The Saint Paul globe., 1897-01-14
ST. PAUL PLAN APPROVED.
LEGISLATION TO BE SOUGHT PRO-
VIDING FOR A CURRENCY
COMMISSION.
HAIR FLEW BEFORE THE FINISH
Committee Report Bitterly AntagO-
nized, but Adopted by an Over
whelming Sentiment.

evening
adjourned, after adopting without
change the resolutions submitted by
the committee. These resolutions de-
clare for the existing gold standard, the
gradual retirement Of outstanding gov
ernment notes, and a thorough and
careful revision of the present currency
system on a scientific basis, such as
will provide the necessary elasticity
and tend to equaliZe interest notes in
all parts of the country. The execu-
ton Of the latter part of the work is
left to an executive committee Of fif-
teen members. The committee is in
structed to try first what has been
known as the st. Paul plan, a COM
mission authorized by congress and ap-
pointed by the president. Failing in
this, the executive committee is to for
mulate reform system Of its own, to
be reported to the conference at such
time as may seem proper; the matter
then to be pressed upon congress in
the form of a prepared bill of legisla-
ton seems possible.
1t was not until the last session Of
the conference and after the resolutions
had been reported that the spectators
got their moneys worth. Representa-
tive Walker, Of the house committee on
currency, bitterly antagonized the plan
presented, and predicted it's absolute
failure 1t would mean, he said, the
retarding of reform by ten years The
movement had been downed, he said
beyond hope of redemption by the ac-
ton taken. A sharp running debate
followed, in which Mr.. Walker, Mr.
Fowler, also a member of the house; Mr.
Roots, of Indianapolis, and Mr.. ingalls,
took part. Mr.. Fowler offered a substi-
tute for the resolutions, but the senti-
ment Of the conference was so plainly
against him that he withdrew it, and
the report of the committee was adopt
ed with hurrah.
The convention assembled for the
morning session about 10 o'clock Many
of the delegates were attending COM
mittee meetings and this fact, with
general deliberation which has charac-
terized the body, was the cause Of the
late meeting hour.
New tickets had been provided for all
the delegates and arranging of the
seats had been made by which each
state delegation was seated together
After Chairman c. Stuart Patterson
had called the convention to order.
plans for the Improvement of the finan-
cial system were read. The five-min-
ute limit prevented the detailed read
Ing OF these various papers and the out
line of the plans was read by the chair
man. These resolutions soon proved to
be so great in number that it was Ii
o'clock when Chairman Patterson an
nounced that the committee on reso-
lutions would be ready to report at
noon. A motion prevailed which pro-
V1ded that all resolutions be referred
TO the committee without reading, so
that they all might be reported on al
that hour.
A motion to adjourn till 11:45 was
defeated, and on motion Of Mr.. Chad
WICK, Of Brooklyn, the time was given
over to five-ninute speeches. Mr..
Chadwick reviewed briefly New Eng
lands early financial history, and with
view to showing it's effect upon pres
ent conditions. He was followed by
Congressman Fowler, of New Jersey,
for whose benefit the five-minute OBJ
StructiOn was removed.
FOWLER'S ADDRESS.
Mr.. Fowler said that the late cam
paign involved the personal integrity
of every man living under the Amer
lean flag. Whether he desired to do so
or not, different termination of that
issue would have compelled him to de-
fraud his creditors. The purpose of
this convention cOmprehended this
and party consideration must be dis
carded for the time being, unless party
policy is grounded upon absolute hon
or, both of the individual and of the
nation. Universal speculation exhaust
ed public credit, lack Of revenue, equiv
oCal standard Of value. spreading out
everywhere at home and abroad, were
distinct causes of the present trouble
Mr.. Fowler reviewed the history CT
speculation of the last decade Hun
dreds of millions of dollars, he said
went into improbable investment
which should have been employed in
the channels of trade. He said:
mine hundred and ninety-nine out OF
every one thousand of those who an
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 our financial system ag-
gravated the panic. Everything facil-
itated the demands that could not be
satisfied. The patriotic conduct of
President Cleveland, indicating the last
dollar of national credit would be eX-
hausted before the government would
diShOnOr one of its obligations alone
temporarily checked the flood of de-
mand."
Continuing, Mr.. Fowler said:
fortunately for the honor of the
nation; fortunately for the prosperity
Of the people, the republican party at
st. Louis declared for a gold standard.
fortunately for the republican party
there proved to be in the democratic
party a grand army of patriots, who
loved the honor Of their country more
than the success of their party, and
supported Mckinley. If the United
States is to continue the paying
functions of a bank, it must, without
delay, open its doors for deposits, and
discount the paper of our merchants.
thereby acquiring the power of pro-
tecting its reserves and establishing
such rates of interest AS will prevent
the export Of gold whenever such a
movement is undesirable
Mr.. Fowler said there were three
ways of escaping national bankruptcy
at some time if the present plan is to
be continued. First the United States
could assume full functions of bank
ing, a step which is altogether out of
the question; second, we can tax the
people whenever the emergency arises
which must prove, as it always has. a
most expensive and burdensome policy
and one to which the people will not
long submit; third, the retirement of
the demand obligations of the govern
ment, policy that is clearly demand
ed by our own experience, and approved
by that of other nations, is our only
remedy. ~
The speakers reference to Cleveland 4
and Mckinley were loudly applauded. !
COMMITTEE AT WORK.
At 1920 O'clock the convention re-