The morning call., 1891-04-17
PLANNING REFORMS.
Matters Debated at the Com
mercial Congress.
Should Railroads Be Under The Control
Of the Government =?
The Relation of Money 10 Bank Credits.
4 Disagreement In the Resolutions
Committee Meeting.
Special to THE MORNING CALL.

KANSAS CITY, April 16.-At this morn
ing's session OF the Commercial Congress
James Peabody of Chicago read paper on
Railroad Pools" He said that 1t was not
so much low rates that the shippers wanted
but stable rates. AS tending to obtain sta
BILE rates the speaker Endorsed the Interstate
Commerce Commission.
General Blair of Kansas read a paper on
transportation as affecting commerce and
finance. He said the Government ought to
provide as much money as necessary to
carry on the cOuutry's business, and then
let the question Of finance alone. In like
manner the Government ought also TO keep
its hands off commerce and transportation
and let them be governed by natural laws.
A telegram from the President and Ex-
ecutive Committee of the Chamber of Com
merce of the State of New York was read.
1t asked permission to call the attention of
Congress to the late action of the chamber
regarding the improvement of the Missis-
sippi River and particularly the grave iIn-
portance of protecting adjacent sections from
the terrible ravages occasIoDed by periodi-
cal overfiows of the river.
MORE POWER NEEDED.
William E. 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 1t 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 railr Dads
to do their best.
John L. Cornforth Of Denver also spoke of
the benefits OF railroads. Speeches have been
made before Congress by men who condemned
railroads. These same men had come West and
bought Government land at 81 20 yer acre and
were now Offering 1t for sale for $3.50 aud 5000
per acre, and giving as an excuse for the high
price that railroad passed through the laGd,
Railways led the advance of civilization aud ln-
dustry, and 10 Western countries they should De
built numerOusly.
c. S. Dietrich OF Hastings Nebr., read paper
on transporton IN support OF resolution intro
duced by him, which provided that the Interstate
Comm eIce Commission should have supervision
and limited control OF railroads.
RAILROADS BENEFIT.
State Senator Switzier OF Nebraska advised
Congress TO consider the matter OF transportation
thoroughly and attempt TO propose remedy.
James Madison of Mississippi, Speaker OF the
Lowrr House OF The Legislature OF that State,
hoped Congress would be liberal with and toll
Grant OF railroads, as they lad made the West
what IL Il.
Ii. Martin Williams of Missouri believed the
Government ought to supervise railways aud rail-
way charges.
jay L. Torrey of st. Louis at the afternoon
session read paper on "Uniform Commercial
Laws" aud devoted particular attention TO the
subject OF I bankrupt law. Torrey explained
the provisions of The TOrrey bankruptcy bill and
promised II would be before the next Congress
with the Endorsement OF commercial bodies all
over the country.
MONEY AND BANK CREDITS.
A nF
gress on the Relation of oney TO Bank Cred
It's" There should be a limit 10 bank credits.
The State banks no longer had power ~ issue
money, but they created money by the issuance
OF bank credits. Since they airogated 10 them.
selves this function OF the State they should
come under State SUPERVISION. AT present bank
credits In proportion to actual money In BANKS
| was as from i've to seven to one. L was out Of
| this unsubstantial structure Of credit oney,
| created out Of nothing. that every panic had
| beginning. 1t should be restricted to So OF
| credit TO 81 OF actual money. Panies would then
| be impossible. Take tie thousands OF millions
| from the upper story of our tOp-heavy system OF
| bank credits and broaden the foundation OF our
| money system by adding thousand million, or
| even five hundred million, to The real money OF
| either gold, silver or paper and panic would be
| impossible. Which should II be-the basis OF
| gold that is constantly narrowing and Its pro-
| ductou diminishing, coupled with the over
| expanding system OF bauk-cfedll currency sub
| Iect To expansion AID collapse, as the interests
| or cuUdliy OF the banks may dictate, or less
| credit and more actual money In which conn
| dence was never wanting2
THE NATIONAL MONEY SYSTEM.
Judge II. NJ. WidGer of Los Angeles, Cdl., read
| a paper OH the National Money System" The
| circulating medium must be increased. said Wild
| uer, TO meet the growth oi population, or the
| business OF the country must be killed oil until
| It Is within the compass Of the present clrcula-
| lion. There was not enough money in cIrcula la
| ton, and The want OF money has caused str In
| gency In the money mai kets. Free coinage would
| not accomplish the desired results, for the popu-
latlon was increasing too fast. The great obJec-
| lion TO free coinage was that the annual product
N Vel
represented SEA 100000, or profit Of s1S.00o,-
| 600 to few silver producers That twas TOO great
d local beueft to be of any benefit 10 the whole
| people. The Farmers Alliance scheme of ioan
| Ing money at a low rate of interest, secured by
| land was too local and partisan TO DO accep'
table.
Wfdner would have q 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 tue gold and
| silver and suppementing their use by legal
| issue of from $50 10 SIS per capita. Imitation.
constitutional Reputation and the threatened
! change OF The gold dollar as measure OF value
! were dangers 10 be commended against. IN order
| to overcome these dangers and 10 give his sys-
| TEN stability, be proposed an amendment to Tue
| Constitution of the United States providing for
national currency circulating medium TO the
amount Of $50 per capita, as shown by the census
| OF 1890 and each succeeding census, for the
proper redemption OF which the required re-
| sources. property and faith OF the nation are
| pledged, and for which red mption Congress, by
two-birds 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 and fneness the gold dollar
being the standard unit of value) aud such notes
as may be issued IN lieu OF gold or silver coin
| and IN bullion held exclusively for the redemp-
ton thereof, shall constitute the only legal money
| of the United States Congress shall have no
| power to increase or decrease said issue, pro-
vided that after the issue OF 1900 Congress may,
| by twO-Ihirds vote Of each House, reduce the
| rate Of further ISSUE
REPORTS ON RESOLUTIONS.
| Other addresses were made on the subject Of
| mouey.
F. W. Blackmore, professor Of political
| economy in the Kansas State University, spoke
| In opposition TO the free coinage OF silver Tho
last speaker OF the evening was Senator COckrell
| OF Missouri, who made a strong plea for free
| silver The congress then adjourned.
In the evening reception rendered the
/ delegates al the Commercial Club.
Tie Resolutions Committee completed Its
| work this afternoon aud the report. which was
| not unanimous, Will be made tomorrow. The
majority aud minority agree except on three
of silver; favorng the issue Of legal tender notes
| redeemable In gold and silver in a quantity
sufficient for the business OF the country; favor
| Ing the tariff for revenue only. The minority
| opposed those resolutions and will present a
port thereon. Other resolutions praise Secretary
| Rusk's conduct in the Agricultural Department
and favor Federal Improvement of the Missss-
| ippi River; the irrigation by the National Gov
| eminent OF arid lands; the contamination OF the
| TREATIES OF reciprocity with countries with which
| the United States exchanges products, and the
| construction by The Federal Government OF a
| deep-water harbor on the Gulf OF Mexico.
/