The Bourbon news., 1897-01-15

At 1880 the convention was called to-
order by Chairman Patterson, and .
multitude more of plans for the revis-
ion of the country's financial system
was brought to the front.
Charles E. Adams, president of the
Massachusetts, state board of trade. Of
fered resolution recommending the
organization by states of business men
in order to expedite similar conven-
tions in the future.
E. C. Camp, of Knoxville, Tenn, adj
vocated tariff law sufficient to yield
revenue of $3.50, 600, 900 and the grad
ual retirement of the greenbacks and
other government indebtedness at the
rate of at least 800, 900 per year
Representative c. n. Fowler, of New
Jersey, member of the house COM
mittee on banking and currency, was
asked to speak. He asserted that Pres
ident Cleveland's declaration that the
last resources of the government
should be exhausted in the effort to
sustain the credit of the nation, alone
stayed the food that was kurrying the
country on to a deprecated standard
Ebert w. Perry, of Galesburg, ILL.,,
offered a resolution declaring it to be
the sense of the convention that the
currency and banking laws should be
SO amended as to secure, first, an
elastic currency; second, safety with
out bond issue: third, the security of
depositors; fourth. protection of stock
holders against dishonest officials;
fifth, the retirement OF paper currency;
| tee to suggest to congress desirable
changes as the necessity for them de-
| velops.
| Brief addresses were made by Jo-
seph Wharton, of Philadelphia, E. G.
Camp, of Knoxville, Tenn, and then
the committee on resolutions, not hav-
ing fulfilled the expectation of an early
| report, the convention took recess
until 4:3O o'clock.
| The convention reconvened at 4:30
and adopted a declaration of what
legislation in it's opinion is needed up
on the subject by practically unan-
| imous vote. This declaration included
a demand for the maintenance of the
gold standard and the retirement Of
the demand obligations of the gov
ernment. Accompanying this was
a proposition for the appoint
ment of commission to inves-
tigate and report by bill or
of the currency system. This was the
unanimous conclusion of the commit
tee on resolutions, result that was
unexpected by the delegates, and the
recommendations of the committee
were affirmed by the substan tally
unanimous vote of the convention.
This was not secured, however, with
out much opposition and an exceed
ingly animated debate. Following
are the resolutions as adopted:
First. that the present gold standard should
be maintained
Second, that steps should be taken to in
sure the ultimate retirement of all classes OF
United States notes by gradual and steady
| process. and so as to avoid injurious contrac-
tion of the currency ordisturbance Of the bus
mess interests of the country, and that until
such retiremeuts provision should be made
for a separation Of the revenue and note issue
| departments of the treasury.
! Third. that banking system be provided
which should furnish credit facilities to every
portion Of the country, and a safe and elastic
| circulation and especially with view OF Sc
curing such a distribution Of the 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 objects
| Resolved, that Is members OF this conven-
tion be appointed by the chairman TO act as
! an executive committee while this conVen-
tion is not in session with full powers OF this
| convention The executive committee shall
| have the power to increase its membership to
| any number not exceeding 4o, and five mem
bers thereof shall at all times constitute a
| quorum of said committee
The special committee shall have special
| charge Of the solicitation, receipt and dis
bursement of contributions. voluntarily made
for all purposes: shall have power to call this
convention together again when and where it
| may seem best to said committee to do so. and
said committee shall continue in ONCE with
| power to fill vacancies until discharged at
| future meeting of the convention.
| Resolved, that it shall be the duty of this
| executive committee to endeavor to procure
at the special session of congress, which it IS
unders TODD will be called in March next, leg
islatiOn calling for the appointment of a none
tary commission by the president to consider
the entire question and TO report to congress
| { the earliest day possible.
| Or failing TO secure the above legislation
, | they are hereby authorized and empowered TO
select commission of II members. according
to the rules and plans set forth in the sugges-
tionS submitted to the convention by Mr..
Hanna. of indianapolis. follows:
Article l. The commission shall consist OF
5 II members, to be named by the executive
committee appointed by this convention. The
executive committee shall have power to I'LL
vacancies in the commission as they may oc-
cur.
Article 2 The first meeting OF the cCmmis-
f sion shall be held at time and place 20 De
, designated by the executive committee of this
convention in a call to be issued therefor:
2 and, at such meeting, the commission shall
: organize by the election of such officers and
O the adoption of such rules and bylaws for its
| own government as may be agreed by a ma
= | jority of it's members nd thereafter IL shall
: be governed by such rules aud bylaws sub
2 ject to these articles.
/ Article All rules and bylaws OF the COM
| mission and all its proceedings shah Oe di-
| rected towards the accomplishment OF the OBJ
: | jects of its creation, which is 10 make thor
S | ough investigation OF the monetary affairs and
S needs of this country, and all relations and
: | aspects, and to make appropriate suggestions
| rs to any evils found to exist, and the reme-
, dies therefor. and no limit is placed upon the
L | scope of such inquiry or the manner OF con-
: ducting the same. excepting only that the ex-