The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-16
BUSINESS MEMS VIEWS
ON POSTAL SAVINGS BANKS. TRUSTS
AND CURRENCY REFORM.
Action of the National Board of Trade
and Speeches by Delegates on
Variety of Subjects.

savings banks. which was introduced by
the Chicago Board of Trade. 1t was stated
in that resolution that's the people should
be encouraged to deposit their savings in
department of the national government.
The passage of the resolution was advised
by Mr.. Lyon. of Chicago. who said the Sc
cret OF saving lies in beginning There
must be an investment for such savings
which would cultivate the business habit,
and in turn the person would become capa-
BILE of handling money, He thought that
such an institution would cultivate patriot
sim and would provide safe mode of in
vestment of the peoples money. would pre-
vent panics and would call into active use
large sums of money that are now boarded.
Mr. Hitchcock asked if Mr.. Lyon knew
what the government would do with this
money. In reply Mr. Lyon said he had not
given this phase of the subject attention,
but it was now before Congress, and he had
no doubt that body would devise some
means of investing the money. Mr.. Hitch
cock went on to say that it seemed to him
such a system partook of a paternalism
that was foreign to our institutions, and.
in addition to other objections which might
be enumerated, he said it would interfere
with the business of the savings banks.
Mr.. Hawley said the same system was i'm
operation in England. but he understood
that it was not profitable. Another objec
ton was that it would concentrate money
in the cities and would interfere with the
business of building associations, etc. After
further discussion the question was re-
ferred to committe to report at the next
meeting. I
The question of artificial irrigation was
next discussed, the basis being a resolution
offered by the Pittsburg Chamber of Com
merce, which recommended that Congress
enact laws to place the supervision of all
irrigation enterprises in the hands of the
United States authorities, where such work
is undertaken on waterways affecting inter-
state navigation. An address in advocacy
of this resolution was made by Mr.. An
drews of Pittsburg who said that nearly
one-half of the area of this country was
arid. He said that the problem was to
store the flood water in a chain of artificial
lakes, which would do away with the dan
ger of floods, and also would provide water
for irrigation purposes. A general discus
sion followed during. which it was stated
that this was one of the important ques-
lions now before the country, and that the
entire problem of the Mississippi valley
water supply would have to be studied.
The resolution was adopted, and g. commits
tee was appointed to have charge of the
A resolution favoring the enactment of g
national trade mark was adopted.
"A report favoring 1-cent postage was dis
cussed and finally referred to a committee:
The Philadelphia GrocerS and Importers
Exchange presented q resolution TO the ef-
feet that in all cases, whether railway lines,
telegraph lines telephone companies or
great commercial trusts or combinations at
fecting all the States. the Congress of the
them in due subsection to the laws of JUS
tice and equity. Mr.. Halpin, of Philadel-
phia, said that ne did not suppose there
would be any objection to the resolution.
as il was in the interest of the people. he
said he had been told that the present anti
trust law was defective in many. .particu-
lars, and this resolution was in line with
making the needed changes.
In the course of a speech denouncing
trusts, Mr. Parsons, Of St: Louis SPOKE POKE t es-
price of nails, and said that this and SIM
liar aggregations resulted in the robbery. or
the people and as a result public attention
was being called more and more to the sub
ject. He spoke of department stores, which,
he said were now doing all sorts of bust,
dealers. After further discussion the reso-
luton was referred to a special commit
tee to report tomorrow.
A resolution which ELECTED much discuss
sion was that offered by the Chicago Board
of Trade favoring legislation imposing q
tax on and regulating the manufacture ana
cago said that this proposed legislation
followed that of the oleomargarine law, and
that it was the only way to accomplish the
desired result. He said that an aqulteratlon
of 10 or IL per cent. could not be detected
by ordinary inspection, especially when the
adulterant was corn flour.
Ex-Governor Stanard, of ST. Louis, said
that this method of adulteration OF wheat
flour with corn flour either would orlve the
makers of flour out OF the business OF
would drive him into this nefarious BUSH
Mr.. Waterfall of Philadelphia, said that
he was interested in the manufacture OF
fafC md
given to the -four grinders he wanted pro-
lection for the paint business. He thought
that the proposed measure smacked OF pa
ternalism and he did not believe that such
a body as the National Board of Trade or
Congress had anything to do with such
Mr.. Smith, of New York, said that the
adulteration of -four ought to be prohibited
by law, as it was criminal, but he did not
think Congress ought to pass law levyinB
a tax as proposed.
Mr.. Lawrence, of Pittsburg, suggested
that the proper remedy to prevent sucn
adulteration was through legal action for
fraud. 1t was un-American, in his OPINION
insofar as it was an effort to get Congress
to do what the people could do for them
selves.
The resolution provides for a tax and inn
poses a fine of not less than $1,000 and not
more than 5000 for selling adulterated
flour without the payment of this tax
Mr.. Hitchcock of Philadelphia. said that
this whole matter could best be handled
by the States a motion to refer the Wnole
question to a committed to report at
future time was carried.
The afternoon session was chiefly devoted
to currency discussion. The gist of the res
olutons adopted was an Endorsement or the
single gold standard, the gradual retirement
of United States notes, the enlargement or
the national bank circulation, with grad
ual reduction in the tax on the same. ana,
finally. the establishment of national banks
with a capital of $4,000 or over in towns OF
over two thousand population.
A resolution favoring a permanent scien-
tific tariff commission was adopted, but
later reconsidered and left open for fuller
discussion tomorrow. The active prosecu-
tion of the Nicaragua canal project was
heartily Endorsed.
The Committee in charge of the currency
resolutions and the bankruptcy bill called
on Speaker Reed tonight to present the
two measures with the Endorsement of the
board and learn. if possible, what their
chance would be before the House. Mr..
Reed did not hold out much announcement
i'm the line of financial legislation, but inti-
mated that there would be more chance for
the bankruptcy bill after the holiday recess
The committee in charge of the pooling
bin was in session at a late hour, but such
decided differences had developed that there
was little hope of an agreement on either
side of the question, and a majority ana MI
nority report may be submitted TO the full
board tomorrow.