The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-01-14
MONETARY CONFERENCE
Appoints Committee to Investi-
gate Currency Reform.
DECLARED FOR AaoLD STANDARD.

Congress win be Asked to Appoint Mon
stary Commission to Formulate Plan
for the Gradual Retirement Of All Glasses
of United States Note.
INDIANAPOLIS, Jan. 14.-At 10 80 o clock
sesterday the first morning session OF the
monetary conference was called to order.
The delegates were seated by states o
much better arrangement than that OF
Nhe day before. The chief event Of the
morning session was the report Of Con
kressman Fowler, of the banking and
currency committee, in which he said in
part:
"There are three ways of escaping ma
tional bankruptcy at some time, II the
present plan Is to be continued. We could
assume full functions of banking, step
which IL altogether out of the question.
We can tax tho people when the emer-
gency arises, which must prove, as 1t al
ways had, much expensive and BURDEN
some policy and one to which the people
will not long submit The retirement OF
the demand obligations OF the govern
mont, policy that is clearly demanded by
or own experience and approved by that
of all the rest of the world, is the only
practical solution, and 1t is our only
remedy"
Yesterday afternoon the mombers of the
conforsncs. by invitation OF the state sen.
ate. visited the capitol On reassembing
nj 1926 the report of the committee on
resolutions was read The report was
adopted and the convention adjourned to
meet at the call of executive COMMITTEES.
The report is as follows
"This convention declares that 1t has be-
come absolutely necessary that consist
ant, straightforward and deliberately
planned monetary system shall he inaugu-
rated, the fundamental basis of which
should be:
"First-That the present gold standard
should be maintained.
"Second-That stops should be taken to
Insure the ultimate retirement OF all
classes of United States notes by gradual
and steady process and so as TO avoid In.
furious contraction Of the currency or dis
turbance of the business interests OF the
cnnntry, and that until such retirement
proyision should be made for separation
Of the revenue and note issue departments
Of the treasury.
'lhlfu, lnhG DdHhluB syhpeli po pio
yided which should furnish credit taclli'
ties to every portion Of the country and n
sufe and elastic circulation, and especially
with a view to securing such distribu-
Hon of lonnabls capital OF the country as
will tend to equalize the rates of interest
An all parts thereof For the purpose OF
effectively promoting the above,
"Resolyed, That fifteen members OF this
convention be appointed by the chairman
toaot as all executive committee while
fhis convention is not in session, with full
ppwers of this convention. The executive
committee shall have the power toincrease
sts mem bership to any number not exceed
hng forty five, and five members thereof
shall at all times constitute quorum OF
said committee which shall continue In
eflce until discharged at future meeting
Of this convention.
"Rssolyed That it shall be the duty of
this executive committee to endeavor to
procure at the special session OF congress-
which it is understood will be called in
March next, legislation calling for the ap'
pointInent of a monetary commission by
the president to consider the entire ques-
zion and to report to congress ut the ear
zlest day possible"
In the event OF failure to secure the
nboys legislation the executive committee
1s authorized to select u commission OF
4 nleyoR members who shall make thor
puRh investigation of the monetary af-
fairs and needs of this country, In all re-
latioRs and aspects, and to make appro'
psists suggestions as to any evils found
10 exist and the remedies therefor; and
IA ;,, ali bA
tpauiry or ths manner of conducting the
same excepting only that the expenses
thereof shall not exceed the sum set apart
for such purpose by the executive COM
znittee.
"Ths executive committee OF this con
vpntien shall use SO much OF the yolun'
tary contributions made to it as may be
available for that purpose, to defray all
necessary expenses Of the commission
and shall notify the commission from time
to time OF the amount 80 available.
GAN messages and communications as
70 methods of currency reform which have
been presented to this convention shall
be referred to such commission when
formed"
1t was not until the last session of the
! convention that any exciting incident
arose. The convention was divided, bu
the minority won easily. The minority
WAS represented by two members OF tht
committee on banking and currency OF
the national house Of representatives
Mossrs j. Fl. Walker Of Massachusetts,
and c. N. Fowler of New Jersey The,
lost, but they went down with banners
! flying. ,,
After the reading Of the resolutions Mr.
Walker was recognized and huredh bomb
xhsll into the convention. He said:
y ''The congress of the United states de
ferred action upon any reform oil tn
finance and banking system Of this coun
try to the present congress on account
: the presidential election being so near
At the first session of this congress, TO
the same reason, 1t was delayed until tn
Drssept session of congress There shoul'
be some definite scheme formulated to b
presented TO the proposed extra session o
the Fifty-fft congress.
I "And but for this convention som
scheme would have been provided. Thi
convention was called. What have yo
denef The extra session meets--you can
not inaugurute your commission befor
tho close Of the present congress Yo
pspnot determine whether you will az
point this commission by this body unit
that scheme Is tried When the next cor
gress is elected, if legislation has not be
fore been had, you will not get it Yo
will not, In my Judgment, get IL for lei
years. / do not believe there is membe
Of congress- here or In Washington, VIII
believes by the machinery you have de
yissd here anything eau bs accompishe
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