The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-13

portatfon and Of that vast aggregation of cap
ital which is constituted of the earnings of
labor and the savings of thrift. We may be
partisan as to all questions that can properly
be determined solely upon party considera-
tions, but We also, above all, American
citizens. AS American citizens, proud of
our country's past and hopeful Of It's future,
we meet to take counsel together to those
great questions of public interest which
late to the currency of the country, and
which ought to be decided on grounds that
are broader than those of mere party spirit.
Meeting as citizens to consider a subject
OF common interest to the whole country, 1t
is lifting that We should come together in the
Middle West, which is today the seat of
empire, in the great state of Indiana where
last autumn the victory was won for the
honor of the nation, and in this typical Amer
lean city of Indianapolis. Let us approach
the grave subjects that are to be brought
before US with no pride of opinion, but in the
spirit of that old maxim which tells us that
in things necessary there should be unity;
in things doubtful, liberty, and in all things
charlty." But let us refuse to recomend any
compromise Of principle. for such compro-
desired end, because of their inherent inabil-
ity to destroy their irritating cause and be-
cause OF their essential inapplicability to
changed conditions and circumstances.
This country Is empire in its extent
OF territory in the number Of it's population,
and in the magnitude of its material inter
ests. There are densely populated areas of
territory, and there are scantily populated
areas of territory. In the former there are
adequate, and, perhaps in some places, a sur
plus or banking facilities. In the latter there
is deficiency of banking facilities Where
these banking facilities exist to an adequate
extent, not only are means of accommodation
provided for responsible borrowers but there
are also supplied all those credit substitutes
for money in the shape of checks and drafts
Which increase the volume of currency at the
time when such an increase is needed by the
people. Where these banking facilities do
not exist to an adequate extent unduly high
rates OF interest prevail and the demand for
currency in general exceeds the supply. We
therefore need for domestic purposes a cur
~rency of stable value and of full purchasing
power, which shall be neither redundant nor
contracted. and which shall flow into the
channels of trade when and as the interests
of the country may require.
This country has extensive commercial re-
iatfons with other countries. The continued
development of the West and South de-
mands that the surplus capital of the World
should be brought here for remunerative in
vvestment sit is in no sense inconsistent with
the protection of our own market that we
look forward to the growth of our foreign
commerce, SO that agricultural, manu-
featuring and mining product shall find that
large market which shall give to American in
dustry greater returns. For our International
relations we need, therefore a currency
which shall be adequate for the demands.
We may differ as to questions of protection
or revenue reform, but we can agree that the
government must have surplus adequate to
provide for possible contingencies.
We can agree that as the revenue must be
S"A~~SANHAt
so imposed as to lay its burdens upon the
people in the manner that can most easily be
borne. We can agree that the existing stand
ard of value shall be maintained. We can
agree that bimetallism would be desirable If
1t could be secured by International treaty
and be made practically effective. We can
agree that there ought to be an enlarged and
increased Of silver coins, convertible at
par into gold. We agree that SO long as
the government demand notes outstand-
ing, provisions should be made by law for
the maintenance of ade0uate gold
serve for the redemption of these notes. We
can agree as to the fact that while, in some
cases, shareholders of and depositors in ma
tional banks have lost by their unskillful or
unfaithful management, yet no holder of a
national bank note has ever had occasion
to inquire what bank issued the note, or has
ever lost any part of the note. We can also
agree that the national banking system should
be amended to provide some method
for the more general extension Of banking
facilities to all parts OF the country. And
chiefly, we agree that the right solution
of the currency question in the interest of
the whole country and of the people IS of
grave Importance, and should be the subject
of more deliberate and detailed considera-
tion than this convention at its present
session extend to 1t, and may properly be re-
ferred to such method Of investigation as you
in your wisdom may direct. Upon all these
questions 1t is for you to determine the action
of the convention:
constitution Of the United States was about
to assemble, Washington said: eff to please
the people we offer that which ourselves dis
approve how can we afterward defend our
work? Let us raise standard to which
the wise and honest can repair. The event
Is in the hands of God" Let that view be
expressive Of the highest craftsmanship, and
the truest patriotism control action.
Let us raise standard to which the wise
and honest of all parties can repair.
In this country the people sovereign.
Nowhere else in the world is there a more
general diffusion of intelligence, is a higher
average Of moral character. The people
must, as the tribunal of last appeal, deter