Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-01-16
FOR CURRENCY REFORM
LARGE NUMBER OF DELEGATES IN
THE HOOSIER CAPITAL.
EN-GOv. Stannard of Missouri, Tenn
pOrHry Chairman, Wan ts to
Retire Treasury Notes.

indianapolis, Ind, Jan. 12-The currency
reform convention has brought to the
/ Hoosier capital large and distinguished
a gathering as that which in the fall OF
last year placed Generals Palmer and
Buc1ner in the field as the presidential
nominees Of the national democrats. On
this occasion, however, the gathering is
distinctly non-partisan. Governor Asa
| Bushnell heads the Ohio delegation, and
Sam P Sheerin, for many years secre-
tary of the democratic national commit
tee, that from this state. From Chicago
comes Lyman j. Gage, the noted imam
cier and president of the First National
bank; John j. MITCHELL another big bank
er; Michael Cudahy, the packer and
George II. Webster. until recently the
| risht-hand partner of P. D. Armour.
| CincinnatIS most prominent representa-
| tive is M. e. ingalls,, president of the Big
| Four railroad EX-Congressman Joseph
H. Outhwaite heads the delegation from
Columbus, Ohio, and Augustus E. Wilson
| that from the Louisville board of trade
and allied organizations. Kansas City
! sends about a dozen of its most prominent
| commercial men.
President Adams of the Indianapolis
| board of trade has been to a large m atls~
J ure responsible for the gathering.
The Opening. Address.
| The monetary convention was called to
| order at 2:30 p m. by H. H. Hanna. Elk
| Governor b. o. Stannard Of Missouri was
made temporary chairman. Stannard
spoke as follows:
| THE stability, prosperity and safety of
our commercial, manufacturing, banking
and agricultural operations depend upon
safe comprehensive and stable financial
| policy for our government-a policy that
| may be relied to last from one year 20
another, and from one political admins
| tration to another and be taken as far
possible out of the realm of politics. There
should be enough money to do the bust
ness of the country, and there should be
| no doubt about its character and no shal1-
ing of confidence to take it out and keep
it out of circulation. The people of the
United States not only should have con-
idence in our financial methods, but all
the nations of the earth with whom we
have commercial relations should have
assurance of the stability of our .inan-
cial affairs, so that they may know cn
what basis they are working.
1.-The present financial methods Of the
government are largely those adopted
during the war, when there were great
emergencies. Some methods should be
adopted for the retirement Of the United
States treasury notes. They have been
a hindrance to the prosperity of our gov
ernment for many years. They are &
constant menace to our treasury reserve,
49,. ,rI
when encroachments are made upon those
reserves, commerce stands in fear and
trembling. I see no reason why this law
should not be SO amended as to allow
national banks to issue notes UP to the
par value of the bonds they hold as a
basis for their issue, instead Of issuing
as they are now compelled to Go, only |
80 per cent Of the par value of the bonds !
that cost them perhaps lis to 120. This
would help in giving us a larger volume |
of circulation, and be an inducement to
the banks to issue all the bills they could
under the new law. Then there is a tax
of / per cent upon the issue of national |
bank circulation. and I see no necessity |
for so large a tax, as it must ultimately |
be paid by the borrower. The tax should |
be reduced to one-fourth of l per cent |
There are many advantages with the ma
tional banking system and this system |
might with great benefit to all interested
be extended by allowing, under proper
safeguards, The establishment Of branch !
banks in smaller cities and largely re-
duced minimum of capital. There are |
many suggestions Of reform. One is to |
withdraw all paper money under the de- !
nomination of $40, thereby forcing a larger |
volume of silver and gold to circulate in !
the hands Of the people, and this is well |
worthy Of favorable consideration. I am |
sure the banker, merchant professional |
man, manufacturer, farmer, miner, arti- |
san, mechanic and laborer all have a |
community of interest in the cause we !
are here to promote The country can |
not permanently prosper if any of the |
essential interests are neglected or sacri- |
fee. All legislation should be for the |
greatest good of the greatest number
Permanent Organization.
The usual committees were then ap
pointed.
Among the western men honored by ap-
pOntments to the committees were the |
following:
Committee on OrganiZation-T. G. Pow |
ers Of Helena, Mont; ]. C. Nimson, Dali |
las, Texas; w. H. Beck, Sioux City.
On rules and order of business-T. c. |
Powers of Helena, Mont; W. Daggett
Ottumwa, Iowa.
On credentials-S. D. scudder of San |
Antonio, Texas. |
When the1~several committees retired |
there were calls for a speech from Chas. |
Fairchid, who appeared and spoke 1t |
considerable length of the action of the |
gold standard forces in the late political |
campaign. He closed by predicting that |
the conclusions Of the convention will be |
looked forward to with the grea test in |
terest by the entire business world. |
John P. Irish of California next |
called He said it was the business of |
the convention to suggest to the law.
makers the way out of their difficulty.
The committee on credentials then re-
ported.
There were no contests. The total NUM-
Der of delegates present was 270.
Upon the report Of the permanent or
ganiZation committee, c. S. Patterson OF |
Pennsylvania was elected permanent |
chairman, and Evans Woolan of Indian
apoHs permanent secretary. 1t was also
recommended that a vice president pe
chosen for each state represented.
Mr.. Patterson was escorted to the chair !
and addressed the convention as fol-
lows:
Patterson Permanent Chairman.
G. Stuart Patterson of Philadelphia was
made permanent chairman of the con-
vention, and the afternoon session closed |
with his address. He was frequently APP
plauded. Mr.. Pattersons speech was as
follows:
Gentlemen of the Conventions: I thank
you for the honor you do me in inviting
me to preside over your deliberations.
Your presence here proves your accept
ance of the true definition of that term.
Here today are representatives of agri
culture, of mining, of manufacture of
trade Of commerce, Of transportation,
and Of that vast aggregation of capital
which is constituted of the earnings of
labor and the savings of thrift We may