Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-01-15

pussloIe contingencies. we can agree tnat
as revenue may be raised by taxation
that taxation should be so imposed as to
lay Its burdens upon the people in the
manner that can most easily be borne
We can agree that the existing standard
Of value shall be maintained. We can
gree that bimetallism is desirable If 1t
could be secured by international treaty
ard made practically effective. We can
agree that there ought to be an enlarged
| and increased use of silver coins convert
| ble at par into gold. We can agree that
| so long as the government demand notes
are outstanding, provision should be made
| by law for the maintenance of an adequate
| gold reserve, specifically pledged for the
| redemption of those notes. We can agree
as to the fact that while in some cases
| shareholders Of, and depositors in, national
hanks have lost by unskillful or unfaith-
| full management, yet no holder of a ma
| tional bank note has ever had occasion
| to inquire what bank issued the note, nor
| has ever lost any part of the amount of
the note. We can also agree that the ma
ticnal banking system should be so amend
ed as to provide some method for the more
| general extension of banking facilities to
al parts of the country And chiefly, we
can agree that the adequate solution of the
| currency question, in the interest of the
/
great Importance, and should be subject
OF more deliberate and detailed considera-
| ton than this convention at its present
session can extend to it, and may prop
| erly be referred to such methods of in
restgaton as you in your wisdom may
| decree. Upon all these questions it is for
you to determine"
The committee on credentials re-
ported that 270 delegates had been en-
| 4 liz IL,
mercial organizations of many cities.
After some further routine business,
Hon. j. II. Walker, of Massachusetts,
chairman of the house committee on
banking and currency in the present
congress, was invited to address the
convention, which he consented.to do.
AT the conclusion of Mr.. Walkers re-
til eight o'clock p. m.
Evening Session.
| The evening session was called to
order by Chairman Patterson at $50
p. m. Mr.. j. Harson Rhoades was rec
ognized and allowed 20 minutes to rre-
of commerce, which he represented.
He stated that if the country was al
lowed much longer to hold the present
financial course, disaster and wreck will
certainly result. He said that what the
country needs is stability of all kinds,
stable tariff, stable government and
stable currency. He said that prosper
ity can only be restored by the estab-
lishment of a sound monetary system.
Mr.. Rhoades was applauded when he
said that he could see no reason why the
government should not base all its is
sues upon the gold standard and re-
place all notes by coin certificates pro-
tected by a rs per cent. gold reserve. In
closing, Mr.. Rhoades denied with much
feeling the charge that there is hostility
in New York and other cities of the east
toward the west. He declared that the
interests of one part of the country are
the interests of all.
Propositions Presented.
Mr.. Dausman, of Chicago, presented
the first proposition for the considera-
ton of the convention. 1t provided for
the appointment of committee of nine
members, to be appointed by the pres
ident of the United States within 30
days, including one member from the
senate committee on finance and one
from the house committee on banking
and currency. The committee shall in
vestigate the financial subject, sitting
in Washington and make report to con-
gress of their conclusions by bill or
1 otherwise. The members, other than
the senator and representative named,
shall be paid for their services by the
! government Three shall be bankers,
three merchants or manufacturers, and
one political economist representing
the several geographical sections of the
country. Resolutions were offered as
! follows:
Directing the committee on resolutions
TO take into consideration the expediency
of Incorporating into the national bank
system the principle of Scottish branch
hanks advocating the maintenance OF the
gold standard, withdrawal of the govern
1nent from the banking business, and the
extension of the national bank system by
the establishment of branches, and the
reduction of the minimum capital stock
required of such institutions to $25,0 00 de.
claring in favor of a refurding of the ma
tional debt the retirement of greenbacks
q more expansive system of national bank
currency and the imposition of severe
penalties upon national bank directors fol
failure of duty. to be presented to congress
ty a committee of the convention; dec
laraton that the present gold standard
should be maintained, and that any at
tempt to lower that standard would be
disastrous to every class Of people. anG
that only so much silver and paper as the
country can consume, relieving the gov.
eminent of the responsibility of main
tanning 1t at parity with gold; favorins
cancellation of United States legal tender
notes and the simultaneous creation of q
safe and expansive currency upon the
basis of the Baltimore plan; favoring es
tablishment of postal savings banks fol
the constitution of department of finance
consisting Of three comptIollers, with {
deputy in each state, to have charge o
the issue of notes and with authority t.
examine all banks of issue: declaring tina
international bimetallism is impracticabl
and cannot be maintained; that silve
; dollars be legal tender at par value for NJ
larger sum than $40; that silver dollars
silver certificates and Sherman treasur,
rotes may be exchanged for bonds bear
ing 2h per cent. interest, convertible on de
mand into notes which shall be receive,
for customs dues; that silver bullion nov
, IN the treasury shall be sold within tn
r.ext five years: declaring against any re
, duction of currency or the exchange o
any currency now in circulation for an
ether that should not command publ
: confidence; favoring repeal of the stat
!, bank tax.
G VIII Vote for Spooner.
Madison, Wis, Jan. 13.-It has beel
decided to have u joint republican eau
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