New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-14

when. from supposed necessity. the Government Is
sued its greenbacks. this Nation has kept its nat
anoat since 1873 to the cos, and injury to the people
OF net loss amounting to more than sSss""oo
AFTER allowing for the interest on the per cent
bonds. il would have required to take up the
The holders OF our obligations at home and
abroad whether National. municipal. corporate or
= individual at time whea the most irghtfu strain
to liquidate their Improbable investment. made
realizing the danger to which they were exposed.
| cashed their securities on the exchanges and hid
try while the maturing obligations were refused
renewals or extensions. Everything In our inan-
Everything facilitated the demands that could not
he satisfied. The patriotic conduct OF President
Cleveland. indicating that the last dollar OF Ma
tional credit would be exhausted before the Gov
eminent would dishonor one OF its obligations.
Fortunately for the honor OF the Nation. fortu-
nate.y for the prosperity Of the people the Repub-
that the gold standard must he maintained Fortu-
nately FOR the Republican party there proved to be
who loved the honor Of their country more than the
success Of their party ard. a, the risk OF prce OF
future party prcferment. supported Mr.. Mckinney
Tor the presidency As The papers are Wont 10 -.
have settled the standard for four years at least
the honor of the United States being piecemea led
out FOR four years more at least
PIT THE RESPONSIBILITY ON THE BANKS.
Should the balance of trade turn against us. and
sO0CoO0o be required to settle the account. where
could II be obtained except al the counter OF the
United States Treasury? Should fear OF our in
ability 70 maintain gold payments again seize Sc
curity- holders what check could there be under
present conditions TO the complete exhaustion of the
gold reserve one protection alone remains. that
OF taxing the people and this they will not long en-
dure. Nor should they. Tor inns respohsloili'H
should upon the banks 70 which II should DE
referred without delay
II is ef with the United States alone among the
hrstclass nations of the earth to cling 10 the eN-
notes Indeed every second-rate nation even has
discarded it. or attempted 10. Mark this. the only
gary. Russia. italy. Canada Japan and India.
If the United States Government Is 10 contlhn"
the paving functions OF a bank II must without de-
lay open its doors for deposits ana uscouht ,tle
paper OF our merchants. thereby acquiring the
power OF protecting its reserves and establishing
such rates OF interest "a VIII prevent me export %
gold whenever such a movement Is undesirable
There are three ways OF esciping National nahk-
rCpcy ." some time II me present pan ~ 10 ns s
continued First. We could assume full functions OF
banking. step which is altogether out of the aues-
tlon second We can tax the people whenever 'he
emergency arises. which must prove, as II AWAY
has most rXpoisiV" ana buruensomt policn aIu
one 10 which the people VIII MOI long submit lhru
the retirement Of the demand obligations Of the
Government. policy that i clearly dema2ded b,
our own experience and approved 10y thH OF an lne
rest Of the world This j. the only practical sOlu-
ton and it is our only remedy
Since in the retirement OF The Governments de-
mand obligations t. our only safety. some plan
must be evolved whereby al redemption Is thrown
OF necessity comprehend the replacement Of the
present circulation I'm way that cannot result in
contraction nor bring the slightest shock to trade
or cOmmerce-an Movement that can be at
tanned ana n the Il SAVING made In
the interest account Of the Government amounting
10 nearly 81 eoo.Wo
GO To THE ROOT OF THE EVIL.
After delirium Of speculation and lack Of
revenue had played their slight part i'm aggravat
conditions and exposed the fatal weakness OF our
financial system. a natural and necessary resul;
We're brought face 10 face in the last Presi-
Dental campaign with the monster Of Reputation.
and there stand to-day and will continue 10
stand until the Government forever settles the alle
= feEr B. IA Y AZ ll. nos
tior on the very term OF its obligations. that Il
cannot be construed INTO i"-c-ni dollar 90
cent dollar. the caprice Of a tor. Congress-
man. or Secretary OF the Treasury may dictate.
financial position there are two distinct remedies
both necessary and both founded in truth and
tersey stated pv this convention or it fails utterly
IN its purpose:
Firsi-All experience in the pas, has shown that
there can be hut one standard u value. There
lore thlS convention should declare that the sold
STANDARD. whch i tho STANDARD Of the civilized
world must be permanently and irrovocably es-
Sccond-All experience has shown tina; State or
Goyernment issues OF notes are the most expensive
obligaticrs of this Government should be retired
For that other cause Of our present trouble the
wealth in every part Of the country. especially in
wealth in the form Of money. there Is but
remedy. that system OF currency sprngins ont Of
local wealth and responsive 10 the demands OF
trade and the emergencos OF commerce. There
fore this convention should declare that 70 equaze
the rates Of interest throughout the United States
and enable our producers TO move their crops and
handle their manufactures at the east possible
expense. to prevent money panics. secure justice
and :nsure equal prosperity everywhere through
out the land. the United States should have
system Of elastic currency
CONGRATULATIONS FOR THE SPEAKER
Mr. Fowler's mention Of the name Of President
Cleveland. asserting that his declaration that
the last of the Government should be
exhausted in the effort to sustain the credit Of
the Nation alone stayed the flood hurrying the
country on to a deprecated standard. evoked the
first real burst OF enthusiasm the convention
perienced. 1t was followed by equally expressive
outbursts when he referred to the action OF the
Republican Convention in asserting that the gold
standard must be maintained and that the
Democratic party contained a large element Of
patriots who declined to follow the lead of their
leaders and voted for Major Mckinley.
The Congressman's emphatic statements in
favor OF the use OF the word gold instead of coin
in National obligations and against further dis
cussion Of the silver coinage question met the
very decided approval of the convention. being
frequently punctuated by vigorous applause.
At the close Of Mr. Fowler's address he was
surrounded by a crowd OF admiring delegates
whose warm cOngrat ulations somewhat inter-
fered with further proceedings
On motion Of A II Nanslaack Of Chicago. the
paper by Congressman Fowler referred 10
the Conittee on Resolutions proposition 10 in
struct the committee 10 incorporate its senti-
rnents in their report being rejected as An in
fraction OF the rules A rising vote was taken 10
express the satisfaction and appreciation of the
convention with the address
Brief addresses were made by Joseph Wharton
Of Philadelphia. f. 6. Camp. Of Knoxville. Tenn.
and then. the Committee on Resolutions not haV-
ing fulfilled the expectations Of an early report
the convention took a recess until 20 o'clock
When the convention reassembled at %
o'clock President Patterson announced that the
Committee on Resolutions would not be ready
10 report before / 30 =. and repeated Chair
man Hanna's hope that when the report did come
Grafton until final action was taken.
Iieutenant- Governor Haggard Of Indiana
transmitted a resolution passed by the state
Senate. inviting the members Of the convention
to visit the Senate the courtesy Of the floor to
le extended to them The invitation was accept