Kansas City daily journal. [volume] (Kansas City, Mo.) 1892-1897, 1897-01-13
FOR BETTER MONEY.
INDIANAPOLIS MONETARY CONFER
ENCE IN SESSION.
GREAT WEALTH REPRESENTED.
MANY MEN OF GREAT PROMINENCE
IN ATTENDANCE.
Z. @. Stnnnard. of Missouri, Tempo
rary Chairman and c. Stuart Pat
terson, of Pennsylvania,
Permanent Chairman
Strong Speech.
GREAT WEALTH REPRESENTED

of the monetary conference, called that
body to order at TomlinsOn hall this aft
ernoon at 2:40. At that time there were
seated in the auditorium nearly 300 dele
gates, who represent business interests
that run up in value into the hundreds of
millions 1t was a fine looking body Of
men, whose object is to attempt reform
of the governments currency system.
Mr.. Hanna delivered brief welcoming
address and Temporary Secretary Jacob
w Smith read the call sent out by the ex-
ecutive committee. Next came the rec
concentrations of the committee for the
temporary organization, naming Z. o..
Stanard, of St. Louis, as temporary chair
man; Jacob W. Smith, of Indianapolis, as
temporary secretary, and w. f. c. Gott,
of indianapolis, as sergeant-at-arms. In
taking the chair, Mr.. Stanard made a
brief address, The usual COMMITTEES were
then appointed. Among the Western men
honored by appointment to committees
We're the following:
On committee on permanent organization
T. c. Power, Helena, Mont; John n.
Simpson. Dallas, Tex; William H. Beck,
Sioux City.
On rules and order of business-T. c..
Fower, Helena; William Daggett, OF
tumwa. Ia; C. ]. Hubbard, Kansas City.
tonic, Tex.
When the several committees retired
there were calls for a speech from Charles
). Fairchild. who appeared and spoke at
considerable length of the action of the gold
standard forces in the late political cam
paign. He closed by predicting that the
conclusions of the convention would be
looked forward to with the greatest inter-
est by the entire business world
John P. Irish, of California. was next
called. He said it was the business of the
convention to suggest to the lawmakers
the way out of their difficulty.
The committee on credentials then re-
ported. There were no contests. The total
number of delegates presenting credentials
was go.
Upon report of the committee on perma-
nent organization, c. Stuart Patterson. of
chairman and Evans Woolen, of Indianap-
oils, permanent secretary. It was also rec
commended that vice president be chosen
for each state represented.
Mr.. Patterson was escorted to the chair
and addressed the convention. He ad-
dressed the aSsemblage as business men,
and said they might be partisans on Ques-
tions that could properly be determined
within party lines, but that they had met
to take up great questions of public in
terest,. which ought to be decided on
grounds broader than those of party spirit.
Upon the conclusion of the address of the
permanent chairman the committee on
rules and order of business reported, linn
iting the time of debate on resolutions, etc.
The secretary then read the list of vice
presidents and members of the committee
on resolutions.
H. Walker. chairman of the house COM
mittee on banking and finance, and he re-
sponded.
Mr.. Walker asserted that the convention
ought not to be satisfied with anything
that did not relieve the treasury of the
United States absolutely and forever from
any responsibility for the current redemp-
tion of any form of paper money, and that
at once" He said bonds must be banished
from any connection with the monetary
system. and that bankers must be allowed
country, as the farmer does the business
of farming" and as all other business is
managed-independen of the government.
He said the national bank act must be
made as liberal as 1t was possible to make
1t, consistent with safe banking. He said
scarcely any two banks in the country
could be managed in their details exactly
currency. He said the very largest dis
elimination must be left with the comp
troller of the currency, and that some
means be devised 10 furnish to the coun-
try board of supervisors of the whole na-
tional banking system, as in other coun-
tries, and that also must have the widest
discrimination.
MI. Walker declared that the whole peo-
pie of the country must bring: pressure to
bear upon congress that would compel a
thorough reformation of the system. The
from an authorized interview with Senator
Thurston, of Nebraska:
Il feel that all proposed financial legis-
lation can and ought to be postponed until
this country has a chance to test the effect
of the new protective tariff. We are not,
therefore. very much interested about any
Mr.. Walker added: What? Wait ten
years? Five years? How long? And yet
| think he expresses the prevailing opinion
in both the senate and the house of repre-
sentatives, and If that is so nothing will
be done until the cyclone strikes us, as it
surely will in 1900"
In conclusion, Mr.. Walker said:
1T seems to me the only practical solu-
ton of the question is to put the current
redemption of the legal tender notes. and
of every form of currency. proportionately
upon the banks of the country where it Ia
in every other country. Then; in Justice to
service, allow them to issue currency
against their assets to an amount equal to
the legal tender notes they assumed the
current redemption of.
Furthermore the people never will con-
sent to the use of any currency the pay
ment of which is not fully guaranteed by
the United States treasury in case of the
in;;oiv vency of the hank that puts IL in cir
culation. 1t has been proved by hgureS
carefully made that small tax OF mills
per annum upon the currency thus issued
hy the banks against their assets. retain
ing the provisions of the present law as
to the currency of the banks having the
pansate the government for any loss that
could come to it from guaranteeing such
notes"
AT the conclusion of Mr.. Walkers speech
the convention took recess until o'clock.
The first event of tonight s session was a
speech by John Harsen Rhodes. of the
board of commerce of New York city. He
pictured the present situation as very
grave and asserted that the government
should retire from the issue of currency
obligations.
A flood of propositions for the reform OF
the currency was submitted and referred
to the committee on resolutions.
A good deal of Importance attached to a
plan reported by Chairman Hanna. of the
national monetary commission. 1t provides
for the creation of a commission, to be
called the monetary commission. TO con-
sist of eleven members, these to be ap-
pointed by the conference. The commission
is to make a thorough investigation as to
the financial needs. overhauling the entire
currency system, and when its delibera-
tions are through it is empowered to call
the conference together to hear its report.
The conference is then to decide on the
kind of a bill to introduce in congress.
All of the resolutions presented will be
gone over by the committee on resolutions
tomorrow.