The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-02
Gold Standard Not the Cause, but ths
Victim of the Unsatisfactory
Financial Conditions.
THE INCOME-TAX SENTIMENT
DELEGATES AND STATES VERY
MUCH DIVIDED ON 1T.
Some Favor Constitutional Amend
ment That Would Make Such Tax
POssibIe-New York Opposed.

The Massachusetts delegation held
meeting yesterday at which considerable
enthusiasm was manifested. There was
some talk about candidates, but no conclu-
sion was reached and committee of five
authorized, with Chairman Butler at
it's head, to canvass the situation with
other State delegations and determine the
best course to pursue. 1t was decided that
in case there was a probability of more
than one ballot that a complimentary vote
should be cast for the Secretary of the
Treasury. In case there seemed to be
probability that the convention will agree
upon a candidate upon the first ballot the
Massachusetts delegation will not cast a
complimentary vote, but vote for the can
didate the gold Democrats intend to sup
port.
Henry E. Lamb a member of the COM
mittee on resolutions, was instructed to ask
for the incorporation of a plank in the
platform indorsing international arbitra-
ton. A currency plank, offered by Charles
A. Conant, was adopted and Mr.. Lamb au-
thorized to present it to the committee.
This plank is which has received the
Endorsement of the Treasury Department,
and contains suggestions by Secretary Car
lisle and is largely on the line which he
has advocated before the finance commit
tees in Congress. 1t is as follows:
1--WE recognize the fact that the existing
currency system of the United States Gre
ated in a period of national stress, is not
based upon sound and scientific principles
and requires serious revision to adapt it
to the needs of commerce and production.
THE tendency of the system of govern.
ment paper money and national bank notes
based upon bonded security has been to re-
Gtrio cir a yxb txpnS to ac-
cumulate idle capital in a few centers; to
subject the rate of interest to unjust huc-
-tuations and radical inequalities in different
sections; to restrict enterprise and cripple
industry; to make currency scarce in times
of business activity and redundantly plen-
tiful in times and places where it was not
NEEDED and at such times to exSel the sur
plus in the form of gold, the money of in
ternational exchange. The gold standard
has not been the cause, but the victim of
these conditions. The banks also have been
the victims of laws not of their making,
the result of war necessities, and have in
Cured unmerited hostility because they
have been prevented by these laws from
rendering the services to agriculture, in
dustry and commerce which should be their
legitimate and natural functions under q
proper currency system.
I'VE believe that the protection of the
public credit against the results of agita-
ton for the debasement of the metallic
standard has been rendered douby difficult
by the defective character of our paper
currency. The gold standard has borne the
odium of events for which it is not re-
sponsibe, and which should be directed
against the vicious policy of government
paper currency, subject to perpetual re-
issue. The sale of bonds for gold on four
occasions during the last three years has
been due to the fact that the existing cur
rency system has thrown upon the treas
ury an obligation which should be imposed
by law upon the banks. This system of
legal-tender paper has brought discredit
and suffering to every people who have re-
sorted to it and has been discarded by
every civilized state which has sought to
place its currency upon a sound and scien-
tific basis
I'VE demand. therefore, that the initial
steps be taken for the withdrawal from
circulation of the legal-tender notes, or for
a change of the existing system of redemp-
ton and reissue.
And we demand in order that there
may be no improper contraction of the
ready adjustment to the demands of busi-
ness, that the present banking laws be so
modified as to interpose no obstacle to the
creation of an elastic banking currency
subject to such control as shall insure uni
formity security and redemption in stand
ard coin demand"
A general canvass of the delegates last
night on the question of including decla-
ration in favor of bimetallism by interna-
tional agreement in the platform shows an
apparently large sentiment against any al
lusion to an international agreement.
There are few delegates who favor such
a declaration, but they appear to be in a
very decided minority. The majority favor
a straight declaration for the maintenance
of the gold standard, but many of them
desire it to be included in a declaration
in favor of the largest use of silver con-
sstent with the maintenance of the parity