The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13
Many Plans Suggested at Last Nights
Session. but Nearly All Based On
This One Conclusion.
PROJECT FOR A COMMISSION
PLAN SUBMITTED BY MIR. HUGH HAN
NA WARMLY APPLAUDED.
Resolutions Committee in Session at
the III. RhOadeS, N
Savings Bank Man, Speaks.

The day before yesterday it would have
been difficult to have scared up three plans
from the inside pockets of incoming dele
gates to the monetary convention. but at
the session last night it seemed that every
deleg alton had a resolution or a plan of
some kim to offer. although most of them
were of similar tenor. With hte exception
of an address by John II. Knoades, of New
York, who is prominent in savings bank
circles of the metropolis, the entire even
ing was given to the reception of resolu-
tons, TO each of which the author was
given five minutes for reading or explain
ing. The convention at it's afternoon SEES
sion had cleared the decks for this part
of the convention.
The attendance at the night session was
somewhat larger both in numbers of dele
gates and spectators, the stage, which was
almost entirely unoccupied during the aft
ernoon, being well taken up by a number
of prominent people. Six arcs and the
numerous incandescents furnished a bril-
liant glare of light.
After Mr.. Rhoades concluded speaking,
his remarks having been frequently pune
tuated by applause, Chairman Patterson
called for resolutions and Suggestions. The
resolutions committee had retired from the
hall and gone into session at the Century
Club rooms in the Denison. where all res
olutions were sent as fast dis they were
read by Secretary Woollen.
Much of the interest of the evening cen
tered in the resolution offered by Mr.. Han
ma of the executive committee, calling for
the appointment of a commission of eleven
members to thoroughly investigate the cur
rency troubles of the present system by
which tho N 4 h die a.. io.,,aoe
1t was proposed that this committee should
make suggestions to Congress. The reso-
luton evoked considerable applause. An
other resolution came from indianapolis,
being introduced by Mr.. Tanner. 1t set
forth certain principles for which he be-
lieved the convention should declare with
unanimity. That part of it providing for
severe penalties where directors of a bank
were negligent of their duties or permitted
gross Irregularities. was made the subject
OF unusual applause.
Eugene lowering, a Baltimore delegate,
attracted attention as he submitted a res
olution, for the delegates had in mind the
celebrated Baltimore plan which the bank
ing world was discussing not long ago. He
very proudly recalled that Baltimore was
renowned for her conservative banking.
not a single bank failure having occurred
in that city within the last sixty years. The
delegates gave this creditable showing a
testimonial i'm the way of applause. Mr..
Chadwick, of Brooklyn, who was the first
one on the floor in submitting resolutions,
proposed the adoption of a system similar
to that in Scotland. where there are ten
principal banks, with branches. each bank
being permitted to issue money redeemable
at its central bank. This system had ev-
identity come under the notice of many of
the business men present. for the suggestion
was warmly applauded. although Mr.. Chad
wick did not have time to give it more than
q cursory description.
S. c. Scudder, of Texas, made Il plea for
the postal savings bank, u%ging that a sys-
tenn embodying the idea would bring out
of boarding a great deal of money and
would induce the great mass of people to
take an interest in their governments finan-
cial system.
Mr.. Irish, of California, explained a set
of resolutions that had been adopted by the
bankers of California and which he sub
mitted at the request of these bankers.
The resolutions called for Il gold-dollar
standard, and advocated the use of only
such quantities of paper and silver as could
with safety be absorbed by the people.
but the mmitt on resolutions was in
session until a late hour, considering the
various plans before II.