The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14
ADVICE TO GO SLOW.
MIR. Wharton Sees Certain DanEe In
Bank Gold Redemption.

Duhik Ooiu E~ttucmPtiOns
Mr.. Wharton, of Pennsylvania, followed
Mr.. Fowler:
"In listening to the eloquent orator who
minded of a remark made to me by Thad-
deus Stevens, a number of years ago. He
told me that he had discovered what had
never been known in the world before, and
that was the proper place to nave a boil.
and that he had found out that the right
place to have a boil was on another mans
back. There must inevitably be some way
gold can be had, or else the country goes
bankrupt. Now. suppose the government
was under no obligation to give out gold
for notes, and the banks were under that
obligation, then when gold had to be OBJ
tanned the people would go to the banks
er in time of panic. A bank could not be
expected to hold on hands great quantities
of gold to be ready for a demand when
1t comes. If the bankers were the only ones
TO whom the people would have recourse
for gold, then they would have to contract
break their customers, and the whole COM
pany goes busted Is that a good thing
to look forward to? The banks could not
be given the power to command large
masses of credit from other parts of the
world. The government of the United
States can do that 1t has done 1t. L do
point out any way in which great masses
of gold could be procured from the country
at large by banks without causing a panic
thing was done by the government, the
gold was very largely procured from
abroad. There are a great many people in
this country that are perfectly willing to
lend the government who would not lend
to a private person or q bank. The gov
eminent can get gold both at home ard
abroad; 1t does get it. and only a short
while ago by this means the country passed
out OF an extremely threatening crisis, one
almost unheard of. 1t is very easy TO give
anything a bad name. / suppose that YOU
have heard that in some distant island as
Borneo, for instance, of the lynching of a
~ yThn &c rcnAn- ~ N rs~~A 1900
ly because somebody has been killed, and
they sometimes hang the wrong man. We
must take care that we don't hang the
wrong man in finding trouble here.
1T is very easy to say that the fact that
the government has $40. 900, 900 of demand
notes out is the cause of all the trouble we
have. 1t is very easy for us to make the
declaration that the government will go out
of the banking business. We nave got some
late that We have lynched the wrong man.
There is one thing about the Anglo-Saxon
race, and that is they act slowly and with
more caution and prudence than any other
people in the world, but they don't do it
by leaping out into the air and without
a foothold upon the solid earth, but they do
point to another. We ought to act i'm that
manner here. 1t would be highly imprudent
for this convention to make a rash declara-
ton.
DISAPPEARANCE OF GOLD.
Il tried TO show yesterday that the ma
chinery of a national bank system does not
permit it to add to the volume of currency
that this country now possesses. That be-
ing the case. it behooves us to go slow and
not make some rash declaration and send
1t out over the country and then be derided
for having done a thing SO impracticable.
L want to say a. word in regard to disap-
pearance of gold. 1t has been supposed that
the ordinary operations of trade and COM
merce and banking have shown the amount
of gold in the world. but when we come to
consider that the great governments of Eu-
rope have put way about a thousand mil
lion dollars of gold, there is reason enough
for scarcity. Gold is now being taken out
more freely than ever before. / have no
doubt that even without the catastrophe
of a general war in Europe. which of it,
self would release the vast boards of gold
there. without that the mere mining of gold
ana bringing II out in the natural way
the great operations of the world"
Mr.. Camp, of KnoXville-"This convention
Will be classed as the classes They will
call us the gold bugs. We have got TO edu-
cate ourselves and our country up
to new ideas. We are supposed to be
a body Of trusts. History show. thai an
things cheaper, and more labor. and better
product. 1t is where there are small con-
Germs and the percentage OF expense is
guarantee that in this gathering there are
people who pay for the support of at least
loo. 900 laboring men and their families ana
Yet we are treated and spoken of as thonneb
We had no heart or no sou for the poor
man.. have in my employ to-day the
grandchildren of those who worked for me
thirty years ago. 1t is by legislation and
tariff laws and protection that am able
to send my coal to the Seaboard and put il
upon ships and send it across the ocean.
The same is true OF our marble. Tennessee
is the richest country on the face of the
globe in coal and marble. Free trade and
free silver are twins, and let them be buried
in the same place"
Mr.. Van Slyk, OF Wisconsin, offered a res
olution TO the effect that the paper of Con-
gresham Fowler be referred TO the COM
mittee on resolutions. and that they have
IL incorporated in their report as the senti-
ment OF this convention.
T.. 3. Martindale raised the point that IL
would be an infracuon on the rules TO
recommend TO the on resolutions
the adoption of any certain resolutions, and
the resolution was merely referred to the
committee without a recommendation.