The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-01-14
FOR GOLD STANDARD
Monetary Conference at Indiana po-
lis Adopts Resolutions.
A COMMISSION IS TO Be APPOINTED.
Proposed to Make the Organization
Permanent Body.
RESOLUTIONS WERE DAMNED.
Hot Fight between the Dnnlxing and
the Commercial Factions on the
Adoption of the Report.
RESOLUTIONS WE'RE DAMNED,

tional monetary convention assembled for
the morning session about 1890. Many OF
| the delegates We're attending committee
meetings and this fact, with the general
elaboration which had characterized the
| body, was the cause Of the late meeting
| hour.
! After Chairman Patterson had called the
convention to order plans for the improve
ment of the financial system were read.
The five minute limit prevented the
details of the various papers being given
and the outline OF the plans were read by
| the secretary
| These resolutions soon proved TO be so
| great in number that at IL o'clock, when
| the chairman announced that the commit
tee on resolutions would be ready at noon,
a motion prevailed which provided that all
resolutions be- referred to the committee
without reading so that they might all be
reported on at the same time.
! Mr.. Cobb OF Massachusetts moved that
the opening address of Il. o. Stanard be
recommended TO the committee on resolu
tons as expressing the sentiment OF the
Massachusetts delegation, 1t was adopted.
MIR. Chadwick OF Brooklyn. n. Y, re-
viewed briefly New Eig iaiid early finan
cial history, which was with view 10
| showing its effect on present conditions.
| lie was followed by Congressman Fowler
! OF New Jersey, tor whose benefit the five
| minute obstruction was removed.
| MIR. Fowler said that the late campaign
involved the personal integrity OF every
| man living under the American flag
| Whether he desired to do so or noe, a dill
| ferent termination of that issue would have
| compelled him to defraud his creditors The
purpose of this convention comprehended
this and party affiliations must be dis
carded for the time being unless party pol
icy is grounded upon absolute honor, both
OF the individual and OF the Nation. Uni
versal speculation, exhausted public credit.
lack of revenue. equiyocal standard OF
| value, spreading cut everywhere at home
and abroad, were, distinct causes Of the
present trouble, Mr. Fowler reviewed The
| hiBtory OF speculation or the list decade.
Hundreds Of millions of dollars said he,
went into Improbable Investment which
should have been employed in the channels
of trade.
Nine hundred and ninety nine, said he,
''out OF every thousand Of those who ap-
prove the continuance Of the present
amount of greenbacks outstanding would
protest against the addition OF a single link
to the endless chain. Everything in cur
financial system aggravated the panic.
Everything facilitated the demands that
|
duct OF Presi1vni Cleveland. Indicating
that this last dollar OF Nauopgi credit
would DC exhausted bcfore the government
would dshonor one of its obligations alone
temporarily checked the flood OF demand"
Continuing. Mr.. Fowler said "Fortu-
natcly for the honor OF the Naxon. fortu-
nately for the prosperity OF the people, the
republican party at st Louis declared for
the gold standard. Fortunately FOR the re-
publican party there proved to be 10 the
democratic party a grand army OF patriots
who loved the honor of their country more
than the success of their party, and sup
ported Mckinley.
III the United States is to continue the
paying functions OF bank 1t must. without
delay, open It's doors Ger depo<s and dis
count the paper of our merchants, thereby
acquiring the power of protecting its re-
serves and establishing such rates of in
terest as will prevent the export Of gold
whenever such u movement is undesirable.
Mr.. Fowler then said there Mere but
three ways Of escaping National bank
ruptcy at some time II the present plan is
to Ice continued. First. We could assume
full functions of banking, a step which Is
altogether out vi the question. Second, We
could tax the people whenever The emer-
gency arises. which must approve it
always has. a most expensive and burden
some policy. and one to which the people
will not long submit. Third the retire
meut OF the demand obligations of the
government, policy that is clearly de-
nanded by our own experience and APP
proved by that of other nations, is our only
remedy.
Mir. Van Stack OF Wisconsin moved that
the paper read by Mr.. Fowler 5c referred
TO the committee on resolutions On mo-
ton of Mr. Kelsey of Evansville, Ind, the
, | conventions appreciation o. Mr.. Fowler
paper was expressed by rising vote.
At la:20 word was received that the
committee on resolutions would not report
until 2.90 p. m. and the convention adj
journed until that hour.
AT / O'Clock the committee on resolutions
took n recess of ten minutes. At that hour
It had been practically decided TO adopt
with some notifications the idea presented
lto the convention by Mr.. II. Hanna and
known as the Indianapolis plan. The COM
mittee also Endorsed proposition 10 make
permanent body. or congress. of the pres
ent conference on the plan OF the trans
Mississippi congress.
MANY of the members of the committee
are men OF National reputation. Eack
i member made known the wants OF his par-
ticular section. Governor Bullock or
Georgia President Ingall of the Big -Four
and Chairman Hanna set forth their views
The liyeliest discussion in the commit
! tee room grew out of the proposition OF a
| permansnt commission 70 be appointed by
Tho president OF the United States or by
Tho monetary convention. ii. l.. Remmei
or Arkansas advocated the California plan
presented by Colonel John Il Irish as en-
bodying the sentiment Of all the sound
money men OF the West. Charles L. Lib
bey of Maine favored tho. 81. Paui and en-.
cago ideas. which meant the anpo'htmeh,
90 a commission by the president OF the
United states He thought 4 commission
so appointed would carry with 1t more
4 weight aud influence than body OF men
appointed by tho convention; ne also
urged the committee to set ior'h III no I'M
certain terms It's action.
Mr.. q. A. Lighton OF Missouri made an
anneal for the indianapolis idea. and SAID