The herald., 1897-01-13

cial relations with other countries. The
continued development of the west and
south demands that the surplus capital
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 for
ward to the growth and incre ease of our
foreign commerce, so that our agricul
tural, mining and manufactured pro-
ducts shall find that larger market which
will give to American industry greater
returns. For our international relations
we need, therefore, a currency which
shall be of full value in the markets of
the world. We may differ as to questions
Of protection or revenue reform, but we
can agree that the government must
have revenue adequate to it's neces-
sary expenditures, and with a surplus
sufficient to provide for possible con-
tingencies. We can agree that. as reve-
nues must be raised by taxation. that
taxation should be imposed so as to lay
its burdens upon the people in the man
ner that can most easily be borne. We
can agree that the existing standard
OF values shall be maintained. We can
agree that bimetallism would be desir-
able If it can be secured by interna ton
al treaty and be made practically effec-
tive. We can agree that there ought to
pc an eIlidISSu anu Increased use Ol
silver coins, convertible at par into gold.
We can agree that so long - the gov
ernment demand notes are outstanding
provisions should be made by law for
the maintenance of an adequate gold re-
serve. specifically pledged for the re-
demption of those notes. We can agree
as to the fact that while in some cases
shareholders and depositors of national
banks have lost by their unskillful or
their nnfaithf1l Vet No
holder of national bank note has ever
had occasion to inquire what bank is
sued the note, or has ever lost any part
of the amount of the note. We can also
agree that the natioral banking system
should be so amended as to provide
some method for the more general eX-
tension of banking facilities TO all parts
of the country. And. chiefly. we can
agree that the right solution of the cur
rency question is of grave Importance
and should be the subject of more de-
lberate and detailed consideration than
this convention can, at its present ses-
sion. extend to it. and may properly be
referred to sucilmetho of investigation
as you, in your wisdom, may direct. Up
on all these questiIg it is for you to de-
termine the action of the convention.
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 ourselves disapprove how can
we afterward defend our work? Let us
raise d standard to which the wise and
honest can repair The event is in the
hands of Cod
Let that view be expressive of the
highest craftsmanship and the truest
patriotism control our action. Let us
raise standard to which the wise
and honest of all parties can repair. In
1. sxx,,
Nowhere else in the world is there more
general diffusion of intelligence or a
higher average of moral character. The
people must, as the tribunal OF last ap-
peal. determine what the currency of
great country ought to be and, therefore.
what the currency of their country will
be. The nation has survived the shock
of foreign and civil wsv. 1t has over
come the disinteeration of influence of
the expansion of territory and the
growth of population il has success
fully resisted the attempt to lower the |
standard of value. Let us have conf |
dence enough in the people and faith |
enough in our free institutions to believe |
that in the future, as in the past. the
people will rightly determine the ques-
tions which shall re submitted to them. |
Upon the conclusion of the address of |
the permanent chairman the commit /!
tee on rules and order of business report |
ed limiting the time of debate on reso- !
luticns, etc
The secretary then read the list of !
vice presidents and members of their |
which included the follow |
ing:
Texas. d. Scudder. vice-president. |
Montara-A. NJ. Hotter, r. c. Powers. |
At this juLcture calls We're made for |
J. II. Walker. chairman of the house |
thee ha lyirfp and finance and |
he responded.
Mr.. Walker asserted that the conven-
ton ought not to be satisfied with any
thing that did not "relieve the treagury !
of the United States absolutely and for
ever from any responsibility for the cur
rent redemption of any form of paper |
money and that at once" He said that |
bonds must be banished from any con-
nection with the monetary system and |,
that "bankers must be allowed to man
age the barking business Of the country, !
as the farmer doe. the business of the |
and all other business is man |
aged, independently of the government. |
He said: The national bank act must |
must be made as liberal as it was posei- |
bic to make it, consistent with safe |
banking. Scarcely any two banks in |
the country could 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, and |
some means must be devised to furnish
to the country board of supervisors OF /
the whole national banking aystem, as !
in other countries, and that also must /
have the widest discrimination"
Mr.. Walker declared that the whole |
people Of the country must bring pres
sure to bear upon congress that would |
a thorough reformation of the |
system. The speaker then read the fol-
lowing extract from arr authorized in
terview with Senator Thur.ton of Ne
bra ska:
"I feel that all proposed financial leg ),
islation can and ought 10 be postponed
until this country has chance to tcet
the effects of the new protective tariff
We are not therefore very much inter-
ested about amy money issue"
Mr. Walker said: What! Wait ten |
years? Five years? How long? And |
yet l think he expresses the prevailing !