The Forrest City times., 1897-01-15
MONETARY REFORM.
Opening of the Monetary Conven-
 ton at Indianapolis.
REMARKS OF ex-GOVERaGR STAHARD.
Missouri's Leading Representative, Tenn porarily Occupying the Chair, Talks in Favor of Retiring the
 Greenbacks.

INDIANAPOLIS, Ind, Jan. 13.-Tom.
 1inson hall presented much the same
 appearance when the delegates to the
 monetary convention assembled that 1t did during the national convention.
 The stage was draped with national
 colors, and a temporary platform for
 the press seats had been erected in
 front of the stage.
 A railing built two-thirds of the way
 back separated the delegates from the
 seats thrown open to the pu bile. The
 delegates. wearing red silk badges, be-
 gan to assemble at l:45 p. m. They
 were substantial, prosperous and brainy set of men. Each state delega- tion sat together, and as near as possi' ble representatives of each commercial
 body sat together. The members of the executive committee took places
 on the platform. There was some ap- plause for Gen. Buck ner and II. II. Hanna, but for the most part the
 delegates did not recognize the more.
 prominent members of the convention
 A few minutes after two o'clock i Hugh II. Hanna, chairman of the
 executive committee, called the con.
 vention to order and introduced E. o. l Stanard, of Missouri, who had been
 selected as temporary chairman.
 MT. Stanard reviewed the steps which ted to the convention, and the D
 said
 Tt is not my purpose on this occasion to suggest any given line of policy 10 be pursued
  been made CT that may be suggested here or
 hereafter. But l may meution-to my mind some of the most glaring defects in our hnan- cial system. In tnIs connection It Is safe for me to say that the stability, prosperity and safety Of our commercial, manufacturing
 banking ana agricultural operations de- pend safe, compre hensive and stable hnancial policy for gov ernment "a policy that can be relied on to last, from one year to another and
 from one political administration to another, and to be taken. as far as possible, out of the realm of politics.
 Confidence IS the foundation on which busi- ness and all affairs of material interest are built. There should be enough money to do the business of the coIntry and there should
 be no doubt about it's character and no shaking
 of confidence to take It out and keep 1t out oi circulation.
 The people Of the United States not only should have confidence iu our Enanciul meth-
 ods, but all the nations of the earth with whom We have commercial relations should have as- suranoe of tue stability Of our financial affairs so that they may know what basis they are
 working, This is of great importance to us as well a. to foreign nations, when we take into account that during the last year we exported to foreign countries more than thousand mil ] lion of dollars worth of surplus products of our soil and the industries of our people and imported u little more than seven hundred millions of their products.
 "The present financial methods of our govern ment are largely those adopted during the war when there were great emergencies l believe
 there Is very strong and constantly -increas- ing conviction among our people that some method shsI sIuld be adopted for the retirement of the United States and treasury notes, and that they should not mucn longer be tolerated as circulating medium. They are constant
 menace to our treasury reserve and to the credit i of the government, anu when encroach- ments are made upon the reserve | commerce stands in fear and trem- | bling. There seem, to be a we'll defined conviction among business men, from
 the experience of the past, that there should l be no notes in circulation which should not be retired and cancelled when their office ha, been once fulfilled. Whether these notes | should De retired at once or gradually 1 an | not disposed to say, but of the necessity oi
 their retirement l think there can be no ques- | ton. would retire them by the sale of long l government bonds at a low rate of interest. if
 there can be no better way devised for their | withdrawal from circulation.
 While am mentioning some Of the defects
 as l believe, of our monetary system which | come to my mind, would say that l see nc | reason why our national banking law should | not be so amtndG1 as to allow the national banks to Issue notes up to the par value Of the | bonds which they hOid Gs a basis of their issue instead 0. issuing, a. they are now compelled
 to do, only 90 per cent. Of the par Va ue of the
 bond' that cost them perhaps lis to lzO
 Then there is a tax Of one per cent. on the | issue of national bank circulation and I sec l no necessity for so large a tax as this as il | must ultimately be paid by the borrower | believe the tax shoul be reduced to one-fourth
 of one per cent
 | I'll here are many advantages connected with
 the national banking system Of the country | and this system, l believe, might with grea, | beneAt to all interested, be extended by al.
 lowing, under proper safeguards. the establish. | ment Of branch banks in smaller cities | with largely reduced minimum Of capital | believe there is no instance on record where q | loss has come to the holders Of u national bank | notes.
 There are many suggestions of reform. One
 Is to withdraw all paper money under the de- O@ NAS' '4NiepS 'OESihs larger vol
 ulne of silver and gold to circulate in the hands
 or the people, and believe this is well worthy
 of favorable consideration.
 II am sure the banker. merchant, profes.
 sional man, furrier. miner artisan mechanic l and laoorer all have a community of interest
 In the cause we are here to promote In tht language Of Benjamin Franklin: We must al
 hang toge ther if we would not all hang sep arated.'
 The country can not permanently prospe
 II any oi the essential interests are neglected l or sacrificed. All legislation should be for th, greatest good Of the greatest number. "Nith the greatest confidence in your wis | dom and In our patriotic devotion to the worl
 in hand, now announce the convention read, for any business which may be brought be fore 1t"
 Illinois IapIsIatura