The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13

10 what is wise and best, then we will
never attain a wise result. Therefore. IL is
most encouraging that these business men
or what we call the middle West have In
vited their fellow-business men of all parts
OF our proad country 10 come mere ana
counsel together how best to improve the
tools with which we transfer our property
and our services from man TO man. from
city to city, from state to state. and from
nation TO nation. ~(Applause.) This is a
question where no division of interest can
exist; it is impossible for anyone to con-
ceive OF any portion of our country that
has an interest different from any other
portion in the selection of this tool. ZAP
plause.) ASK any man wnere he will begin
10 draw the line and you will find he never
has been able 10 do IL. Why. there has
been an attempt made to draw the line be-
tween that portion Of the country which i.
Der Of commerce OF New York, represent
and some other portion Of the country.
They have said that our interests are an
tagOnistic to the interests of other por-
tons Of the country, that other portions
of the country are in debt Owe mortgage
indebtedness if you choose. that the State
of New York was the creditor of the whole
country.
Gentlemen. have you ever looked at the
statistics given in the last census TO see
how the relation stands even on this ques-
ton? Do 1t, and you. will see that of the
whole mortgage Indebtedness of these
United States q per cent. of it is upon
property in our state of New York. There
fore. when this currency question is APP
preached from the standpoint of the debtor
we, of the state of New York, owe more
than one-fourth of the whole mortgage in
debtedness of the whole United States.
Therefore, if the debtor who has an obi
cation upon his real estate is to be bene-
fitted by any manipulation of the currency
We. of New York, will get more than one
fourth of the benefit. (Applause.) There
fore our interest is not a sectional one, or
an antagonistic one, to any portion of the
country. Look at some OF your other sta
tistics. 1t has been said that We absorb
all of the gold OF the country. / looked at
the cOntrOlPr'S rpnOrt of last wear To see
how that stood. and found that the divi-
sion that he makes of the New England
and Eastern States that New England in
its deposits of its cash held AZ per cent. in
gold; the Eastern States neld AZ per cent. /;
your middle Western States held 81 per
cent, and the Pacific States, including all
those States that are supposed 10 be most
Interested the other way. held 76 per cent.
Therefore you see there is no sectional di-
sources. We therefore can approach this
question as men with one common interest
in one common country.
FAILUREtOF FIATISM.
What can we DO? What can we ask the
government to do? L am not here. TO lay
down a programme. or to foreshadow or
forestall, in any advice, the action of this
convention. but I can say in my experience
some of the things which all the power of
these commercial bodies united, asking the
government to do, and all the power of the
government behind it, cannot do, and that
is to give a value to something by calling
it money and investing it with the legal
tender quality. (Applause) That has been
tried time and again in the history of gov
ernmentS and time and again the most
powerful governments relatively to their
people have broken down in the attempt.
Therefore,, that is one of the things the gov
eminent cannot do when it attempts
TO go against the general con-
sensus of the business communities of the
hrrSinacS notinnc Of tho world IAnNl1IISo \
The one thing that experience shows that
governments can do If they want to give
the people under them the greatest guam
t1ty or circulating medium. Is TO see TO 1t
that the quality of every part is perfectly
undoubted and perfectly acceptable to ev-
cry section of every business community.
Let me illustrate my meaning. A portion
of our circulating medium is made up of
money, what we call money. u very small
portion. A very large portion Is made up
of what we call instruments of credit. and
in my opinion even over and beyond the
physical and visible instruments of credits
there is another large circulating medium
which consists of a state of mind favor
able to the circulation of commodities
Now we see the effect of any Impairment
of the quality OF that portion of your Cir
culating medium that consists of faith and
credits. Let some one fail. let there be bad
faith. what happens? Why. immediately
not only the portion of the circulating me-
dunn. which consists of the credit Of that
individual or that firm. begins to contract,
but all other circulating medium of a sim
liar character begins to contract, and not
only that but all of the circulating medium
which consists of money only begins TO con-
tract because men begin to hoard the mon
ey. Therefore, when the quality is i'm
paired (and. gentlemen. you can impair the
quality of it by your laws, by the interfer-
ing with the collection of debts; you can
impair quality in that way. and whenever
you do YOU diminish quality, the very thing
that communities are seeking to increase.
(~Applause.)
RESULT OF CONTRACTION.
On the other hand. take that portion of
your circulating medium which consists of
money only; let government begin to tam
per with that SO that men are doubtful
as to it's quality. and what happens? Why.
not only it begins to contract, the money
itself begins to contract, because men
hoard the best. Not only that, but that
great body of your circulating medium
which consists of instruments of credit i'm
mediately begins TO contract, because men
are doubtful as TO what their balances will
be paid in: and not only that, but that
other great portion of your circulating me-
dunn which consists OF even a metal state
begins to contract, because men are doubt
ful whether they want to do business at all
or not. Therefore, L come back to 1t that
the one thing that government can do, as
shown by the, experience of mankind, If it
wishes to give its people the maximum of
circulating medium, is to see to it that the
quality is undoubted. (~Applause.) And in
all your deliberations, in whatever you do
or whatever recommendations come out of
this assembly, you will find that you will
come back in the end TO this proposition,
simple as 1t seems to be: Attend TO the
quality and quality takes care of itself.
(Applause.)
Gentlemen, it is of vast Importance shat
something decided comes from these DELHI
erations. This asSembIage has been widely
heralded. The world knows of il. 1t I'M
doubtedly represents the business of this
country. 1t ought to be able TO arrive at
fiuence which will enforce those conclu-
SionS upon the favorable attention of the
law-making power. All this ought TO be.
and, / tell you. before the work of this
ness world not only of the United States,
but of all the world, will be looking at it
and at its results. and | tell you, gentle
men, if il shall be demonstrated-as God
within this body not sufficient wisdom to
arrive ut something wise and conclusive,
or, if having so come to a conclusion
among themselves it is demonstrated that
you are so far removed In influence from
the law-making power that no results come
from il, | tell you, gentlemen, you may
tremble for the business and political flu
ture of this country. (Applause.) Better
never have been called together; better
have never assumed to represent anyone:
influence than TO have come here, as you
have come, and have failure of any de-
gree. Our business condition is such that
we cannot afford failure; we must not have
failure. Every one of you must carry this
is your breast as Il solemn duty. to do what
YOU can TO make the deliberations of this
body a beneficence 10 your country. Great
applauSeD You can do il If you will: you
must do ii. and YOU Will do IT II you under
stand the interests of your country and of
the business that you represent. ZAP