The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1897-01-21
70 CURE OUR financial EVILS.
MONETARY REFORM.
Tho indianapolis Conference. in = Work
ing Session.

The National Monetary conference was
called to order in Indianapolis. Jan. IL, and
addressed by ex-Gov. Stannard, OF Missouri,
temporary chairman. or the go delegates
present nearly all were OF States north OF the
Potomac and east OF the Missouri. In his
opening address Mr.. Stannard said he be-
lieved that there is n strong and increasing
conviction among the people in favor OF re-
firing the United States and Treasury notes.
He would retire them by the issue Of bonds
bearing u low rate Of interest. He propos-
ed to permit the national banks to issue
notes up to the par valae OF the bonds de-
posted to secure circulation and to reduce
the tax on circulation a OF l per cent. He
believed that banks should be permitted to
establish branches in small cities, and that
there might be advantage In Withdrawing
all paper money under $40 notes, thus fore
ing coin into use.
Ex-Secretury Of the Treasury Charles S.
Fairchild was the next speaker. lie spoke
OF the recent election as being IA great test OF
our institutions. aud now the necessity Is be-
fore the country OF going onward and up
ward In another direction. As to the asser-
ton tina. there were sectional interests in this
matter and that New York was the creditor
OF the whole country, the last census showed
that ~ per cent of the mortgage indebted
ness Of the United States was upon New
York property. II the debtor who has an
obligation upon his real estate is to be bene-
fitted by any manipulation Of the currency
New York will get more than one-quarter Of
the benefit. But no government could give
n value to something by calling it money and
investing II with the legal tender quality.
j. Harsen Rhodes, Of New York, was ap-
plauded when he said that he could see no
reason why tho government should not base
all its issues upon the gold standard and re-
place all notes by coin certificates protected
by n 20 per cent. gold reserve.
Mr.. Dausman, of Chicago, presented a
plan for the appointment by the President OF
u finance commission OF the members, In
Guiding one member from the Senate Fl
nance committee. and one from the House
Banking and Currency committee, three
bankers, three merchants or manufacturers,
and one political economist, this commission
to make reports to Congress.
Mr.. Peat. OF ST. Paul, offered resolutions
advocating the maintenance OF the gold
standard, withdrawal OF the government
from the banking business. the authorization
" branches OF national banks and the
reduction of minimum capital stock TO
SOS, 900.
George G.. Tanner. OF indianapolis, offered
hNtN "a "'' Va khS h"htOh's
debt. retirement Of g~reenbacks, "a more ex-
pansiye system of national bank currency
and the imposition Of severe penalties upon
national bank directors for failure OF duty.
II. II. Hanna, Of Indianapolis. presented q
scheme, for the aDpointn ent OF Il monetary
committee OF II members TO be named by the
convention, to investigate the financial sub
ject. their conclusions to be reported to an
adjourned meeting OF the convention.
EDUnnn nInFipp nf Rulftrnnra SnhntttnI
resolutions declaring that Legislation is
needed for tho maintenance Of the gold
standard, the cancellation OF United States
notes and the creation OF "A safe and expan-
sive currency upon the basis Of the Balti-
more plan.
The convention adjourned Wednesday.
Following. is the resolution adopted:
This convention declares that 1t has be-
come absolutely necessary that q consistent,
straightforward and deliberately planned
monetary system shall be inangurated, the
fundamental basis CT which shall be: First.
that tho present gold STANDARD shall be
maintained; second, that steps should be
taken to insure the ultimate retirement Of
all classes OF United States notes by a grad
ual and steady process and so as to avoid in
furious contraction of the currency or dis
OF the business interest OF the coun-
try, and that until such retirement provi-
sion hould be made for n separation Of the
revenue and note issue departments OF trea-
sury; third, that a banking system be provid-
cd, which should furnish credit facilities to
every portion Of the country and n safe and
elastic circulation and especially with a
view OF securing such u distribution of the
loanable capital Of the country as will tend
to egualize the rates Of interest in all parts
thereof. For the purpose Of effectively pro-
noting the above objects.