The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-03
CARLlSLES CURRENCY PLANK.
The One That Will Probably BE Adopt
ed ut indianapolis.

indianapolis. Ind. Sept. 1.-The Mas
| SachuScttS delegation held meeting to-
day ut which considerable enthusiasm
was manifested. There was some talk
about candidates, but no conclusion was
reached and II committee of five was ali-
thoriZcd, with Chairman Butler ut its
head, To canvass the situation with other
state delegations and determine the best
course to pursue. Ii was decided that
in case there was Il probability of more
| than one ballot Il complimentary vote
| should he east for Secretary Olncy.
Henry Lamb, II member of the commit
| tee on resolutions, was instructed to ask
for the Incorporation of II plank in the
| platform endorsing international arhitra-
ton. \ currency plank offered by
Charles \. Cowart was adopted and Mr..
Lamb authorized to present il To the con
vcntion. This plank was the one which
has received the endorsement of the
treasury and contains suggestions hy Sec
rotary Carlisle and is largely on the line
which he has advocated. 1t is as fol-
lows:
I'VE recognize the fact that the exist
ing currency system of the United States.
created in period of distress. is not
based on sound and scientific principles
and requires serious revision Ia adopt it
to the needs of the commerce and pro-
duction.
"The tendency of the system of gov
eminent paper money and national bank
notes based on bonded security has been
TO restrict circulation where il was need
ed to accumulate idle capital in few
ccnters. to subject the rate of interest
to unjust tluctuation and radical Unequal
tiles in different sections, TO restrict en-
tcrpriSc and cripple industry to make
currency scarce i'll times of business ac-
tivity and plenty in times and places
where il is not needed. ut such times to
cNpCl the surplus in the form of gold
money. The gold standard has not been
the cause but the victim of these condi-
tions. The banks also have been the
victims of laws, not of their making, but
the result of war necessities, and have
incurred mmCrtcd hostility because they
have been prevented by these laws from
rendering the services To agriculture. in
dustry and commerce which should he
their legitimate and natural function UNI
der Il proper currency system.
I'VE believe that the protection of the
public credit against the results Of ma
tional dchaScment of the himctallic
standard has been rendered douhly diff
icult by the defective character of our
paper currency. The gold standard has
borne the odium of events for which II
Is not Responsible ANA should he directed
against the vicious policy of government
paper currency, subject to perpetual re-
issue. The safe of bonds for gold on
four occasions during the past three years
has been due 10 the fact that the existing
currency system has thrown upon the
treasury an obligation which should be
imposed 10y law upon the banks.
This system of legal tender paper has
brought diScrciit and suffering to every
people who have rcSortcd To il and has
been discarded 10y every civilized nation
which has sought 10 place its currency
upon 4 sound and scientific basis.
I'VE demand, therefore. that the initial
steps he taken for the withdrawal from
circulation of the legal tender notes or
for change ot the existing system Of
redemption and reissue.
And we demand. in order that there
may be no improper contraction of the
currency and that il may I've capable of
ready adjustment 10 the demands of bus
mess, that the present banking laws be
81 modified rs ~ intcrpoSe no obstacle
10 the creation If an elastic banking cur
rcncy, subject 10 such control rs shall in
sure uniformity, security and rcSump-
ton in standard coin ON demand"