The record-union., 1897-01-14
Proceedings Of the Last Days Session Of
The indianapolis Convention.
They Were Enlivened by Some Rather
Heated Debates.
The Report of the Committee Ap-
pointed to Draft Resolutions OUT
lining Legislation Necessary to a
Sound Financial Currency Finally
Adopted, and the Convention Ad-
journs Sine Die.

journs Sine Die.
INDIANAPOLIS, Jan. 13.-The Ma
| tonal Monetary Convention, which has
been in session here two days, this aft
ernoon adopted a declaration of what
legislation. in its opinion. is needed on
the subject by practically unanimous
vote. This declaration included a de-
mand for the maintenance of the gold
standard and the retirement of the de-
/ mand obligations of the Government.
Accompanying this was a proposition
for the appointment of a commission to
| investigate and report by bill or other
wise upon the evils and remedies of the
currency system. This was the unani-
nous conclusion of the Committee on
Resolutions a result that was unexpect-
ed by the delegates. The recommended
| tions of the committee were finally af-
firmed by the substantially unanimous
vote of the convention. This was not
secured, however without much oppo-
sition and an exceedingly animated de-
| bate, with short controversies between
Congressman Fowler of New Jersey and
State Assemblyman Roots of Indiana.
and Congressman Walker OF Massachu-
setts and John Harsen Rhoades Of New
York
The feature of the morning session
was a speech by Congressman Fowler.
in which he outlined the causes Of the
present financial situation and the rem
edy for 1t. Among other things Mr..
Fowler said:
This convention has been called for
the purpose of discovering, if possible,
n I~,g
dies for unwarranted speculation. There
can be no greater remedy except in the
greater wisdom and conservatism of
the people. First, all experience has
shown that there can be but one stand
ard of value. Therefore this convention
should declare that the gold standard.
which is the standard of the civilized
world. must be permanently and irre-
vocably established. Second, all ex-
| penience has shown that State or Coy
| ernment issues of notes are the most
expensive and dangerous forms of mon
ey. Therefore the demand obligations
Of this Government should be retired
For that other cause of our present
trouble the want of a currency that is
founded upon our liquid wealth in every
part OF the country especially in the
newer sections of it, where there is lit
tie or no wealth in the form of money,
there is but one remedy, that system
of currency springing out of local
wealth and responsive to the demands
or trade and the emergencies of com
merce. Therefore this convention
should declare that to equalize the rates
of interest throughout the United States
and enable our producers to move their
crops and handle their manufactures at
the least expense, to prevent money
panics secure justice and insure equal
prosperity everywhere throughout the
land the United States should have a
system of elastic currency.
Now, gentlemen of the convention.
shall we make this simple declaration
OF fundamental and well-estabIished
truths which will furnish texts for the
newspapers everywhere and topics for
conversation in every nook and corner
Of the land, or shall we be the most
suave, diplomatic and polite towards
that ever met in a convention? Let us
remember that the eyes of all the peo-
pie of the United States are turnd up-
on us. Let us here and now prove that
We are honest and brave men"
AT the afternoon session c. H. Adams
of Massachusetts offered a resolution Of
thanks to II. II. Hanna, Chairman of
the Executive Committee, and TO his
associates and to the Indianapolis
Board of Trade, and the commercial
bodies of the Middle West for making.
the conference possible and their labors
in its arrangement. The resolution
was adopted after brief discussion by
the author and A. e. Wilson of Ken
lucky, by rising vote.
Mr.. Hanna said he disclaimed any
particular credit for the work of the
conference. There were too many en-
gagged in it for that.
Mr.. Hanna then presented the report
of the Committee on Resolutions. which
he said could only be read by the gem
tleman who drafted the closing words.
and he therefore called upon NJ E. In
gals of Cincinnati to discharge that
duty. The report, he further said, to
the surprise of that great body of the
delegates, was the unanimous express
sion Of the committee. He asked like
unanimous support from the conven-
tion and moved the adopting of the
report.
The report was as follows:
"Genrlemen of the Monetary Confer
ence: Your committee makes the fol-
clares that it has become absolutely
necessary that a consistent, straight
forward and deliberately planned mon-
etary system shall be inaugurated for
the fundamental basis of which should
be:
"First-That the present gold stand
ard should be maintained.
'Second-That steps should be taken
to insure the ultimate retirement of all
classes of United States notes by
gradual and steady process. so as to
avoid injurious contraction of the cur
rency or disturbance of the business
interests of the country and that such
retirement provisions should be made
for a separating of the revenue and
note issue departments of the Treasury
'-Third-That a banking system be
provided which shall furnish facilities
to every portion of the country and
safe and elastic currency, and especial
ly with a view of securing such a dis