The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-01-28
TO PLAN A SYSTEM
NATIONAL BOARD OF TRADE CON
SIDERS BANKING LAWS.


sion Idea is Favored, and Recommends
lions for rs Makeup are Presented
International Monetary Unit-Nstiona
manufacturers Talk of Trade-Equa
Sufrrasists Compare Notes.
washington, Jan. 27.-The Nationa
Board OF Trade at its meeting today
adopted the report Of the committee or
banking laws. 1t was the opinion OF tht
committee that there should be estao
ushed a consistent and deliberately
planned financial system. The plan PIE
scented was briefly as follows: That gold
coin shall remain the standard money
that steps should be taken ID retire al
United States notes in such a way as
not TO diturb business relations; that ma
tional banks shall be allowed 70 issue
currency TO the par value of their bonds
and the tax on circulation be reduced,
and the banks be allowed 10 issue cur
rency based on assets, under such ma
tional supervision and restriction as VIII
make il safe, elastic, and redeemaDIe N
gold at the bank of issue and at the city
Of New York; that such banks OF issue
with a capital Of $4,000 or more be au-
.horized TO be established in towns and
villages of less than 5000.
MONETARY COMMISSION.
The committee on the subject Of a
monetary commission made a report in
which congress is asked - create a
commission to consist of eleven persons,
10 be appointed by the president, two OF
Enom snail be selected from the senate
committee on finance and two from the
house banking and currency committee.
OF the other seven members Two shall
De bankers OF recognized experience and
ability; two agriculturists Of promi-
nence; two merchants or manufacturers
IF standing, the remaining member TO
De selected on account of the recognized
ability and learning in the science OF
political economy. In no event shall
more than six members be OF the same
political party. II is 10 be the duty OF
this commission TO enter upon thor
eugh and comprehensive consideration
Of the currency and banking affairs of
the United States ana laws relating
thereto. On or before January l. 1898,
they shall make A concise and exact re-
port OF their deliberations to congress,
together with proper bill designated TO
carry their recommendations into effect.
In case congress for any reason fails
TO authorize the appointment Of this
commission, the board declared its ap-
prevail of the alternative plan of the In
dianapols convention to appoint such a
commission itself.
COMMON MONETARY UNIT.
The commission 20 which was refer
red the subjects of "a. common monetary
unit and International CON-" made re-
port favoring the change OF the coins of
the United States Of Great Britain and
Of Germany, so as 10 correspond to the
common unit of France, Spain and other
European countries, which contains
twenty-five grains of gold, nine-tenths
fine, equal in value TO the French five
franc piece. The passage of the bill now
before congress for an international coin
was recommended.
The passage of the Torrey bankruptcy
bill, and the establishment of depart
ment Of commerce were also favored.
PUBLIC IMPROVEMENTS.
The committee on waterways and har-
Dor improvements made report in
which the present system OF letting con-
tracts for such work was condemned. 1t
was stated that worthless bonds of fail
ed contractors to the amount of several
millions were now lying in the treasury
of the United States. NJ prosecutions
had been initiated against these bonds
men, and the result was that response
BILE contractors as well as the people
were constantly being defrauded. The
improvements in the Philadelphia har-
Dor was cited as a case in pcirt. A reso-
luton was adopted calling the attention
nf congress to the general subject of the
prosecution of the bonds of failed
contractors.
NATIONAL MANUFACTURERS.
Philadelphia, Jan. 27.-The National
Association of Manufacturers met for its
second session today. The first COM
muncation was from the national board
of trade, now meeting in Washington,
expressing its sympathy with the Manu-
facturers' association, and r]edging its
support for their mutual interest
Following this came discussion of
the presidents report submitted yester-
day. 1t was satisfactory except that
portion relating TO the restoration of
American shipping" A. Il. Smith Of
New YOik denied that it was due TO
Over-protection.
n special committee was appointed to
consider the best means of restoring
American shipping.
Ex-Mayor Schiren of Brooklyn read a
communication from Loring Palmer of
New York, asking that the convention
take some action that viii lead to the
bnlleC states COnsulS forwarding re-
ports OF all matters relating 10 the COM
merci2l interests of this country. and
urging the creation of bureau in
Washington to publish such reports. Mr..
Schiren. however. desired TO state that
some of the conSuls were active in their
efforts to benefit the business men of the
country
On motion of Mr. Tomp1ins OF North
carolina. a special committee OF five
~as appointed 10 prepare a resolution TO
be referred TO the president and congress
bearing on this subject
Inc report of the tariff committee was
postponed and the committee on resolu-
tons recommended the executive com
n1ittee To extend its Mexican investiga-
lions. regarding the proposed Mexican
exposition and the establishment Of
bonded warehouses in Mexico. This
same committee also favorably endorsed
me Tennessee exposition, 10 begin May
l. 1897
A recess was then taken until O'Clock.
CoNSULS WON'T LIKE II
Amended Rules Cut Down the Fees They
Have Grown Fat on.
Ia