The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-04-17
MORE MONEY NEEDED
The Kansas City Congress
Agreed on This Point.
REGULATION OF RAILROADS.


KANSAS CrrY, April l6-It was 10 o'clock BE-
fore the Western states congress convened this
morning. James Peabody, of Chicago, read .
paper on railroad pools. He said It was not 90
much low rates that shippers wanted. but stable
rates. Az tending to obtain stable rates the
speaker endorsed the interstate commerce COM
mission. General Blair, OF Kansas, read paper
on transportation as affecting commerce and
finance He said the government ought to pro
vide a. much money as will be necessary to
carry on the countrys business, and then leave
the question of finance alone. In like manner
the government ought to keep its hands of COM
merce and transportation, and let them be
governed by natural laws. A telegram from the
president and executive committee OF the Cham
Der 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 the improvement of the Mississippi
river, and particularly the grave importance Of
protecting adjacent lands from the terrible raw
ages occasioned by periodical overfows of the
river. William F. Schueppe, president OF the
Wholesale Grocer Association, of St Louis,
spoke on transportation He thought the fed
eral government should control traffic railways
Just as it now controls interstate traffic. He
wants a bill passed that would give the present
commission power to enforce its de-
cree. Senator Cockrell, of Missouri,
thought the state and federal governments
ought to keep their hands out aud permit tho
rauWdyS 10 DO Lle1E DeSE. JONI OOfQIOrtn, OK
Denver, spoke of the benefits Of railroads.
Speeches were made before congress by men
who condemned railways; these same men had
bought government land at $l.25 per acre and
were now offering 1t for sale for $150 and 81 per
acre and giving as an excuse for the high price
that railroad passed through the land. Rail-
ways led the advance of civilization and in
dustry. In Western countries they should be
built numerously. G. 9. Dietrich, of Hastings,
Neb, read paper on transportatiou,i in support Of
resolution introduced by him which provided
that the interstate commerce commission should
have supervision and limited control of rail-
ways. State Senator Switzler, of Nebraska, adj
yised the congress to consider the matter of
transportation 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 the railroads, as they had
made the West what it is. Martin Williams, of
Missouri, believed the government should super
wise railways and railway charges
Jay l. Torrey. of Sc. Louis, read D paper on
Uniform Commercial Laws and devoted par
ticular attention to the subject of bankrupt
law. Torrey explained the provisions of the
Torrey bankruptcy bill, and promised that 1t
would be before the next congress with the in
dorsement of commercial bodies all over the
country.
Hon. A. J. Warner, of Ohio, addressed the con-
Credits" There should be limit to bank
credits since 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
function OF the state they should como
under state supervision. At present bank cred
its, in proportion to actual money in banks,
were as to to /. 1t was out of this unsub-
stantial structure OF credit money, created out
OF nothing, that every panic that was known
had had its beginning. 1t should be restricted
to s. OF credit to 81 of actual money. Panics
would then be impossible. Take thousands Of
millions from the upper story of our top heavy
system OF bank credits and broaden the founda-
ton of our money system by adding a thousand
millions or even five hundred millions of real
money. either gold, silver or paper. and . panic
would be impossible. Which should it be--a
basis Of gold that is constantly narrowing &od
its production diminishing, coupled with an
orer-expanding system Of bank credit currency,
subject to expansion and collapse a. the intst-
ests and cupidity Of the banks may dictate, or
less credit and more actual money, in which
confidence was never wanting?
Judge r. NJ Widner, of Los Angeles, read
paper on 'sThe National Money System" The
circulating medium must be increased, said
Widner, to meet the growth of population. Or
the business of the country must be killed of
until it is within the compass of the present eif-
culation. There is not enough money circulat-
ing, and want OF money caused the stringeucy
in the money markets Free coinage would not
accomplish the desired results, for population
was increasing too fast The great objection to
free coinage was that the annual product OF
$46, 00o, goo worth when coined represented $S4,-
100000, or a profit OF SIS, 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 loaning money at a low rate OF interest Sc
cured by land was too local and partisan to be
accepted. Widner would have the system based
upon the authority of the people backed by the
wealth OF the people, and administered for the
benefit OF the whole population. using all the
gold and silver and supplementing their use By
legal tender issue of from $40 to $25 per capita
Imitation, constitutional reputation and threat
ened change of the gold dollar as measure of