Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-01-15
SCORES OF PLANS
Presented Monetary Conference as Solution
Of Our Financial Troubles.

the monetary convention was called to
order by Chairman Patterson. +. H.
Madgeburg of Milwaukee. presented
series of resolutions representing vari-
Gus business men of that section. 1t de-
manded legislation for the refunding of
government demand notes, in longtime
| bonds, with a compensating issue of
national bank notes.
| K. Q. Stannard of st. Louis, sent up
a plan, the main features of which We're
similar to the demands made in the
Milwaukee resolutions. 1t contained
| a provision for the redemption of silver
certificates at the rate of 60 per cent.
| in gold and 40 per cent. in silver. the
latter to be cancelled upon redemption.
Ebert K. Perry of Galesburg, ILL.,. Of
fered a resolution declaring it the sense
of the convention thai the currency and
| banking laws should be so amended as
to secure an elastic currency; safety
without bond issue security of de-
postors; protection of stockholders
against dishonest officials: retirement
of the paper currency; a non-partisan
financial committee to suggest to Con-
gress desirable changes as the neces-
sitv for them develops.
The secretary read the titles of a
large number of schemes ofrevisiona and
relief forwarded to the executive COM
mttee by their authors, and they We're
all referred to the committee on resolu-
tionS.
Charles E. Adams. president of the.
Massachusetts state board of trade, Of
fered resolution commencing the or
ganization by states of business rem.
in n "a pf
similar conventions in the future.
f. c. Campbell of Knoxville. Tenn.
advocated tariff law suft cient 10
yed revenue of S650,o0o.0Oo and the
gradual retirement OF greenbaeks. and
ether government Indebtedness at the
rate of at least $l00, 100000 per year
Representative c. n. Fowler OF New
Jersey. member of the House commit
tee on banking and currency. spoke
His mention of the name of Pr esident
Cleveland. asserting his declarations
that the last resource of the govern
ment should be exhausted in the effort
to sustain the credit of the nation,
along stayed the flood hurr ling the
country on to a deprecated standard,
evoked the first real burst of enthusi-
asm the convention eXperient ed.
twas followed by equally expires sive
outbursts when he referred to the ac-
ton of the Republican convention in
asserting that the gold stan dard must
be maintained and that the Democratic
party contained large element of
patriots who declined to follow the
lead of their leaders and vot ed for
Major Mckinley.
II. II. Hanna. chairman of the commit
~ fed - ram of
the committee. The report. Mr. Hanna
said. was the unanimous eXpr ession of
the committee. He asked Il Ike unani-
nous support from the convention and
moved the adoption of the report. The
report was as follows:
This conference declares that it has
become absolutely necessary that Il con-
Sistent. straightforward and elibera tely
planned monetary system shall be. inau-
gurated, the fundamental basis Of which
should be:
First. the present gold standarl should
be maintained.
Second that steps be taken to insure
the ultimate retirement of all classes of
United States notes by gra dual and
steady process. to avoid the Injuries of
the currency or disturbance o. the bust
ness interests of the country, and that
in such retirement provision should he
made for the separation OF the revenue
and note issue departments of the treas
ury.
Third a banking system shall be pro-
vded which should furnish credit facili-
safe and elastic circulation and especi-
ally with view to securing such distri-
button of the loanable capital of the
country as will tend to eqH;llize the rates
Of interest in all parts thereof.
For the purpose of effectively promot-
ing the above objects:
Resolved. that Il members of this con-
ference be appointed by the chairman
to act as executive committee while this
convention is not in session. with full
power of this convention. The executive
committee shall have power to increase
it's membership to any number not eX-
ceeding 45. and five members thereof shall 4
at all times constitute Il quorum Of said
committee.
The executive committee shall have
special charge of the solicitation, re-
ceipt and disbursement of contributions
voluntarily made for all purposes: shall |
have the power to call this convention
together again. when and where it may
seem best to said committee 20 do so.
and said committee shall continue in |
office with the power to fill vacancies
until discharged at a future meeting of |
this convention. |
Resolved, that it shall be the duty Of |