The herald., 1897-01-13
N MONETARY CONVENTION
Gathers Itself Together at
Indianapolis
E. 0. STANARD OF MISSOURI
CompIimented by Being Chosen as TEN.
p0rary Chairman
Patterson of Philadelphia Made Chair
man, and Each Gentleman Points
Out Financial Dangers
ssoclated Press specIal Wire

! names olIered prayer. secretary Smltn
read the convention call. Temporary
organization was concurred ir as fol-
lows: Temporary chairman, ex-Gov
f. o. Stanard of Missouri: secretary
j. w. Smith; sergeant-at-arms, w. +.
c. Colt. Mr.. Stanard delivered the fol-
lowing address;
Gentlemen of the Convention: The
stability, prosperity and safety of our
commercial, manufacturing. banking
and agricultural operations depend upon
a safe, comprehensive and stable finan-
cial policy for our governmental policy
that may be relied on to last from ore
year TO another and from one political
administration to another and to be
| taken, as far as possible, out of the
realms of politics. There should be
| enough money to do the business of the
| country and there should be no doubt
about its character and no shaking of
confidence to take it out and keep it out
OF circulation. The people of the United
states not only should have confidence
in our financial methods, but all other
nations of the earth with whom we have
commercial relations should have as
| surarce of the stability of cur financial
Institutions, so that they may know on
what basis they are working.
The present financial methods of the
government are largely those adopted
during the war when there were great
emergencies. Some method should be
adopted for the retirement of the United
states and treasury notes. They have
been hlndrance TO the prosperity of
our government for many years. They
are q constant menace to our treasury
reserve and to the credit of the govern
ment, and when encroachments are
made upon those reserves commerce
stands in fear and trembling.
| see no reason why this law should
not be so amended as to allow the ma
tional banks to issue notes up to the
par value of the bonds they hold as a
basis for their issue. instead of issuing
as they are now compelled to do, only
30 per cent of the par value of the
bonds that cost them perhaps 11S to 120.
This would help in giving us a larger
body of circulation. and be an induce
ment to the bank to issue all the bills
they could under the new law. Then
there is tax OF l per cent on the issue
of the national bank circulation. and I
see no necessity for so large a tax, as it
must ultimately be paid by the bSr-
rover. The tax should be reduced to
one-fourth of l per cent.
There are many advantages connected
IL,
this system might, with great benefit to
all interested, be extended by allowing
under proper safeguards the establish
ment of branch banks in smaller cities
ard largely reduced minimum of cant
tai
There are many suggestions of reform
One is TO withdraw all paper money un-
der the denomination of $40 thereby
forcing large volume of gold and sill
yer to circulate in the hands of the
people, and this is well worthy of fa-
vorable consiGera ton
[ am sure the banker. merchant. pro-
fesslonal man, manufacturer. farmer
miner artisan. mechanic and laborei,
all have community of interest in the
cause we are here to promote. The
country cannot permanently prosper if
any of the essential interests are ne
elected or sacrificed. All legislation
should be for the greatest good to the
greatest number"
c. Stuart Patterson of PHILADELPHIA
was chosen permanent chairman of the
convention. who closed the afternoon
session with an address. He was fire.
quently applauded Mr.. Patterson's
speech was as follows:
Gentlemen of the Convention: thank
You for the honor you do in inviting me
to preside over your deliberations You
are business men. Your presence here
proves your acceptance of the true defin-
ition of that Germ. Here today are rep
resentatiVes of agriculture. of miring. of
manufactures. of trade, of commerce and
Of transportation, and of that vast ag-
gregation of capital which is constituted
of the earnings of labor and the savings
of thrift. We may be partisans as to
all questions that can be properly de-
tcrmined solely on party considerations.
but we are also above all American cit
izens. As American citizens, proud of
our country's past and hopeful of its
future, we meet today to take counsel
together as to those great questions of
public interest which relate to the cur
rency of the country, and which ought
TO be decided upon grounds that are
broader than those Of mere party spirit.
Meeting as citizens to consider a sub
ject of common interest to the whole
country. it is fitting that we should
come together in the middle west, which
is today the seat of the empire in the
great state of Indiana, where last au-
tumn the victory was won for the honor
OF the nation. and in this typical 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
the old maxim which tells US In the
things necessary there should be unity:
III things doubtful, liberty, and in ali
things charity"
But let us refuse to- recommend any
of principles, for such com
promises have always failed to accom-
pish their desired end because of their
inherent inability to destroy the irritat-
ing cause, and because of their essen
tial inappicability to changed condi-
tions and circumstances.
This country is an empire in its extent
Of territory. in the number of its popula-
tion and in the magnitude of it's ma
terial interests. There are densely pop
ulated areas of territory, and there are
scantily populated areas of territory In
the former there is an adequate and,
in some places an excessive
supply of banking facilities. In the lat
ter there is deficiency of banking facil-
tiles. 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 credits, substi-
tuteS for money, in the shape of checks
and drafts, which increase the volume of
currency at the time when such an in
crease 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
in general exceeds the supply. |
We, therefore, need for domestic pur-
poses "A currency Of stable value and of
purchasing power, which shall be neith-
er redundant nor contracting. and which
shall flow into the channels of trade
when and as the interests of the country
may require
This country has extensive CONNER J