The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-01-14
MONETARY CONFERENCE
Appoints a Committee to Investi-
gate Currency Reform.
DECLARED FOR AGoID STANDARD.
Congress WIN be Asked to Appoint a Mi&
etary Commission TO Formulate a Plan
for the Gradual Retirement of All Glasses
of united states Notes.

The delegates were sented by states, a
much better arrangement than that of
tho day before. Tho chief event of the
morning session was the report of Con-
grossman Fowler, Of the banking and
currency committee, in which he said in
part:
"There are three ways of escaping ma
tional bankruptcy at some time, if the
present plan is to be continued. We could
assume full functions of banking, n step
which ia altogether out of the question.
We can tax tho people when the emer-
gency arises, which must prove, as 1t al
ways had, a much expensive and burden
some policy, and one to which the people
will not long submit. The retirement of
the demand obligations Of the govern
ment, a policy that is clearly demanded by
ourown experience and approved by that
Of all the rest Of the world, is the only
practical solution, and it is our only
remedy"
Yesterday afternoon the members of the
conference. by invitation Of the state sem
ate, visited the capitol On r%eassembling
at 4:25 the report Of the committee on
resolutions was read. The report was
adopted and the convention adjourned to
meet at the call of executive committee.
The report is as follows;
"This convention declares thati it has be-
come absolutely necessary that q consist
emit, straightforward and deliberately
planned monetary system shall be inaugu-
rated, the fundamental basis of which
should be;
"First-That the present gold standard
should be maintained.
"Second-That steps should be taken to
insure the ultimate retirement Of all
classes of United States notes by a gradual
md steady process, and 50 as to avoid in
furious contraction of the currency or dis
turbance Of the business interests of the
country, and that until such retirement
provision should be made for a separation
of the revenue and note issue departments
Of the treasury.
''Third, That q banking system be pro-
vided which should furnish credit facili-
ties to every portion of the country and a
safe and elastic circulation, and especially
With a view to securing such a distribu-
ton Of loanable capital Of the country as
will tend to equalize the rates of interest
in all parts thereof. For the purpose Of
effectively promoting the above,
"Resolved, That fifteen members of this
convention be appointed by the chairman
to act as an executive committee while
this convention is not In session, with full
powers of this convention. The executive
committee shall have the power toincrease
its membership TO any number not exceed
ing forty-five, and five members thereof
shall at all times constitute a quorum Of
said committee, which shall continue in
office until discharged at a future meeting
of this convention.
"Resolved, That it shall be the duty of
Ebig ovooYrffua oovpTuittao 70 au1aavO ~ 10
procure at the special session of congress,
which it is understood will be called in
March next, legislation calling for the APP
pointment of a monetary commission by
the president to consider the entire ques-
tion and to report to congress at the ear
lest day possible
In the event of failure to secure the
above legislation the executive committee
is authorized to select a commission of
eleven members, who shall make II thor
ough investigation of the monetary af-
fairs and needs Of this country, in all re-
lations and aspects, and to make appro-
pirate suggestions as to any evils found
to exist and the remedies therefor; and
no limit is placed upon the scope of such
inquiry or the manner of conducting the
same, excepting only that the expenses
thereof shall not exceed the sum set apart
for such purpose by the executive COM
mittoe.
"The executive committee Of this con-
vention shall use so much of the volun-
tary contributions made to it as may be
available for that purpose, to defray all
necessary expenses Of the commission,
and shall notify the commission from time
% me of the amour so available.
All messages and communications as
to methods of currency reform which have
been presented to this convention shall
be referred to such commission when
formed"
1t was not until the last session of the
convention that any exciting incident
arose. The convention was divided, but
the majority won easily. The minority
was represented by two members of the
committee on banking and currency Of
the national house Of representatives,
Messrs. j.. II. Walker, of Massachusetts,,
and C. N. Fowler, of New Jersey. They
lost, but they wen down with banners
flying.
After the reading of the resolutions Mr..
Walker was recognized and hurled bomb
shell INTO the convention. He said:
1.-THE congress Of tho United States do
ferred action upon any reform Of the
finance and banking system of this coun-
try to the present congress IN account of
the presidential election being so near.
At the first session of this congress-, for
the same reason, 1t was delayed until the
present session Of congress. There should
be some definite scheme formulated to be
presented to the proposed extra session of
the Fifty-fifth congress.
"And but for this convention some
scheme would have been provided. This
convention was called. What have you
done2 The extra session meets-you can
not inaugurate your commission before
the close of the present congress. You
eannot determine whether you will APP
point this commission by this body until
that scheme is tried. When the next CON
gross is elected, II legislation has not be-
fore been had, you will not got it. You
Will not, In my Judgment, get it for ten
years, / do not believe there is a member
of congress, here or in Washington, who
believes by the machinery you nave de-
vised here anything can be accomplished
until the Fifty-sixth congress"
Now, / did propose that you say some
thing about the methods of securing legis-
lation, If there had boon the slightest hope
or encouragement from this convention,
but L want to say to you that you have
damned the whole reform, damnedi it here