The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-04
PRAISE FOR GROVER
GOLD DEMA GRATIS OF MICHIGAN
EXPRESS THEMSELVES IN
PLAIN TERMS.
PARTY PRINCIPLES ABIDE.
RESOLUTIONS DO NOT DIFFER
MATERIALLY FROM THE IN
DIANAPOLIS PLATFORM.
MIR. BYNuM SOUNDS A KEYxc,h
Plan for 81 Safe and Scientific Cur
rency System Outlined by the
National Chairman.

GRAND RAPIDS, Mich, March g.
The state convention CT gold standard
Democrats to nominate a supreme
court justice and university regents
was IN session here today. Michael
Brennan, of Detroit, was temporary
chairman The attendance was not
very large, but it included many life
long and influential Democrats. Con-
gresham Bynum, of Indiana, chair
man of the national committee. was
present and addressed the convention
this afternoon. He argued for state
banks Of issue, under proper safe
guards; for the present he urges meas
ures to prevent greenbacks being used
to raid the treasury reserve, and that
the banking laws be amended so as to
permit use of securities other than
government bonds as the basis of cir
cuIatiOn. Mr.. Bynum said in part:
The results of the last election cannot be
said to have permanently settled the policy
Of this government upon the abb rDlng issue
of that contest. The present af1lcuons or
the people must be cured. The people of the
West and South have carried the burdens Of
q false monetary system until they are bend
ing beneath its pressure. 1t is not surpris-
ing they have become impressed with the
conviction that the Eastern states have a
monopoly in our money market, and are
using it to Cypress the other sections OF the
country.
This unequal distribution is not due to the
gold standard, bu+ TO a financial system fol-
lowed during the last quarter Of century
that has compelled the people of the South
and West te purchase credit from the East
with which &c develop their resources, and
which they themselves ought to have been
permitted to issue, without expense. What
they want is the rigLt TO use their own
thew
egmulated a surplus sufficient to eXtinguish
- their obligations.
A standard is Indispensable Without it
there can be no measure. With it credit be-
comes illimitable; without it none can exist.
The producing classes need such reformation
of our banking laws will enable them at
all times TO secure an ample supply Of credit
money to keep their industries active. They
must have an opportunity to supply them
selves with currency based on their own
capital. The banking system should be so
reformed that bank notes may be secured
in some other manner than by the issue of
government bonds.
At the close Of Mr.. Bynum's speech, the
report of the committee on resolutions was
presented and adopted without discussion, the
preamble reading as follows:
On this, the last day of administration of
a president, a record of whose acts VIII be
regarded by posteIity of eminent cOur-
age and infeXible adherence to duty, the
Democrats Of Michigan, in convention as
time honored principles of the Democratic
party.
The resolutions do not differ materially
from the indianapolis platform except that
they are more radical in demand for reform
or revision Of tn banking system. On this
subject the resolution says:
We believe the time has now come when
a consistent, straightforward and deliberately
planned monetary system should be inaugu-
rated by this country, the fundamental basis
of which should lie:
First-That the gold standard which was
definitely proclaimed at Indianapolis and in
dorsed by the people last 1aIi, be maintained
Second-That banking system be provided
that shall furnish credit facilities to every
portion OF the country, and safe and elastic
circulation sufficient in amount to meet all
demands of business.
Third-That all classes of United States
notes be retired.
Fourth-That the pan of action adopted by
the Indianapolis monetary conference be ap-
proved.
Daniel E. Fote, of Saginaw, was nominated
for Justice of the supreme court and Levi L.
Barbour, OF Detroit, and Edwin II. Sweet of
Grand Rapids, as regents of the university
After listening to short speeches from the
nominees. the convention adjourned