The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-12-16
ANNUAL MEET
ING IN SESSION IN WASHING
TON CITY.
DANGER IN FIAT MONEY ROTATION
Address Stating That Dangerous
Monetary RefOrmers Always
Bob Up in Periods of Hard
Times or Depression.


Board of Trade met here today for its
twenty-eighth annual session. ex-Goverr
| or Stannard of st. Louis presiding il
the absence of Mr.. Frederick Fraley
! OF Pennsylvania, who has been president
of the board since its organization in
1868. The executive committee made
its annual report, which was adopted
without a dissenting vote. On the sub
ject of the currency the report says:
probably there Is no subject which
is still of such importance as that of
currency. While the great uprising in
favor of sound money in 1896 was not
without its good effect. there is still
much to be desired in the way of per
manent prosperity, which condition is
mainly due to the fact that the future
OF our monetary system Is still largely
in doubt. OvercOnfidence ss to the con-
tinued influence for good of the defeat
of free silver at the last election is a
serious mistake. While hard times are
undoubtedly stimulus to unsOund sys-
tens of finance, it is mistake to sup
pose that the numerous friends of such
systems will be entirely satisfied by a
return of prosperity. Hard times, which
did not originate the silver question,
have undoubtedly been used by inter-
ested parties to install false ideas into
the minds of many of our people, par
ticularly our workingmen and farmers,
which have become 81 part of their po
litical belief. A spirit of unrest and dis
satisfaction still exists among some such
classes and there is no evidence that
among such any any great conversion
from the free silver doctrine has taken
place anywhere in the country. In New
York or Nebraska the opinion of the
DISSATISFIED are now practically the same
as before the election. The form may
have changed. AS free silver was but
a form and natural sequence of the
greenback heresy, so now the tendency
is to become fiat money rather than
a silver fallacy, but in whatsoever form
it shows itself it has becone general
theory of public policy and a conspicuous
tenet in the doctrine of a national pO-
litical party. To such the free silver or
fiat money question and all considera-
tons of currency reform will be made
The only way to meet 1t
is by persistent education, for which
some sound money organizations have
been continued and national one was
formed, though without very much pop
llar interest or support, md by the
adoption of a sound financial policy, in
Guiding not only coinage but banking and
currency. While our present system eX-
SITS there is the ever impending danger
If a repetition of our late financial diff
,ulties, when the country would be at
he mercy of those who do not have its
)est interest at heart. In the absence of
careful attention in the meantime, I'M
ess by some very unexDecte! cOntin-
,ency. we shall have ali unprecedented
legree of national prosperity at the time
If the next general and presidential
,lcctions-we may expect to see the fiat
money the issue of the campaign"
A report by Jonathan A. Lane of Bos-
on was adopted which advocates extern
sion of the civil service rules to cover the
consular service to the end of securing
practical business men in the service,
'ather than purely political appointees
Another important recommendation was
hat hereafter importers be compelled to
attest their invoices before a magistrate
If the country from which the goods are
shipped. 1t is alleged that several mil
ion dollars are lost to the government
annually by differentiation in goods in
,aying ad valorem duty, the oath before
United States consul not being binding !
n the country of export.
The recommendations of Surgeon Gen |
raj Wyman for q national quarantine |
aw were discussed at length and heartily |
New Orleans Board of Trade and the |
atlanta Chamber of Commerce were ad- |
nitted to membership.