The Providence news. (Providence [R.I.]) 1891-1906, 1897-01-14
The Monetary Conference
FayOrSit as aStandard.
Resolutions Adopted at the
Session Held Yesterday.
Congressman Walker 0bjected-A
Permanent Commission.

Order. Inc convention mas pSch eoh-
spicuous for the absence OF unnecessary
frills. Business has been transacted
Prosy speeches have not been tolerated.
The delegates yesterday morning were
seated by states, a much better arrange
nent than tnat OF the day before. The
chief event of the morning session was
the report OF Congressman Fowler of
the banking and currency committee.
in which he said: There are three ways
of escaping national bankruptcy at
some time If the present plan Is to be
continued:
I've could assume full functions OF
banking. a step which is altogether out
of the question.
2-We can tax the people when the
emergency arises. which must prove. as
IL always has, most expensive and
burdensome policy and one to which
the people will not long submit.
3-The retirement OF the demand OBJ
legations of the government, a policy
that is clearly demanded by our own
experiences and approved by that OF all
of the rest of the world. This is the only
practical solution, and II is our only
remedy.
Mr.. Fowler said that the late cam
paign involved the personal integrity
of every man living under the American
flag. Whether he desired to do so or not,
different termination of that issue
would have compelled him TO defraud
his creditors.
The afternoon session was called TO
order at 2:45. Word had been received
by Chairman Patterson that the com
nittee on resolutions would not be ready
20 report until 4:30, and a recess was
taken after short discussion.
The adjourned session was called to
order at 4:25. NJ. Il. ingalls, then read
the resolutions that had been unani-
mously concurred in by the committee
of resolutions.
The first part of the resolutions. urg-
Ing the maintenance of the gold stand
ard. was loudly applauded.
j. II. Walker. chairman Of the house
benking and currency committee. OPP
posed the resolutions, declaring that no
financial legislation could be had in
congress, as the resolutions proposed.
He said the action of the convention
would tie the hands of the banking and
currency committee and damn the
cause.
Following are the resolutions as
adopted by the conference:
Tnis convention declares that IL has
become absolutely necessary. that a con-
sistent, straightforward and deliberately
planned monetary system, shall be inau-
Eurated. the fundamental basis of which
should be:
First. that the present gold standard
should be maintained: second. that
steps shall be taken TO insure the ulti-
nate retirement OF all classes of United
States notes by gradual and steady
process, and so as TO avoid injurious
contraction OF the currency or disturb
ance OF the business interests OF the
country, and until such retirement pro-
vision shall be made for separation OF
the revenue and note issue departments
OF the treasury. Third. that a banking
system be provided which should fur
Nish credit facilities to every portion Of
the country and safe and elastic circu-
laton of the loanable capital OF the
country as will tend TO equalize the rates
OF interest in all parts thereof. For the
purpose OF effectively promoting the
above objects:
Resolved. That is members of this con-
vention be appointed by the chairman "a
act as an executive committee while
this convention is not in session, with full
powers OF this convention. The execu-
tive committee shall heye the power "a
increase it's mem bership TO any number
not exceeding as. and five members
thereof shall at all times constitute q
quorum of said committee.
The executive committee shall have
special charge OF the solicitation, re.
ceipt and disbursement OF contributions
voluntarily made for all purposes, shall
have power to call this convention to-
gether again when and where IL may
seem best by said committee TO do so
and said committee sEall continue IN
Office with power To fill vacancies unit
discharged at a future meeting of thi:
convention.
Resolved, That 1t shall be the duty o.
this executive committee TO endeaVol
10 procure. at the special session of cen
gress which II is understood will b'
called I'm March next, legislation callinl
for the appointment OF monetary com
mission by the president 10 consider tn,
entire question and TO report TO congress
at the earliest day possible.
Or failing 10 secure the above legisla
tion they are hereby authorized and EN-
powered 10 select commission Of l
members according TO the rules an,
PLANS set forth in the suggestions sub
lnitted 20 the convention by Mr. Hanni
of indianapolis, as follows
Article 1.-The commission shall con
Sist of II members TO be named by tn
executive committee appointed by thi
convention. The executive committe
Shall have power to fill vacancies in tn
commission as they may occur.
Article 1.-THE first meeting Of tn
commission shall be held az time a !.
,lace 10 be designated by the oxecutiv
committee OF this convention I'm a ca
TO be issued therefor: and at such meet
ing the committee shall organize b.
the election of such officers and tn
adoption OF such rules and bylaws 10
its own government as may be agree
by majority OF its members. and there
after IL shall be governed by such rule
and bylaws subject 20 these articles.
Article HAL rules and bylaws {
the commission and all It's proceeding
shall be directed toward the accomplish
nipnts OF the subjects OF its creation
which Is TO make a thorough investiga
tion OF TIE monetary affairs and needs {
this country. In all relations and a:
poets. ana 60 make appropriate suf
gestions as To any evils found TO exl'
and the Ter, edies therefore: and no linn