The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-28
Financial Plan and Monetary Com
mission scheme Presented by the
National Board of Trade.
REVENUE QUESTION DEBATED
AND APPOINTMENT OF A NONPARTI-
SAN BOARD RECOMMENDED.
RESOLUTIONS Adopted by the National
Association of manufacturers on
the Tariff Subject.

WASHINGTON, Jan. 27.-The National
Board OF Trade at it's meeting to-day
adopted the report of the committee on
banking laws. 1t was the opinion of the
committee that there should be established
a consistent and deliberatIveiy planned
financial system The plan presented was
briefly as follows:
First-That gold coin shall remain the
Secondhand steps should be taken TO re-
tire all United States notes In such a way
as not to disturb business relations; that
national banks should be allowed TO issue
currency to the par value of bonds and the
banks be allowed to issue currency based
on assets under such national supervision
and restriction as will make it safe, elastic
and redeemable in gold at bank OF issue
and at the city of New York
Third-That such banks of issue with cap
ftal of $4,000 or more be authorized TO be
established in towns and villages OF less
than 5000 population.
The committee on the subject of a none
tary commission made a report in which
4. Congress is asked to create a commission to
consist Of eleven persons. to be appointed
by the President, two of whom shall be Sc
lected from the Senate committee on finance
and two from the House banking and cur
rency committee. OF the other seven men,
bers two shall be bankers OF recognized
experience and ability; two AGRICULTURAL
lists of prominence: two merchants or man.
ufacturers of standing. the remaining men,
Der to be selected on account of his recog-
nized ability and learning in the science of
political economy. In no event shall more
than six members be of the same political
party. IL is TO be the duty of this COM
mission to enter upon a thorough and COM
prehenSive consideration of the currency
and banking affairs of the United States
laws relating thereto; On or before Jan.
j. 1888. they shall make concise and exact
report of their deliberations to the Con-
gress. together with a proper bill designed
TO carry their recommendations into eff
feet. In case Congress for any reason fails
TO authorize the appointment of this COM
mission the board declared it's approval
of the alternative plan of the Indianapolis
convention to appoint such q commission
itself.
THE MONETARY NIT.
The committee TO which was referred the
subjects of a common monetary unit and
international COIN made a report favor
ing the change of the coins of the United
Sites. of Great Britain and OF Germany.
so as to correspond to the common unit of
France. Spain and other European coun-
tries. which contains twenty-five grains of
gold. nineteenths fine. equal in value to
the French five franc piece. The passage
OF the bill now before Congress for an in
ternational coin was recommended. The
passage of the Torrey bankruptcy bill and
the establishment of a department of COM
merce were also favored.
The committee on water way and harbor
improvements made a report in which the
present system of letting contracts for
such work was condemned. 1t was stated
that worthless bonds OF failed contractors.
TO the amount OF several million. were now
lying in the treasury of the United States.
No prosecutions had been initiated against
these bondsmen and the result was the re-
sponsible contractors. as well as the peo-
pie, were constantly being defrauded. The
improvements in the Philadelphia harbor
was cited as a case in point. a resolution
was adopted calling the attention of Con-
gresS TO the general subject of the pros
ecution OF the bolt1S of failed contractors.
Ine subject creating the most discussion
during the day was the report of the COM
mittee to which had been referred the
propositions relating to the condition or the
government revenues. The debate clearly
showed that the individual members of the
national board believed that some plan
should be devised to obtain more revenue.
method, and, therefore. exceptions were
taken by some TO the report of the commit
tee. This report declared that legislation
as to the fiscal affairs of the government
should have steadily in view such an adj
1uStment of the revenue system as shall be
neither unduIy stimulating nor unfairly
burdensome, urged on members of Con-
gress the Importance of immediate action
10 more adequately provide for the ex-
penses or the government, and favored the
appointment OF a permanent nonpartisan
tarin commission, TO which proposed
changes in import duties and internal rev
enUe taxes and methods Of levying them
may be submitted for consideration the
board to report to Congress from time to
80 NA-AI "
time such recommendations as will sub
serve the best interests of the country.
Discussion of the report was participated
In by Mr.. Parkhan, Ex-Governor Patti
son, OF pennsylvania, who declared that
nothlng had so seriously impaired the
credit or the government abroad as had
the want OF revenue which had compelled
the United States to issue bonds in time of
peace. and MIR. +. l.. Hitchcock. who want
ed legislation that would afford sufficient
revenue TO the government and protection
against foreign competition. Finally the
report was adopted as presented.
A report recommending rates of taxation
on spirits. wines. beers and tobacco. with a
view TO securing from those articles in
creased revenues. was lost by a vote of %
for to 20 against. a two-thiTds vote being
necessary 10 adopt.
AS TO TRADEMARKS.
On the RECOMMENDATION of the New York
Board OF Trade and Transportation a reso-
luton was adopted reafirming the action
of the national board on former occasions
In urging on Congress the grave impor-
tance OF the enactment of a uniform law
regulating the registration of trademarks
used in interstate commerce. From the
same board a request was made that a
good word be said for the merchant ma
rine. and without discussion a resolution
was adopted favoring the adoption of ar
American system OF naval reserves.
Mr.. PoppletOn. of the Cleveland Chamber
or Commerce. introduced a resolution pro-
vtding for foreign medical inspection of
immigrants. II urged on Congress the
speedy enactment into law of the bin on
this subject which had been agreed to in
conference Owing TO lack of time for its
consideration the resolution was laid over
until tomorrow. y preamble to the reso-
luton recited that the vast majority OF pa
tientS In our hospitals and almshouses and