The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-30

reform. The personnel and proceedings of
the conference have measurably passed out
of the public mind. 1t is enough to say
that among the delegates were scores of
men known in business circles from the At
lantic to the Pacific and its proceedings
were marked by the earnestness and di-
| rectness that might be expected to char
acterize such a body of men. Its spirit
was eDitomized in the statement of ex-
| Governor Stanard, of Missouri temporary
chairman who said:
| I sure the banker. merchant profess
sional man, manufacturer, farmer, miner,
| artisan, mechanic and laborer all have a
! common interest in the cause we are here
| to promote In the language OF BenJamln
FRANKLIN. We must all hang together OF
| hang separate. The country cannot per-
| manently prosper ii any of the essential
| interests are neglected or sacrlhced. All
| legislation should be for the creates good
| OF the greatest number.
The permanent chairman of the conven-
ton was C. Stuart Patterson, dean of the
University of Pennsylvania. In his open
ing address he said
We may differ as to the question of pro-
tectlon, or OF revenue reform, but we can
agree that the government must nave a
revenue adequate to its necessary eXpendl~
| lures and with a surplus sufficient TO pro-
| Nlue IOr possible CONTINGENCIES we Can
agree that as that revenue must be raised
| by taxation, that taxation should be so I'M
| posed as to lay it's burdens upon the people
in the manner that can most easily be
borne. We can agree that the existing
standard of value shall be maintained. We
can agree that bimetallsm would be adj
Visable If 1t could be secured by lnterna-
tiOnal treaty and made practically effective.
We can agree that there ought to be an
enlarged and Increased use OF silver coin
convertible at par into gold. We can agree
that so long as the government demand
notes are outstanding, provision should be
made by law for the maintenance OF an
adequate gold reserve, specifically pledged
for the redemption of those notes. we can
agree as to the fact that while in some
| cases shareholders of. and depoSltorS ln
national banks have lost by unskilltul or
unfaithful management yet no holder OF
national bank note has ever had occasion
TO inquire what bank issued the note, OF
| has ever lost any part of the amount Oh
the note. We can also agree that the ma
tonal banking system should be so amend
ed as to provide some method for the more
general extension Of banking faculties 10
all parts of the country. And chiefly we
can agree that the right solution OF the
currency question in the whole country ana
of all the people is Of great importance
and should be the subject Of more dehber-
ate and detailed consideration than TINS
convention can at it's present session eX-
tend to it, and may properly be reIerreu
to such method of investigation as you IN
your wisdom may decide.
The convention lasted two days. It's most
dCllOu was lLIe eLPPOAAiNAAANAAN -
an executive committee of fifteen to en-
deavor to induce Congress to authorize the
appointment of a monetary commission, or,
failing to obtain such legislation from Con-
gress, the executive committee should Itself
appoint such commission. The conVen-
ton was pre-eminently a sound-money one.
but it did not enunciate any policy of cur
in the
following declarations:
L That the present gold standard
should be maintained
2 That steps should be taken to insure
the ultimate retirement of all classes OF
United States notes by gradual and
steady process, and so as to avoid injuri-
Gus contraction Of the currency, or disturb
ance of the business interests of the coun-
try. and that until such retlrementS prOVl-
sion should be made for n separation OF
the revenue and note-issue departments OF
the treasury. . ,
which should furnish credit taclHtles 70
every portion of the country and sale
and elastic circulation, and especially with
a view of securing such distribution or
the loanable capital of the country as Will
tend to equalize the rates of interest in all
parts thereof.
No sound-money man and no person who
favors currency reform can dissent from
these declarations. AS the President III
his currency message referred approving
| ly to the convention and its plan of action,
| it is fair to assume that. he approved it's
declaration of principles. AS the country
will hear further from the executive COM
mittee of the Indianapolis convention, it is
important to remember that it represents
the business element of the country to a
| remarkable and exceptional degree, and
| that it has behind it a great mass of con-
sentative. intelligent public opinion.