circulating medium must b. In.
creased, said Widner, To meet the
growth u population or the busi-
ness Of the country must be- |
Killed Oh until within the compass OF
the present circulation. There In not
enough money In circulation, and the
want OF money caused stringency In
the markets. Free coinage would not
accomplish the desired results, for the
Population was increasing too fast.
rho great objection 10 free coinage was
That the annual product Of silver,
~, 900, 900 worth, when coined repre-
sented s6i 900, 900, or profit OF SIS
pDO,OOO ~ u few silver prOducera. That