The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-01-13

the men who sit before me here today
i with investments in every possible la
/ Dor employing and producing
I energy from ocean to ocean and lire
TO line; who have investments in the
gold and silver mines of the west, in
the lead and copper mines of this re-
! public believe that they who control
! by their investments and prompt and
create by their energies the wage-pay-
ing industries of the republic which
not only put the dinner in the tin pail
OF the labOrer, but which pays him the
/ wages that eHtitle him TO look forward
TO a condition of independence when
he may become an investor himself-l
believe that these men who prompt all
this have in them the wisdom TO face
this sea of troubles and by opposing,
end them.
1t is not my place, now, to talk of
detail, but it has seemed to be my
duty that I should remind my coun-
trymen who are here of the difficulties
that lie between them"
! The committee on permanent organ
ization named c. e. Stewart of Penn
sylvania president.
The committee on credentials re-
ported that go delegates had been en-
I rolled, representing the trade and COM
mercial organizations of the different
cities.
The committee on rules and order of
! business presented its report, the chief
! features of which were the provisions
! for restricting debate, making the ex-
treme limit for speeches half an hour,
and confining most of them TO five and
! ten minutes each.
1t was adopted.
The committee on permanent organ
iZation recommended the name OF c.
Stuart Patterson of Pennsylvania for
Z mr.
each state represented. Evans Wooden
of Indianapolis was named for perma-
nent secretary and w. F. c. Colt, SER
geant-at-arms. 1t was also recon-
mended that the other committees
named be continued and that a COM
mittee on resolutions of one from each
state be appointed. Adopted.
Mr.. Patterson was escorted to the
platform by Messrs. E. B. Martindale
and II. II. Hanna of Indianapolis and
Mr.. Lowrey of Atlanta. He addressed
the convention.
In accordance with the provisions of
the report on permanent organization
the state delegations selected vice
presidents and members of the COM
mittee on resolutions. The latter were
reported as follows:
Minnesota, w. B. Dean; Ohio, NJ. e.
ingalls,, Tennessee, j. c. McReynolds,
Connecticut, Joel \. Sperry; Montana,
T: c. Powers; Pennsylvania, ]. c. Bull
lit; Iowa, Edward A. Temple; Georgia,
r. p. Bullock; Maine, c. F. Libby;
Illinois. Franklin Mac Veagh; Missis-
sippi, G. w. Robinson; Massa chusetts,
II. L. Higgins; Rhode Island. Rasiand
Haggard; Missouri, George Z. Layton;
New Jersey. Ben Laycock; Michigan,
n. A. Fletcher; Wisconsin, F. H.
Magdebury; Alabama. H. C. Tompkins;
Arkansas, H l.. Runner; Texas, H. l..
Offut; District of Columbia, B. H.
Warner; Maryland, j. NJ. Nelson; Ken
lucky, Logan c. Murray; Virginia, S.
w. Traverse; New York w. Z. Dodge;
Indiana, H. H. Hanna; California,
John P. Irish.
Hon. j. H. Walker of Massachusetts,
chairman of the house committee on
banking and currency in the present
congress, was invited to address the
convention, which he consented to do.
We meet under circumstances that
always attend an- convention or as
sembly of citizens seeking what they
believe to be q great reform OF exist
ing evils. Before entering upon the
merits OF the question, it is best for
US TO examine a little of its elements.
Mr.. Walker here took up and defined
what constituted d bank of loan and
discount and a currency note and the
uses, requirements. etc, of the latter.
He gave statistics of the currency per
capita that existed in AGRICULTURAL
states during the period before 1860 ard
said If justice was done it should be
as high today as during that period.
He continued, in part, as follows.
1t must be remembered that if a
bank should decline to keep on deposit
any part Of its loans and discounts and
issue currency instead, it would make
the same number of dollars on its loans
- I, 81.
the practice of today, for the reason
that no checks or drafts could then
be made uD on the banks. Requiring
all banks to invest 4 very large part
of their capital in bonds in order to
secure circulation works great hard
ship and Injustice. The high interest
localities of the south and west are
justified in their complaint of the na-
tioral banking law There is con-
stantly and needlessly locked up in
the, United States treasury millions of
currency with other millions upon mil
lions OF currency needlessly congested
in the city of New York and other
cities. Panics are also arising from a
currency famine which is wholly in
eXcusable, and would be impossible
under q proper system OF Issuing cur
lency. 1t Is the opinion of many con-
servaiive men that had proper amend
ments been made to the national bank
ing act between 1861 and 1875 to bring
it into harmony with the best features
and practice of the world this country
never would have been vexed by a
Greenback question, nor by any form
Of demand for an unlimited coinage of
silver
This convention needs to take no
coSnizance OF the coinage question, for
If the banking question is properly set
tied the coinage will take care of it
self. The practical question of this
convention is TO consider what ought
to be done to correct the existing evils |
OF our financial system. I answer we
ought to be satisfied with nothing that
does not relieve the treasury of the /
United States absolutely and forever /
from any responsibility for the cur
rent redemption" of any form of paper
money. and that at once. Bankers |
must be allowed to manage the bank I
ing business of the country as the 1
farmers the business of farming. the /
cotton manufacturers the cotton busi- /
ness; the woollen, the WOollen business, I
and every other business is managed /
and independently of the government. /
other than in the supervision OF the /
banks as now The national banking |
act must be made as liberal as it is /
possible to make it, consistently with |
safe banking.
It seems to me the only practical So !
luton of the question is to put the |
current redemption" of the legal-ten- |
rency proDortionately upon the banks (
of the country, where it is in every
Then, in justice to them and
n nnpOSafa them for car.x-ioa olIo-t-