The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13

among business men from the experiences
OF the past that there should be no notes in
circulation which should not be retired
when their office had been fulfilled.
Whether these notes should be retired at
once or gradually / am not disposed 10 say,
but of the necessity OF their retirement
L think there can be no question. 1 would
retire them by the sale of long government
bonds at a low rate of interest. If there can
be no better way devised for their with
drawal from circulation.
while am mentioning some of the de-
fects, as / believe. of our monetary system
which come to my mind. i would say that
/ see no reason why our national banking
law should not be so amended as to allow
the national banks to issue notes up 10 the
par value of the bonds which they hold as
a basis for their issue. instead OF issuing.
as they are now compelled TO do. only 30
per cent OF the par value of the bonds that
cost them perhops us to 12O. This would
help in giving US "A larger volume of circu-
lation and be an inducement to the banks TO
issue all the bills they could under the new
law. Many of the banks. as the law now
stands. do not issue all the notes they are
authorized to do, because much OF the time
II Is not profitable for them to invest in
bonds at 40 when they can not avail them
selves or an issue OF more than 80 per cent.
or the par value Of these bonds they pur-
chase. Then there is a tax or / per cent. on
the issue of the national bank circulation,
and / see no necessity for SO large a tax as
this. as ii must ultimately be paid by the
borrower. / believe that the tax should be
reduced TO "A of / per cent.
There are many advantages connected
with the national banking system of the
country, and this system, i believe, might,
with great benefit to all interested. be eX-
tended by allowing. under proper safe
guards. the establishment of branch banks
In smaller cities with largely reduced mini
mum of capital. / believe that there is no
instance on record where a loss has come
to holders of national bank notes.
NO PAPER MONEY UNDER SO.
There are many suggestions of reform.
One is 10 withdraw all paper money under
L ~
larger volume of silver and gold TO circu-
late in the hands of the people, and l be-
lieve this is well worthy of favorable con-
sheraton.
Il do not believe that any criticism can
with reason or justice stand against COM
mercial or business organizations for taking
an active interest and making recommended
tiOns TO Congress in matters of so great
concern as these which call us together.
Il find from the last census that there is
an aggregate of over six billions of money
invested in manufactures in the United
States. and that there are over four millions
of men employed in these Establishments,
and that the output is over nine billions in
value annually. j also find that the average
annual value of the cotton. wheat. corn and
oats Produced in this country is about four
billions of dollars, TO say nothing of the
value of cattle, horses. hogs and almost y
Vulnerable other products of the farm and
field
Il am sure the banker. merchant, profess
sional man, manufacturer, farmer, miner,
artisan. mechanic and laborer all have a
common interest in the cause we are here
to promote. In the language of Benjamin
Franklin. We must all hang together or
hang separate The country cannot per-
manently prosper If any of the essential
interests are neglected or sacrificed. All
legislation should be for the greatest good
of the greatest number.
However. 1T is not my purpose to occupy
much of the time given to these opening ex-
ercises. and while / may have some opin-
ions as to the manner of procedure and as
to the results of the deliberations OF this
convention, and as to what We should ask
Congress to do, / believe ii is not within
my province to make recommendations. But
with the greatest confidence in your wis
dom and in your patriotic devotion to the
work in hand, ! now announce the con-
vention ready for any business which may
be brought before it. What is your pleas
ure?'