The Portland daily press., 1897-01-13

Nearly 3oo Delegates Were Present-The
President of Conference. Congressman
Walker and Others Address Con-
vention.
Indianapolis, January 12.-At the mon
etary conference today. lGov. Stannard' 6
recommendation that the green backs
should be retired, that national banks
should be permitted to issue notes up to
the par value of the bonds deposited to
insure payments, that paper notes of
less than So or SIG should be circulated in
the in tersst of more general use of sill
yer, met the general approval of thu del
egates. Ex-SeOretary Charles s. Fair
child of New York addressed the con-
veution. Mr.. Fairohild in part said:
One thing governments can do If they
want to give the people un der th em the
greatest quantity of circulating medium,
9 to ses to it that the quality of every
ipart Ia perfectly undoubted and psrfeouly
acceptable to every section of every busi-
ness community. 1t is of vast import
anoe that something decided comes of
these deliberations. Our business con-
dition' is such that We cannot afford
failure.
The committee on credentials reported
20 delegates enrolled. representing the
trade and commercial organization of the
leading cities Of the country. The
committee on permanent organization
recommended q. s. Patterson of Pennsyl-
vania for president and vice pEes1dent
from eHch state represented.
Mr.. Patterson IVES escorted to the
platform and addressed the convention.
lie said We need for domestic pur-
poses currency of stable value, ano of
full purchasing power, which shall be
neither redundant nor contracted, which
shall flow into channels of trade when,
and as the interests of the country may
require. For our international relations,
we need currency which shall be of full
value In the markets Of the world. We
may differ as to the q uestiOns OF protec-
tion or revenue reform, but we can agree
that the government must have revenue
adequate to It's necessary expenditures: :
that taxation should be so imposed as to
y its burdens upon the people in the
manner that it can be most easily borne; !;
that the existing standard of value shall
be main tanned; that bimetallism is de-
sirable If it could be secured by inter
national treaty and made practically
effective, and that there ought to be an
increased use of silver coins convertible
Inent demand notes are outstanding, @
provision should be made by law for the
Maintenance of an adequate gold reserve
pledged for the redemption OF those
notes. We.oan also agree that the nationrl
eanking system should be SO amended as
to provide some method for more gem
etal extension Of banking facilities for
all PARTS of the country. Chiefly we can-
agree th at an adeq uate solution of the our
rency Question should be a subject of
more de- allied consideration than this
convention at its present session can ex-
tend to it, and that it may properly be
referred to such methods of investigation
as yotl in your wisdom may decide. Let
us raise standard to which the wise
and honest of all parties can repair.
The state delegations selected vice-pres-
idents and mem bers of the committee on
resolutions The latter included, for
Maine, q. y. Libby. Hon. J. Fl, Walker
ri massachusetts,, chairman of the House
committee on banking and currency in
the prs sent Congress, was invited TO ad-
DIR s the convention, which he consented
to do
i At the conclusion Of Mr.. Walkers ssre-
mars the convention took a recess. ssas q