The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-02
CURRENCY LEGISLATION.
FACT THAT SOME Is NEEDED Is
ADMITTED.
Results of the Late Election Did Not
Mean That the People Were Salts
fed With the Present Condition
of Affairs-A Convention to Be
Held.


Indianapolis, Dec. IA national com
mercial convention will be held in this
city early next year. probably January
Z, for the purpose of suggesting such
legislation as may be necessary 10 place
the currency system of the country on a
sound and permanent basis. This action
was the practical outcome of the conven-
ton called by the Indianapolis board of
trade, which finished its work today
The formal call for the general convention
will be issued in a few days by a sub
committee of Indianapolis delegates.
At 2:10 p. m. Justus c. Adams, president
of the indianapolis beard of trade, called
the conference to order. President Adams
then read an address in which he stated
that m view of the recent election, the
people want a stable currency, and with
such an end in view the Indiana polls
board of trade called the conference. He
limited that the retirement OF the green
backs is a step in the right direction.
President Adams said further: Within
the last 80 days the people of this coun-
try have shown that they are unaiterably
opposed to a cheap and fiuctuating dollar
of an uncertain value. and that they are
not disposed to follow untried plans that
lead TO business unrest or new depart
ures in financial circles that would only
end in national dishenor and a.deprecia-ed
currecy.
we must not take this overwhelming
expression OF the people. however, as a
final and complete ser cement of the is
sues involved, nor as an uncuestioned
acceptance of our present monetary sys-
TEN. but rather as a protest AGAINST a
step backward. Between the lines of the
returns of the recent election, there is
shown pronounced public sentiment
favoring currency reform with an evi-
dent purpose on the parS of the conserv-
alive and reflective men to examine into
our national finance and remove with the
least possible delay, whatever weakness
or defect may appear.
Different views are entertained as 10
the method of procedure and details of
plans in the matter of currency revision
but after our grievous and costly eX-
perience, we are forced to the conclusion
thai the time has now arrived when the
government must either discontinue the
ranking business with its expensive and
complicated system, or go into il on q
broader, better defined and more compre-
henSiVe scale. The game is not worth the
candle. The burden is too heavy to be
safely borne, and no individual. corpora
ton or government can conduct business
on q safe and sound basis who has de-
mdnd notes calling for millions of dol
lars in existence and circulation which
notes are liable IN a period of Stringency
and panic to be brought to the counter
for redemption and when so redeemed
are reisSUed, thus acting as standing
menace to the government reserve and a
continual threat TO the trade and bust
ness of the country. causing disturbance
and unsettled values of every character
Politicians are proverbially timid even
to the verge of coward;ce. and are often
indisposed TO consider economic questions
or acts on matters of national policy I'M
supported by public sentiment, but when
that sentiment is cryStallized and given
and business men of the nation, il be-
comes a moral force and recognized
power which our lawmakers viii not ig-
rore Or refuse to heed 1t would be
safe to predict that our national congress
would receive the well-matured. fully con-
sidered and practical recommendations of
the active successful men of affairs who
are in touch with the trade and COM
mcrce of the country as an authoritative
declaration favOring a reconstruction of
our financial methods and finance, and
give it the thought and attention its i'm
porfance demands
Upon motion of Delegate Smalley of
st. Paul. each commercial organization
present was allowed three votes. Elk
Governor Stannard of Missouri was
made permanent chairman. Secretary
Smith of Indianapolis was made perma-
rent secretary. Mr.. Smalley offered
resolution to the effect that a call be is
sued, inviting representatives from each
commercial body of cities of the United
States of over $500 inhabitants, TO at
tend a national convention TO be held in
Indianapolis in 1897 to discuss the finan-
cial question, to offer remedies TO con-
gress or to advise the appointment of
a commission to prepare remedies.
Delegate Tanner, of indianapolis, pre-
sented an amendment to that part CT
Mr. Smalley's resolution. which referred
to the representation of the various
cities. Mr.. Tanners amendment recon-
men0e0 a representation q
population of 1890 CT cities of S.oc0 and
over to be represented. which will make
2 convention of about 1.2i0 delegates. The
amendment was accepted by Mr. Smalley,
and it was referred to a subcommittee.
which was appointed by the conference
10 consider and report uDon it.
Ex-Attorney-Gen Miller and John
R. Wilson. both of indianapolis. ad-
dressed the conference at some length
At the close of Mr.. Wilson's address,
Mi. Smalley, of St. Paul, offered a reso-
luton calling a national convention. A
difference arose over the method of
representation. and the question was
finally referred TO a committee COM
posed of Nj. e. ingalls,, of Cincinnati;
n II. Hanna. of indianapolis; F. T.
Roots. of Connorsville; e. V. Smailey, of
ST. Paul and Mr.. Kausman, of Chicago.
The committee reported a resolution
declaring II the sense of the conference
that 4 general convention of mm.-cial
bodies be called at indianapolis on
Jan >, for the purpose of suggesting
place the currency system of the
country upon a sound and permanent
basis.
The details of representation were left
to an executive committee. This com
mittee met tonight, and adopted the
following basis of representation: One
delegate for cities Of from S,oe0 to 1a00 10
two delegates for cities of from 10000 to
15.o00: three delegates for cities of from
1900 10 25,0c0; four delegates to cities
of from 25.oC0 TO 50o0C: five delegates for
cities of from 5O,co0 to i0e0o0: SIX dele
gates for cities of from 10000 to 2i0.oc0-
seven delegates for cities Of from 100000
20 4Co,0ca: eight delegates for cities OF
from 400, COO to 1,0e0009: 20 delegates for
cities of 10OQOG0 or over