The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-01-14
THE MONETARY CONFERENCE
-
BIG ASSEMBLY OF BUSINESS MEN
OPENED IN INDIANAPOLIS
YESTERDAY.
THREE HUNDRED DELEGATES present
A Fine Body of Men, Representing Mil
lions in Business Interests-Perma-
nent Organization Effected-Ex-
tracts From Speeches.


Tomlinson hall this afternoon at two
minutes to 3 o'clock. At that moment
there were seated in the body of the hall
800 delegates. who represented business
interests of upwards of hundreds of mil
lions of dollars. 1t was a fine body of
men, seeking reform of the governments
currency system.
The meeting was opened with prayer
by Rev. L. o. Haines of the First Pres
byterian church.
Then Mr.. Hanna delivered brief well
coming address and Secretary Jacobs
read the call sent out My the chairman.
Next came the recommendations of the
committee for the temporary organiza-
ton, naming e. o. Stanard of st. Louis
as temporary chairman, Jacob w. Smith
of indianapolis as temporary secretary
and w. Il. Colt of Indianapolis as SER
geant-at-arms. In taking the chair, Mr.
Stanard said:
"Gentlemen-I desire to thank you for
the honor you have conferred upon me
by this call to preside over the temporary
deliberations of this convention.
early in December, at the instance
of the board of trade and the business
men of indianapolis, preliminary
monetary conference was called to meet
here, consisting of representatives of
commercial organizations of some of
the central western states, and that con-
ference was composed of some fifty bust
ness men.
"After thorough and rather compre-
hensive discussion of matters under con-
sideration, it was resolved to invite the
commercial organizations of the United
States to send delegates to a convention
to be held in this city today, to consider
matters of Importance pertaining es-
pecially to the financial policy of our
government. Pursuant to this action
YOU have here assembled, and l con-
graduate you and the country upon the
assemblage of this convention of bust
ness men to consider matters of so great
Importance to the country.
1T is not my purpose on this occa-
sion to suggest any given line of policy
to be pursued in remedying the evils of
which complaint has been made or that
may be suggested here or hereafter. But
| may mention-to my mind-sohe of
the most glaring defects in our financial
system. In this connection it is safe
for me to say that the stability, pros
perity and safety of our commercial,
manufacturing, banking and agricul-
tural operations depend upon a safe,
comprehensive and stable financial
fpolicy for our governments policy that
to another and from one political ad-
ministration to another, and to be
taken, as far as possible, out of the realm
of politics.
business and all affairs of material in
terest are built. There should be
enough money to do the business of the
country, and there should be no doubt
about it's character and no shaking of
confidence to take it out and keep it out
of circulation. The people of the United
in our financial methods, but all the ma
tons of the earth with whom we have
commercial relations should have assur-
ance of the stability of our financial af-
fairs, so that they may know on what
basis they are working. This is of great
importance to us as well as to the foreign
nations when we take into account that
during the last year we exported to
foreign countries more than a thousand
million of dollars worth of the surplus
of our soil and the industries of our peo-
pie, and imported little more than seven
hundred millions of their products; and
while our operations with foreign coun-
tries may not be quite as large every
year as this, they are always of enor-
nous proportions.
1.-The present financial methods of the
government are largely those adopted
during the war. when there were great
emergencies. / believe there is a very
strong and constantly increasing convic-
ton among our people that some method
should be adopted for the retirement of
the United States and treasury notes,
and that they should not much longer
he tolerated as a circulating medium.
They have been a hindrance to the pros
perity of our government for many
years. They are a constant menace to
our treasury reserve and to the credit
of the government, and when encroach-
ments are made upon these reserves
commerce stands in fear and trembling.
There seems to be well-defned convic-
ton among business men from the ex
periences of the past that there should
be no notes in circulation which should
not be retired when their Office has been
fulfilled. Whether these notes should
b retired at once or gradually, | am not
d ;posed to say; but of the necessity of
t cir retirement l think there can be no
question. | would retire them by the
sale of long government bonds at low
rate of interest, if there can be no better
way devised for their withdrawal from
circulation.
while am mentioning some of the de-
fects, as / believe, of our monetary sys-
TEN, which come to my mind, | would
say that l see no reason why our nation
al banking law should not be so amended
as to allow the national banks to issue
notes up to the par value of the bonds
which they hold as basis for their is
sue, instead of issuing. as they are now
to do, only 80 per cent of the
par value of the bonds that cost them per-
haps lis to 100. This would help in Civ
ing us larger volume of circulation and
be an inducement to the bank to issue
all the bills they could under the new
law. Many of the banks, as the law now
do not issue all the notes they are
authorized to do, because much of the
time it is not profitable for them to in
vest in bonds at 100 when they can not
avail themselves of an issue of more than
30 per cent of the par value of the bonds
they purchase. Then there is n tax of 1
per cent on the issue of the national bank
and / see no necessity for so
large a tax as this, as it must ultimately
be paid by the borrower. L believe that
the tax should be reduced to IA of 1 per
cent.
"There are many advantages connected
with the national banking system of the