The star. (Reynoldsville, Pa.) 1892-1946, 1897-01-20
70 CURE OUR FINANCIAL EVILS.
MONETARY REFORM.
The indianapolis Conference in a Work
ing Session.

Tho National Monetary conference was
called to order in indianapolis. jan. ~, and
addressed by ox-Gov. Stannard, OF Missouri,
temporary chairman. or the 270 delegates
present nearly all were OF States north OF tho
Potomac and cast OF tho Missouri. In his
opening address Mr.. Stannard said he be-
lieved that there ls n strong and Increasing
conviction among the people In favor Of re-
titing tho United States aud Treasury notes
lie would retire them by the issue of bonds
bearing low rate OF interest. lie propog-
cd to permit the national banks 20 Issue
notes up to tho pnr ynlHo OF tho bonds de-
posted TO secure circulation and to reduce
,he tnx on circulation . Of per cent. lie
believed that banks should be permitted to
establish branches In small cities, aud thut
there might be advantage In Withdrawing
all paper money under si0 notes, thus fore
ing coin into use.
Ex-Secrctary OF the Treasury Charles s..
Iairchild was the next speaker. IIo spoke
OF tho recent election rs being "a great test of
our institutions, aud now the necessity 10 be-
lore the country OF going onward and up-
ward In another direction. AS to the nsser-
tion that there were sectional interests In this
matter and that New York was tho creditor
oi the whole country, tho last census showed
that ~ per cent OF tho mortgage indebted
ness OF the United stntca was upon New
York property. II tho debtor who has an
obligation upon his real estate IL to be bene-
lted by any manipulation OF tho currency
New York will get more than one-quurtcr OF
tho benefit. But no government could give
value to something by calling II money and
investing IL with the lcgal tender quality.
j. Hntson Rhodes, Of New YORK, was ap-
plauded when he said that no could SEQ no
reason why tho government should not basc
nil Its issues upon the gold standard and re-
place all notes by coin certificates protected
by 20 per cent. gold reserve.
Mr. Dausman, OF Chicago, presented n
plan for the appointment by the President OF
n flnunco commission OF the members, In
cluding one member from tho Senate FL
nance committees. and one from the House
banking and Currency committee three
bankers, thrco merchants or manufacturers,
and one political economist, this commission
TO make reports to Congress.
Mr.. Peat. OF 81. Paul, offered resolutions
advocating the maintenance OF the gold
standard, withdrawal OF the government
from tho banking business. the authorization
Of branches ot national banks and the
reduction OF minimum capital stock to
$4,000.
George q. Tanner, OF Indianapolis, offered
resolutions declaring In favor OF tho national
debt, retirement OF greenbncks, a more ex-
pnnsiye system Of national bnnk currency
and the imposition Of severe penalties upon
national bank directors for failure Of duty.
ii. III. llannn OF indianapolis. presented n
scheme, for the appointment of n monetary
committee OF II members to be numed by tho
to investigate tho financial sub
ject their conclusions to bo reported to nn
adjourned meeting Of the convention.
Eugene lowering, OF Baltimore, submitted
resolutions declaring that legislation Is
needed for tho maintenance Of tho gold
tho cancellation OF United States
notes md tho creation OF n safo and eypnn-
sivo currency upon the basis Of the Balti-
moro plan.
Tho convention adjourned Wednesday.
Following is the resolution adopted
This convention declares that II has be-
come absolutely necessary that u consistent,
straightforward and deliberately planned
system shall be inaugurated, tho
fundamental bnsis CT which shall DO: First
that the present gold standard shall be
second, that steps should bc
taken to insure the ultimate retirement OF
oil classes OF United States notes by grad |
lial and steady process and 80 as to avoid In |
furious contraction OF the currency or dis |
turbanco OF the business interest Of tho coun- |
try, and that until such retirement provi- |
sion should be made for a separation OF the |
revenue and note issue departments OF trea- |
sury; third, that n banking system be provid- |
ed, which should furnish credit facilities to |
every portion OF the country and safe and |
elastic circulation and especially with n |
view OF securing such distribution OF tho |
loanable capital OF tho country as will tend |
10 equalizo tho rates OF interest In nll parts |
thereof. For tho purpose OF effectively pro-
noting the above objects.