The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-04
SPEECH BY MR.. BYNUM
BEFORE THE GOLD STANDARD DEM
OCRATS OF MICHIGAN.
Canadian Banking system Landed by
the indianapolis Ex-COngressman
Ticket nEd Resolutions.

GRAND RAPIDS. March 3.-The gold
standard Democrats of Michigan met here
to-day and nominated Daniel T. Foote. of
Saginaw for justice of the Supreme Court
and Levi L. Barbour, of Detroit, and Ed
win 2. Sweet, of Grand Rapids, as regents
OF the university. Ex-Congressman Bynum,
OF indianapolis. and one of the leaders in
the gold-standard movement made a
speech. He said in part:
THE results of the last election cannot
be said to have permanently settled the
policy of this government upon the alb
sorbing issue in that contest The pres
ent affiiction OF the people must be cured.
The people OF the West and South have
carried the burdens of q false mo letary
system until they are bending beneath its
pressure. 1t is not surprising they have be-
come impressed with the conviction that the
Eastern States have a monopoly in our
money and are using II To oppress the other
sections of the country. This unequal dis
tribution is not due to the gold standard,
but to financial system followed during
the last quarter of n century that has
compelled the people of the South and
West to purchase credit from the East
with which TO develop their resources and
which they themselves ought to have been
permitted to issue without expense. What
tney want Is the right to their
resources a credit until they have accu-
mulated surplus sufficient to eXtinguish
their obligations. A standard is indis-
pensable. without IL there can be no meas
ure. With it credit becomes illimitable:
without IL none can exist. The producing
classes need such reformation of our bank
ing laws as will enable them at all times
to secure ample supply of credit money
10 keep their industries active. They must
have opportunity to supply themselves
with currency based on their own capi-
tal."
Mr.. Bynum lauded the Canadian bank
ing system and especially the system OF
branch banks. securing a more complete
distribution OF the currency. The banking
system, he said. should be so reformed that
bank notes might be secured in some other
manner than by the ISSUE or government
bonds.
At the close OF Mr.. Bynums speech the
report OF the committee on resolutions was
presented and adopted without discussion,
the preamble reading as follows:
ION this. the last day OF administration
OF President, record OF whose acts
will be regarded by posterity as one OF
eminent courage and infieXibe adherence
to duty, the Democrats of Michigan in con-
vention assembled. declare their abiding
faith in the time-honored principles of the
Democratic party"
The resolutions do not differ materially
from the indianapolis platform. except that
they are more radical IN demand for reform
or revision of the banking system. on this
subject the resolutions say: I'VE believe
the time has now come when a consistent,
straightforward and deliberately planned
monetary system should be inaugurated by
this country the fundamental basis of
which should be:
"First-That the gold standard which was
definitely proclaimed at Indianapolis and
indorsed by the people last fall be main
tanned.
''Second-That a banking system be pro-
vided that shall furnish credit facilities to
every portion of the country and safe
and elastic circulation sufficient in amount
to met all demands of business.
"Third-That all classes of United States
notes be retired.
"Fourth-That the plan Of action adopted
by the Indianapolis monetary conference
be approved"