The herald., 1896-12-02
Called 70 Consider Questions OF
Currency
STRICTLY NON PARTISAN
But No Free Silver Advocate Was Called
Upon
Representatives of Commercial Bodies
in the Middle East Will Offer
Advice to Congress.
Associated Press Special Wire

| INDIANAPOLIS, Ind, Dec. Fifty
| two men, representing the boards C1
trade and commercial bodies of sixteer
| cities of the central west, met this after
noon in the Century club rooms at the
Denison house and issued a call for d
national convention of the commercial
| bodies of the country to meet in this
city January 5, 1897, for the purpose OF
| taking action toward securing from
| congress a remedy for the ills attending
| the present currency and banking sys-
| TENS. The meeting was non-partisan in
| character
| 1t was 2:10 when the roll call was or
dered and ]. c. Adams of this city, pres
ident of the board of trade, took the
chair. He said:
The Indianapolis board of trade, in
common with the business interests Of
this country, believes that the result of
the recent election was an earnest pro-
test against the debasement of our mon
etary system as well as a positive dec
laration in favor of a sound, stable and
unf1uctuating currency. In furtherance
of these views this board issued call
to the boards of trade and commercial
bodies of what is known as the central
west, inviting them to send delegates
to preliminary conference which con-
venes today This conference will con-
slider the advisability of issuing more
extended call for larger convention OF
these commercial bodies of the principal
cities to discuss the question of what
ought to be done to cure the radical
defects in our money system and, #
deemed practicable and for the best in
terests of all, to create a non-partisan
commission composed of able, expert
enced and fair-minded business meE,
whose duty it shall be to formulate a
plan which will remove existing weak
spots in our present cumbersome and
defective system, place the finances of
the nation on sound and adequate
basis and prevent the possibility Of fire.
quent monetary disturbances. Permit
me to say, gentlemen, that behind this
call, in answer to which you have con-
vened today, there turks no plan, scheme
or policy by which it is proposed to al
ter or change our present system on any
particular plan or on special line
Within the last thirty days the people
Of this country have shown that they are
unalterably opposed to cheap and
tiuctuating dollar of uncertain value.
We must take this overwhelming eX
preston of the people as a final and
complete settlement of the issues in
volved, not as an unquestioned accept
ance of our present monetary system,
but rather as a protest against step
backward. Between the lines of returns
of the recent election there is shown
a pronounced public sentiment favorins
currency reform, with an evident pur-
pose on the part of the conservative
and reflective men to examine into our
national finances and remove with the
least possible friction the weakness ami
defects that may appear.
Different views are entertained as to
methods 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
that the time has now arrived when the
government must either discontinue the
banking business with it's expensive and
complicated scheme or go into it on a
broader, better defined and more COM
prehensive scale The burden is too
heavy 10 pt safely anu iiiQi-
vidual, corporation or government can
conduct business on safe and sound
basis who has demand notes calling for
millions of dollars in existence and in
circulation, which notes are liable in
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 business of the
country. causing disturbance and un-
settlement of values of every character
The cause of our trouble is not diff
cult to locate. To determine the best
course to pursue and apply remedial
legislation that will provide the great
nation with sound, uniform and elastic
currency, whether it be gold, silver or
paper, is the intelligent purpose and par
amount question which will claim the
best thought and business judgment
which you are about to consider the
propriety of calling.
Politicians are proverbially timid, even
to the verge Of cowardice, but when een-
timent is crystallized and given definite
shape by the commercial bodies and bus
mess men of the nation, it becomes a
moral force and recognized power which
our lawmakers will not ignore or refuse
to heed.
The attention of the country is center
ed on this gathering and we'll it may be
for no movement Of recent years mas
embodied so much thought, earnestness
of purpose and exalted aim or has given
promise to such fruitful results as the
action you are about to take.
Permanent organisation was effected
by the election of Ex-Governor Stannard
of Missouri as chairman, and Secretary
Smith of the Indianapolis board Of trade
as secretary. w. H. H. Miller, ex.
| attorney general of the United States
was then introduced and spoke of tn,
| country's condition.
| ]. r. Wilson Of this city, who was sec
retary of the National Democratic
I party, was then introduced and mad,
the principal address of the day. 1t wa