The Saint Paul globe., 1897-01-13
ADDRESS BY WALKER.

After the address Of the permanent
chairman the committee on rules and
order of business reported, limiting the
time of debate, resolutions, etc. The
president then read the list Of vice
presidents and the members of the
committee on resolutions as follows:
Virginia vice president, VIM. R. Triggs;
committeeman, S. w. Travers; Michigan, S.
L. Truett. N. E. Fletcher; Kentucky, Simon
=. Buckner, Logan G. Murray; Maryland
Eugene Levertng, John M. Nelson District
of Columbia, S. w. Woodward H. B. Warner;
Texas, S. D. Scudder NJ. l.. Crawford; Mas
sachusetts, Henry E. Cobb, H. L. Higginson;
Mississippi, ], A; Conway, G. w. Robinson,
Maine, Edward A. Noys, Charles F. Libbey;
Georgia, F. w. Ross, Rufus B. Bullock; Iowa,
b. A TemPle, H. A. ,Jantz;, Connecticut, @.
vania, Joseph Wharton. John G. Bullet Mon
tana, A M. Holton, T. C. Powers; Tennessee,
f. b; Z; Camp, j. c. McReynolds; Ohio, J. s.
Legrande, H: G. Tompkins; Arkansas, Chas.
F. Pensel, H. L. Bennett; Minnesota F. H.
Peavey, w. B. Dean; Wisconsin, N. B. Van
Slyke, F. H. Madeburg; New Jersey, j. A.
H. West, Joseph E. Leighton; Rhode Island
Rowland Hazard.
There were calls for j. H. Walker
chairman Of the house committee Of
banking and finance, and he responded
as follows:
The practical question for this convention
to consider is what ought to be done to cor
rect evils so clearly manifest. l answer, we
ought not to be satisfied with anything that
does not relieve the treasury Of the United
States absolutely and forever from any re-
sponsibflity for the current redemption of
any form of paper money, and that at once.
We must Danish bonds from any connection
with the monetary system. Bankers must be
allowed to manage the banking business of
the country the business of farming, the
woolen business, and as every other busi-
ness is managed, and independently of the
government, other than in the supervision
Of banks, as now. The national bank act
must be made as liberal 1t is possible to
make it consistent with safe banking No
substantial relief can come in any other way
than this.
Scarcely any two banks in the country can
be managed in their details exactly alike or
safely issue the same amount of currency
The very largest discrimination must be left
with the comptroller of the currency. Some
means must be devised to furnish the coun-
try board of supervisors of the whole ma
tional banking system, as in other countries,
and that also must have the widest d3scre-
ton. The question and above what
ought to be DONE is: What can be done
under existing circumstances And the an
swer to that, to my mind, is entirely clear.
Nothing, absolutely nothing, until the bust
ness men and farmers are all interested in
sound curreney-in the prosperity of the
country, and can bring pressure to bear
upon congress that will compel a thorough
reformation Of the whole system. On this
point let me read what is said in an author
lied interview by Hon. John M. Thurston, of
Nebraska
II feel that all proposed financial legislation
can and ought to be postponed until this
country has chance to test the effect of the
new protective tariff. We are not, therefore,
very much interested about any money is
sued.' ~ ~
Whati Wait ten years? Five years? How
long? And yet think he expresses the pre-
vailing opinion of both the senate and house
Of representatives, and If that is so, nothing
will be done until the cyclone strikes US, as
It surely, will, in 1900: Wait! Wait has been
the word for years. How long must we wait?
England reformed her coinage in 1885, in the
midst of one of the fercest wars of the time
and with France then her bitterest and great
est rival.
The legal tender notes cannot be retired
that is sure. Neither the tax ON state
bank circulatio? be Internationally repealed.
While the legal tender notes, treasury notes
and silver notes and silver dollars exist
that would mean chaos.
1t seems to the only practical solution
of the question is to put the "current redemp-
ton of the legal tender notes and of every
form of currency proportionately upon the
banks of the country, where it is in every
other country. Then in justice to them and
to compensate them for the service allow
them to issue currency against their assets
to an amount equal to the legal tender notes
they assume the current redemption Of
Furthermore, the people will never consent
to the use of any currency the payment Of
which is not fully guaranteed by the United
States treasury, In case OF the insolvency of
the bank that puts 1t in circulation. 1t has
been proved by figures carefully made that
a small tax OF two mills per annum upon
the currency thus issued by the banks against
their assets. retaining the provisions Of the
present law as to the currency of the banks
having the first lien upon Its assets, will fully
compensate the government for any loss that
could come to 1t from guaranteeing such
notes.
At this point the convention adjourn
ed until s o'clock.
The first event Of tonight's session
was a speech by John Harsen Rhodes,
Of the board of commerce, Of New
York city. He pictured the present
situation as very grave, and asserted
that the government should retire from
the issue of currency obligations. A
food of propositions for the reform Of
the currency were submitted and re-
ferred to the committee on resolutions.
The Chicago delegation. advocated the
appointment of a commission of nine
members with Instructions to report
bill to congress not later than, Jan. l.