The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-01-14

alterations. You are business men
Your presence here proves your ac.
ceptance of The true definition of the
term. You are here today representa-
tives of agriculture, mining, of manufac-
lures, of trade. of commerce, of trans.
portation and of that vast aggregation OF
capital which is constituted of the earn
ings of labor and the savings of thrift
We may be partisans as to all questions
that can properly be determined solely
upon party considerations, but we are
also, above all, American citizens. AS
American citizens, proud of our coun-
try's past and hopeful of it's future, we
must today take counsel together as to
those great questions of public interests
which relate TO the currency of the coun-
try and which ought to be decided upon
grounds that are broader than those of
mere party spirit.
Meeting as citizens to consider a sub.
Ject of common interest to the whole
country, it is fitting that we should
come together IN the middle west. which
has today the seat of empire in the
great city of indianapolis, where last
autumn the victory was won for the
honor. of the nation. and in this typical
American city of Indianapolis let lis
approach the grave subjects that are
to be brought before us with no pride
of opinion, but in the spirit of that old
maxim which tells us that in the high
necessity there should be unity: in
things doubtful, liberty, and in all things
charity.
But let us refuse to recommend any
compromise of principle, for such COM
promises have always failed to accom-
plish their desired end because of their
inherent inability to change laws and cir
N ,fpry ,c
in its extent of territory, in the number
OF its population and in the magnitude
OF its material interests. There are dense
~ populated areas of territory and there
are scantily populated areas of territory.
In the former there is an adequate, and
perhaps in some places an excessive sup
ply of banking facilities. In the latter
there is deficiency of banking facili-
ties. Where these banking facilities ex-
list to an adequate extent not only are
means OF accommodation provided for re-
sponsible persons, but there are also es.
tabished those credits for money by
checks and drafts which increase the
volume of currency at such times when
money is needed by the people. Where
these banking facilities do not exist to
an adequate extent unduly high rates of
interest prevail and the demand for cur
rency in general exceeds the supply. We
therefore need for domestic purposes a
currency of stable value and of full pur-
chasing power, which shall be neither re-
pugnant nor contracted and which shall
flow into the channels of trade as the
interests of the country may require
This country has extensive commercial
relations with other countries. The con-
tinued development of the west and south
demands that the surplus capital of the
world should be brought here for money
investment. 1t is in no seiise inconsistent
with the position of the home market
that we look forward to the growth ard
increase of our foreign commerce so that
our agricultural, mining and manufacture
ing products shall find that larger mar
ket which will give to American indus
try greater returns. From our interna-
tional relations, therefore, we need a cur
rency that shall be Of full value in the
markets of the world. We may differ as
to questions of protection or revenue, but
we can agree that the government must
have a revenue necessary to- expenditures
and a surplus necessary to provide for
possible contingencies. We can agree as
to how that revenue should be raised
by taxation; that that taxation should be
laid on the people in such way that its
burden can be most easily borne. We
can agree that bimetallism would be de-
sirable if it could be secured by interna-
tioEal treaty and made practically effec-
tive. We can agree that there ought to
be an enlarged Use of silver coins con-
vertible at par into gold. We can agree
that so long as the governments demand
notes are outstanding provisions should
be made by law for the maintenance of
an adequate gold reserve specifically
We can agree that depositOrs in national
banks and shareholders should not suffer
by fraudulent management. We can also
agree that the national banking system
should be managed as to provide some
method for the more general extension of
banking facilities to all parts of the coun-
try. And chiefly, we can agree that the
right solution of the currency question in
the interest of the whole people and of
all the people is of grave Importance and
should be subject of more deliberate and
general consideration than this confer
ence can at its present session extend
to it and may properly be referred to
such method of investigation as You in
your wisdom may decide. Upon all these
questions it is for you to determine the
action of the conference.
when the conference which framed
the constitution of the United States was
about to assemble, Washington said: IF
to please the people we offer what we our
selves disapprovc, how can be afterwards
defend our work. Let us raise standard
which the wise and honest can repair.
The event is in the hands of God. Let
that view expressed for the highest
craftsmanship and truest patriotism be
our guide in action. Let us raise Il
standard TO which the wise and honest
OF all parties can repair. In this coun-
try all the people are sovereigns. No
where in the world is there greater diff
fusion of intelligence or a higher appre-
citation of moral character. The people
must be the tribunal of last appeal, de-
termning what the currency of great
country ought to be, and therefore what
the currency of this country would be.
The nation has survived the shock of
foreign and of civil war. 1t has overcome
the disintegrating influences of the expan-
sion of territory and the growth OF. pcpu-
lation. 1t has successfully resisted the
attempts to lower the standard of value.
Let us have confidence enough III the
people and faith enough in our free in
stiutions to believe that in the future. as
in the past, the people will rightly de-