The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-01-25
BOARD OF TRADE
Had a Talk on the Money Question
Saturday.

Hon. Charles II. Libby Speaks Of the AL
diauapolis Conference-E. A. Noyes
Talks on the Same Subject-ihe
Most Important Features-A soee u
Thanks Extended.
The Portland Board of Trade held
meeting Saturday afternoon TO Hsuen W
the report Of Hon. Charles Il. Llppy anu
Edward A. Moves, Esq, treasurer Oh 'he
FARMLAND Savings bank, who wers its
6e,egstes 20 the recent Monetary Con-
vention at Indianapolis, Ind.
president Boothby of the boarA called
the meeting to order and called on AiF
Iihby for his report. After pleasant
i,troduction, Mr.. Libby continued in
substance as follows: There were go
delegates present from % states and L
have never seen finer or more thor-
ouQhly representative gathering. They
reprssepted the cream of the solid SUD-
stantial business element of the country.
In the convention were number OF men
who are very distinguished In pubic
life. Ex-Goy, Bullock of Georgia and
M. Il. Ingalls,, an old Portland man
who read law shere and is now une
president of the famous "big -Four
Railroad system, sFrauklin McVeagh'
son of Hon. Wayne McVeagh, j. Z.
Irish of California, famous orator, hon.
j. Fl. Walker and other prominent con-
vressmea uwere in attendance. How
shall we deal with the financial anu
currency question" was OF course the
sentiment which permeated the conVen-
tion and which it was really called to
consider. 1t very soon developed that
the plan of H. Il. Hanna and other prime
movers in the matter of calling the con-
vention was to secure the appointment
of a monetary commission and this plan
being deemed nnwise by many delegates
Including those from Maine the scheme
was opposed and in TIE form in which
1t was attempted to push it through de-
feaped. We felt that it was unwise, and
about every body who had enjoyed much
legislative experience conceded In this
yiew-to attempt anything of the kind
before making an attempt to secure eq ual
or even better results from Con gress
We believed that a commission should
be appointed as the result of an act of
Congress providing for it and such a
commission appointed by the President
of the United States, would be invested
with more prestige and influence than
could ever accrue to a commission OF
private citizens acting without any
governmental authority as sanction.
At the same time commission created
by Congress would naturally morally
commit Congress and the administration
to give due weight to Its findings and
recommendations. Congress is much more
apt to act in the manner desired if ap-
preached in petitioning sense than
when urged in presuming or dictatorial
manner.
Mr.. Noyes and himself being the only
delegates from Maine they naturally were
forced into service more conspicuous
than would ordinarily be the case and
saw more committee work. Mr.. Libby
was ON the committee on resolutions.
The contest on the plan to at once ap-
point commission was very soon under
way in the resolutions committee.
Mr.. Libby in the committee argued the
conciliatory line Of procedure, urging
that # the real sentiment of this COZ
yention was not found out, 1t was by nc
means sure that commission appointed
by il would report measures compatible
with the convictions of large majority
of the mem bers of this very convention.
He believed in first seeing if the commit,
tee and then the convention could agree
on the reforms necessary in the cur
rency and financial Policies of the coun
try and what it was really desired that
Congress should enact in the way OF
LEGISLATION conducive to these ends.
Congressman j. II. Walker OF Massa
chusetts, chairman Of the congressional
committee on banks and banking aDc
long a close student of fiancial matters
was present at the convention. Ee in .
speech declared with a great deal Of EN-
phasis and feeling that this course wa
the most appropriate, by tar the wlses
and the oUly enc by which real gooe
would be accomplished for the cause. He
wantel tho convention to appoint com
mittee who would come to Washington
and as he expressed it "sit down" tb'
com M ittee, talk matters and find ou
what WIS rally desirable and necessary
80 effect cure in tha extintent financia
ills Of the whole country.
Mr.. Libby was surprised at the over
whemin1 favorable feeling of the con
vention favorable to the sentiment thai
1t was "time that the governments wen1
out of tine banking businessW
Declarations Of this nature were in
variably greeted with ringing applause, .
said the speaker. The action finally
taken with practical unani4nity and tire
mendous enthusiasm 1.-THE resolutions
have already appeared in the public
prints1 provided for the appointing Of
an executive COM mittee Of forty-fve, one
from each state, and conferred upon this
committee full powers in the interim