The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13
THE PERMANENT CHAIRMAN.
Mr.. Patterson Advises a Refusal of
All Compromises.

Mr.. Patterson Advises a Refusal OF
All Compromises.
Mr.. C. Stuart Patterson, of Philadelphia.
the permanent chairman, was welfreceived
by the convention. He has a commanding
address, speaks decisively, and soon after
his speech showed a strong hand with the
gavel. He spoke as follows:
| / thank you for the honor you do me
in inviting me to preside over your DELHI
erationS. You are business men. Your pres
ence here proves your acceptance OF the
true definition of that term. Here to-day
are representatives of agriculture, of min
ing, of manufactures of trade, OF COM
merce, of transportation and OF that vast
aggregation of capital which is constituted
of the earnings of labor and the savings
of thrift. We may be partisans as to all
questions that can properly be determined
solely upon party considerations, but we
are also. above all, American citizens. AS
American citizens, proud of our country's
past, and hopeful of it's future, we meet
great questions of public interest which re-
late to the currency of the country. and
which ought to be decided on grounds That
are broader than those OF mere party
spirit.
Meeting as citizens to consider a subject
of common interest to the whole country,
in the middle West. which is to-day the
seat of empire. in the great State OF lndi-
ana. where last autumn the victory was
won for the honor of the Nation. and in this
typical American city of indianapolis.
Let us approach the grave subjects that
are to be brought before us with no pride
of opinion. but in the spirit of that old
maxim, which tells us that In things nee
esary there should be unity; in things
doubtful, liberty. and in all things, char
FAVOR NO COMPROMISE.
But let us refuse to recommend any COM
promise. for such compromises have al
ways failed to accomplish their desired end
because of their inherent inability to de-
stroy the irritating cause. and because OF
their essential inapplicability to changed
conditions and circumstances
This country is an empire in its extent of
territory, in the number of it's population
and in the magnitude of its material inter-
ests. There are densely populated areas of
territory and there are scantily populated
areas of territory. In the former there is
an adequate, and perhaps in some places
excessive. supply of banking facilities. In
the latter there is a deficiency of banking
facilities. Where these banking facilities
are to an adequate extent not only are
means of accommodation provided for re-
sponsible borrowers, but there are also
those credit substitutes for money in the
shape of checks and drafts which increase
the volume of currency at the time when
such an increase is needed by the people.
Where the banking facilities do not exist
to an adequate extent, unduly high rates
of interest prevail and the demand for cur
rency i'm general exceeds the supply. We,
lltI6IOIe, ilttd III tOiiiCSliS Pdi BOSNo d IA
rency of stable value, of full purchasing
power. which shall be neither redundant
nor contracted. and which shall flow into
the channels of trade when, and as the in
terests of the country may require.
CAPITAL IN WEST N SOUTH.
The continued development of the West
and South demands that the surplus capt.
tai of the world should be brought here
for remunerative investment. 1t is in no
sense inconsistent with the protection of
| the home market that we look forward to the
growth and increase of our foreign COM
merce, so that our agricultural, mining and
manufacturing products shall find that
larger market which will give the Ameri-
can industry greater returns. For our in
ternational relations we need therefore a
currency which shall be of full value in
the markets of the world.
We may differ as TO the question OF
protection, or of revenue reform, but we
can agree that the government must have
a revenue adequate TO it's necessary eX-
penditures and with "a surplus sufficient to
provide for possible contingencies. We can
agree that as that revenue must be raised
by taxation, that taxation should be so inn
posed as TO lay its 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 bimetallism would be adj
visable if it could be secured by interna-
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 depositors in.
national banks have lost by unskillful or
unfaithful management. yet no holder of a
national bank note has ever had occasion
to inquire what bank issued the note: or
hoe ax-pr lost any mart of the nmnlInr nf
the note. We can also agree that the na-
tional banking system should be so amend
ed as TO provide some method for the more
general extension Of banking facilities to
all parts of the country.
THE CHIEF AGREEMENT.
And chiefly we can agree that the right
solution of the currency question in the
whole country and of all the peo-
pie is of great Importance and should
be the subject of more deliberate and de-
tailed consideration than this convention
can at it's present session extend TO it. and
may properly be referred TO such method
of investigation as you in your wisdom may
decide. Upon all these questions it is for
you to determine the action of the conven-
ton.
When the convention which framed the
| Constitution of the United States was
about to assemble. Washington said: IF
to please the people we offer what We our
selves disapprove, how can We afterWard
defend our work? Let us raise a tandard
10 which the wise and honest can repair.
The event is in the hands of God"
Let that view, expressive of the highest
tatesmansh and the truest patriotism.
control our action. Let us raise a standard
TO which the wise and honest of all polit-
zeal parties can repair.
In this country the people are sovereign.
Nowhere else in the world is there a more
general diffusion of intelligence or a higher
average OF moral character. The people
must, as a tribunal of last appeal, deter
mine what the currency OF a great country
ought to be. and. therefore, what the cur
rency of this country will be.
The Nation has survived the shocks Of
foreign and of civil war. 1t has overcome
the disintegrating influences OF territority
and the growth of population. Ii has sue
oesfully resisted the attempt to lower the
standard OF value. Let us have confidence
| enough in the people and have faith enough
In our free Institutions TO believe that In the