The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14
Representative Charles y. Fowler
Discusses the Existing Evils and
Suggests n Remedy.
ADOPT THE GOLD STANDARD
THEN RETIRE ALL THE GOVERN
MENT's DEMAND OBLIGATIONS.
Proceedings of the Morning Session
While Waiting the Report of Conn
mittee on Resolutions.

Chairman Patterson called the monetary
convention TO order yesterday morning at
1880 o'clock. a telegram was read from
Jersey City To the effect that the delegation
from Jersey City found il impossible TO at
tend the convention. but the Board of Trade
Of Jersey City expressed its entire sympathy
with the objects OF the convention, and
stands with the convention for sound
money. commercial honesty and the ma
tional honor
Mr.. Magdeburg, of Milwaukee. in behalf
of the Chamber OF Commerce OF Milwsu-
kee. offered a resolution. which was re-
ferred TO the committee on resolutions. 1t.
was as follows:
Congress OF the United States the immedi-
ate enactment of law which shall provide
1cr the Iundlng OF the entire demand debt
of the United States into longtime. low in
terest-bearing gold bonds; said demand debt
10 be liquidated at the rate OF - millions
per month, under the direction OF the secre-
tary OF the treasury, until entirely wiped
out.
ing act be at once so amended that II will
enable existing banks and such as will he
hereafter created Hereunder. 10 supply the
deficiency in the circulating medium OF the
country caused by the retirement OF the
demand obligations of the government re-
ferred TO i'm resolution No. !. and TO further
enable such banks 10 supply the ever-re-
curing periodical call for more money
when the crops of the country have TO be
moved.
THAT experience has shown that tho
present provisions relating 10 violations or
the national bank act are entirely made
amendment of this law making IL more ef-
fective and stringent in its provisions re-
lating to such violations.
THAT in order to carry out the objects OF
the foregoing resolutions a committee OF
- shall be appointed by the president of
this convention (no two OF whom shall be-
long TO the same section OF the country,
who shall be engaged i'm the same voca-
| tions, but two OF whom shall be known AZ
competent authorities on economic Ques-
tions irrespective of residence) whose duty
IL shall be TO formulate and prepare bills
/ on the lines above indicated. When pre-
pared TO be submitted for approval TO the
several organizations here represented
S, When approved by majority, such bills
| the Congress of the United States, and i'm
mediate favorable action thereon shall b
insisted on.
That the expenses incurred in the carry
/ ing out OF the foregoing resolutions shall
| be borne by the organizations represented
/ in this convention. and that the manner
! OF collecting the necessary funds for this
\ purpose shall be left to an executive COM
/ mittee to be chosen before adjourninenE"
WAY LEGISLATORS Do
Albert Perry. of Galesburg. Ill, intro
duced resolution which was also referred.
1t related to elastic currency and nom
partisan finance commission. Mr.. Perry
spoke follows upon the resolution:
1T is very evident that this convention
will not frame a currency bill. and that IL
ought not undertake such thing. In adj
| dition To what has been said on this sub
| ject, l might say that I'm 1887 the State OF
| Illinois appointed revenue commission 10
| revise the laws with reference TO revenue.
and that commission went 10 work
and prepared a bill for that purpose
and presented IL to the Legislature.
| think IL is perfectly safe TO say that not
/ a member of the Legislature ever read
the bill. Further than this, about the same
/ time the State OF Maryland did actually tho
same thing with exactly the same result.
| These facts show that legislators do not
want too much definite instruction. This
/ convention is called together for the purpos
| convention is called together for the purpose
1 OF intimating along what lines legislation Is
| needed. In the first place we want an
! eral plans proposed for that purpose. but
think that the committee appointed by this
| convention and the various committees OF
| Congress should settle what plans are best.
| THE billholder should be given as good
| security as possible. Inc oepositors should
| be well looked afSr: the stockholders IN
| terest should be BOXED after also. There
should be nonpartisan commission. Tho
| secretary of the treasury should not havc
| TO sneak into New York. unknown. I'm order
| TO get some information on the subject Of
banking, but there should be nonpartisan
can get the best information of the country
| on the subject"
Slyk. OF Madison. Wis; r. b. Ferris. OF
| New York; r.. q. Cooley. Of Duluth,
Mimi; VIM. Bowers, of Cincinnati: Forest
| Smith OF Council Bluffs. la; all OF which
! were referred to the committee without
| reading.
! Mr.. Adams. of Massachusetts, introduced
| n resolution to the effect that the conven-
! tion consider the advisabiity OF recom-
mending that State organizations represent
| ing the industrial and commercial interests
be formed in the commonwealth wfcre
| they do not exist, in order that when any
different sections OF the country should
| meet with promptness and economy in the
interest Of the public good.
| Resolutions were also offered by Bell OF
| Missouri: Qoui. OF iowa: T. j. Kelsey OF
| Evansville. Ind; Havens. OF Terre Haute:
Winston. Of Minneapolis. all OF which were
| referred.
A TARIFF TO PAY DEBT
Mr.. Camp. of Knoxville. Tenn. on being
recognized. spoke as follows:
Il think all the officers Of the seven banks
| OF Knoxville desired 10 attend this conven-
ton. and would have come but for one in
| cident. Knowing the politics of the coun-
| try. as i do. l say TO you that We have a
I most difficult task before us. We have I'm
| New York a pulse that beats TO the tune of
| money. There IS In Congress a set OF men
who have always done our lawing. and who
| feel perfectly able To pass and enact what
| is for our good. Just lO7 years ago the
| Fourth OF July last the first business law
| was by this country adopted. 4 few ut
| terauces OF our present chief executive a
few years ago was the forerunner OF the
anarchism. and pOpulism. and socialism OF
1896. We should have a tariff law that
/
year. OF that you need Si59000eO0 TO meet
| current expenses In the last four years We
| have gone back about $500. .OO0. .0J0 We ought
10 pay at least 800 100000 "A year on our pub
lie debt and another Sl01.0O9.006 a year on
| greenbacks. You should amend your pres
ent banking law by allowing them TO issue
up 10 the par value OF their bonds and
| strike out the g 000oo0 assessed annually
! against these banks for taxation. and duty.
and examinations, etc. Remove all these
| obstructions and you will go back and re-
gain the million and half you have lost in
circulation in the last sixteen years and re-
establish the siXty-nine banks that have
gone under and build uD many more"
Mr. Cobb OF Massachusetts. offered a
resolution that the opening address dellv-
cred by Temporary Chairman Stannard. OF
Missouri. be sent TO the committee on reso-
lutions. AS representing the sentiments OF
tie Massachusetts, delegation
Ex-Governor Stannard-Of course thank
the gentleman for the compliment. but
think the resolution should not be pre-
sented TO this convention. There IN an able
committee considering all the matters
which have been referred 20. and | hope
that out OF respect 90 me. at least. he Will
withdraw that resolution.
Mr.. Cobb desire. sir that the speech
shall be sent 10 the committee as the senti-
ment OF the Boston delegation. u-aughter)
Mr.. Tucker OF PHILADELPHIA moved a re-
I cess. which was opposed by Mr.. Chadwick.