The record-union., 1896-12-02
A National Commercial Convention TO be
Held Next January
To Suggest Legislation Necessary to
Accomplish Such End.
Every City in the United States With
Population of Eight Thousand
and Over to be Invited to Send
Delegates to the Convention,
Which Will Meet at Indianapolis.

Which Will Meet at Indianapolis.
INDIANAPOLIS, Dec. IA national
commercial convention will be held in
this city early next year, probably
January 18th, for the purpose of
suggesting such legislation as
| may be necessary to place the currency
system of the country on a sound and
permanent basis. This action was the
practical outcome of the convention
called by the indianapolis Board of
| Trade, which finished it's work to-day
The formal call for the general conven-
ton will be issued in a few days by a
subcommittee of Indianapolis dele
gates.
| At 2:1O p. m. Justin G.. Adams, Pres
ident of the Indianapolis Board, called
| the convention to order He then read
an address, in which he stated that in
view of the recent election the people
want stable currency, and with such
an end in view the Indianapolis Board
Of Trade called the conference He
limited that the retirement of the green
backs is step in the right direction
|
Within the last thirty days the people
of this country have shown that they
are unalterably opposed to a cheap and
fiuctuating dollar of an uncertain value
and that they are not disposed to fol-
low untried paths that lead to business
unrest, or new departures in financial
| theories that would only end in ma
tional dshonor and a deprecated cur
rency.
We must not take this overwkelm-
| ing expression of the people, however,
as a final and complete settlement of
the issues involved, nor as an unques-
toned acceptance of our present mon
etary system, but rather as a protest
against a step backward. Between the
lines of the returns of the recent cleo
| ton there is shown a pronounced pub
tic sentiment favoring currency reform,
| with an evident purpose on the part
of the conservative and rejecting men
| to examine into our national finances
and remove with the least possible de-
lay whatever weakness or defect may
appear
| Different views are entertained rs
to the method Of procedure and details
vision, but after our grievous and cost
| ly experiments we are forced to the
conclusion that the time has now ar
rived when the Government must either
discontinue the banking business. with
its expensive and complicated system,
or go into it on broader better de-
fined and more comprehensive scale.
The game is not worth the candle The
burden is too heavy to be safely borne,
and no individual corporation or Gov
ernment can conduct business on a
safe and sound basis who has demand
notes calling for millions of dollars in
existence and circulation, which rotes
are liable in a period of stringency and
panic to be brought to the counter for
redemption, and when so redeemed ara
reissued, thus acting as standing
menace to the Government reserve and
| 81 continual threat to the trade and
business of the country. causing dis
turbance and unsettled values of every
character.
Politicians are proverbially timid,
even to the verge of cowardice. and are
| often indisposed to consider economic
| questions or acts on matters of ma
! uonal policy unsupported by public
| sentiment, but when the sentiment is
| crystalized and given definite shape by
| the commercial bodies and business
men of the nation it becomes a moral
| force and reorganized public. which our
| legislators viii not ignore or refuse to
| heed. 1t will be safe to predict that
| our national Congress would receive
the we'll matured, fully considered and
| practical recommendations of success
ful men OF affairs, who are in touch
| with the trade and commerce of the
| country, as an authoritative declara-
| tion favoring reconstruction of our
! financial methods and system and give
| it the thought and attention it's i'm
portance demands"
! Upon motion Of Delegate Smallev of
st. Paul each commercial organization
present was given three votes.
Secretary Smith of Indianapolis was
made permanent Secretary
| Mr.. Smalley offered resolution to
the effect that a call be issued inviting
| representatives from each commercial
! body of the cities of the United States
| of over $4,000 inhabitants to attend a
national convention to be held in In
dianapolis in 1897 to discuss the finan-
cial question; to offer remedies to Con-
gress or TO advise the appointment of
| committee TO prepare remedies.
| Delegate Tanner of Indiana presented
an amendment to that portion of Mr..
| Smalley's resolution which referred to
| the representation of the various cities
Mr.. Tanners amendment recommended
a representation according to the pop
ulation of 1890 of cities of 5000 and
over to be represented which would
make convention of about $50 dele
gates. The amendment was accepted
| by Mr.. Smalley, and 1t was referred to
! a subcommittee which was appointed
| by the conference to consider and act
upon ii.
| The committee reported a resolution
! declaring it the sense of the confer
| ence that general convention of COM
| mercial bodies be called at Indianap-
| oils on January 9th for the purpose of
suggesting such legislation as may be
necessary to place the currency sys-
| tenn of the United States upon a sound
and permanent basis. The details of
representation were left to an executive
committee.
| This Executive Committee met to-
night and adopted the following basis
| OF representations: One delegate of
cities of from 5000 to 10000, two dele
gates for cities of from 10000 to 49,