The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-12-02
II WILL MEET HERE
CURRENCY REFORM CONVENTION
SET FOR EARLY IN JANUARY.
Opposition to Idea of Appointing n
Comraission to Handle the Sub
ject Develops Strength.
INGALLS, SHOWS LEADERSHIP
HIS IDEA OF TAKING THE GREEN
BACKS OUT OF HARMS WAY.
President Adams, of the Board Oh
Trade, Welcomes the Visiting Del
egatcs In a Brief Speech.
HANNA EXPLAINS THE CALL
MILLER'S VIEW AS TO THE CAUSE OF
FINANCIAL DISTURBANCES.
Wilson Reviews the Currency System
-ResolutiOns Finally Adopted
Delegates Entertained.
President Adams, of the Board Oh
Trade, Welcomes the Visiting Del
egatcs In q Brief Speech.
HANNA EXPLAINS THE CALL
MILLER'S VIEW AS TO THE CAUSE Oh
FINANCIAL DISTURBANCES.
Wilson Reviews the Currency System
-ResoIutiOns Finally Adopted
Delegates Entertained.

The men who believe that the currency
system of the country is in need of reform
and that the business interests of the coun-
try should point out the remedy for the
present ills are wasting no time in getting
the machinery started. Realizing that
there is likely to be an extra session Of
Congress shortly after March the repre-
sentatives Of the commercial bodies of the
central West yesterday voted a time early
in January for the much -taIked-of general
convention of the business interests of the
country to discuss this subject and make
recommendations to Congress. The conven-
ton will be held in indianapolis and
though the date is not definitely deter
mined, it will probably be Jan. IL. 1t was
fixed once for Jan. 5, but it was found that
Tomlinson Hall was engaged for that date.
The original idea was that this convention
should appoint a commission to go into the
question and make recommendations to
Congress, but at the close of yesterdays 5
conference 1t seemed likely that the con-
vention itself will discuss the different
plans presented by NJ. T.. Ingalls,, president
of the Big Four system, who though he
made but one brief speech in the confer
ence, had more to do with shaping its re-
suits than any of those present. Mr.. In
gals objected to having anything about a
commission in the call and the resolution
authorizing the call contains nothing of
that kind. He desired an early convention
and an early date was set. He desired that
its scope be wide enough to permit con-
sideration of the banking system and no
limitations were fixed.
Mr.. Ingalls,, by the way, has a new plan
in regard to the greenbacks which he ex-
planned in interview with d Journal re-
porter yesterday. II fear" said he, that
If we endeavor to accomplish the retirement
of the greenbacks out of hand we shall
fail. find in my travels and talks about
the country that there is quite "a feeling
against the retirement of the greenbacks.
This is partly due to sentiment and partly
to feeling that the banks desire it for
their own benefit. We had better take
what we can get and retire a part of this
convertible money. Then we might follow
the plan of the Bank of England by hold
ing q reserve for its redemption that would
be sacred. If we should cut the greenbacks
down to $500, ,00O, 900 and have our reserve of
800. .000, 900 to be touched only for the re-
demption of greenbacks and a law requr-
ing that the greenbacks should be given
out for nothing but gold. should elm
mate the endless chain business and have
our credit money on a safe basis. People
do not want to handle gold. 1t is too
bulky and there is too much loss by abra-
sion in shipping. They prefer paper money
II 1t is safe
The executive committee appointed met
Immediately after the adjournment of the
conference and after much discussion fixed
upon the basis of representation offered by
Mr.. Tanner, of Indianapolis, earlier in the
day. with a modification that gives to New
York, Brooklyn, Philadelphia and Chicago
twenty delegates each. 1t is as follows:
Formulation of cities. DELEGATES