The Indianapolis journal., 1897-01-18
THE WORK SUMMED UP.
indianapolis Money Conference Has
Done 81 Public Service.
York Post.

Altogether the conference may be con-
sidered "A great success. exceeding the eX-
pectationS of those who initiated it. So
FAR as the declaration of principles Is con-
cerred there was absolute unanimity, the
expression OF which was marked by the
greatest enthusiasm. The maintenance OF
the gold standard and the redemption and
retirement of the governments legal-ten-
der notes and their replacement by bank
notes were the three points of doctrine
which brought the delegates together on
a common platform. The unanimity OF
the conference on these points teaches the
important lessen that the men of affairs
I'm the United States have made up their
minds on these subjects, that their con-
clusions have been the result of experience,
and that they are now prepared 10 battle
for the policy that they believe To be nee
esary TO prosperity in business. Inasmuch
as this conference was spontaneous gath
ering. being as far as possible removed
from "A put-up job and having no oonceiV-
able object except the public veal. Its ac-
tion must have "a wide and beneficial infiu-
ence. IL is a part of the programme also
TO push the work happily begun, by
means of a permanent organization en-
bracing the whole country, and not to de-
sst until the currency question Is settled
on basis conformabIe 10 the experience
OF the civilized world
The mode of procedure adopted in this
important undertaking was evidently the
result of compromise between two op-
posing views of policy. One of these con-
templatcd the immediate appointment OF a
commission by the conference itself to in
vestigate and report plan of currency
gress TO pass a bill for the appointment of
such commission by the President. The
plan actually adopted provides for both
that is, IL will memorialiZe Congress, at
the session which is expected to be called
I'm March. to provide for the appointment
of such a commission faiiing which the
executive committee of the conference shall
appoint one consisting of eleven members
Ito make "a thorough investigation of the
monetary affairs and needs of this country
I'm all relations and aspects. and TO make
appropriate suggestions as TO any evils
1ounu 10 eXist anu thS Ieneulss thereIoI
and no limit Is placed upon The scope oil
such inquiry or the manner OF conducting
the same. excepting only that the expenses
thereof shall not exceed the sums set apart
for such purpose by the executive commit
tee"
Congressman Walker. chairman of tho
House committee on banking and currency
opposed this plan involving too much
delay. He thought that the present Con
SresS ought to take the ihitlai Stei, because
IT IL were postponed TO the Fifty-nfth Con
greSs. II would be practically carried over
to the Fifty-siNth. The answer 10 this is
that nothing prevents the present Con
gress from acting on the lines suggested
and that Mr. Walker is the very man t1
set the ball rolling. He is the organ of the
committee that has this matter IN charge
II be can induce the present Congress 10
take such action. we shall applaud him &c
the ecno ana we think We might safei!
guarantee that no objection would be
raised by any member of the Indianapot lis
committee.
Mr. Fowler. of New Jersey. proposed thai
be appointed to cooperate with the com
mitteeS OF Congress in the preparation OF
necdful measures. This was rejected since
1t believed to he impractica BILE to con
stitute n working committee in that way
Although Mr.. FOwlers motion was no
agreed to. ne won the hearty applause o
the convention for his speech. which seem.
TO have been Of uncommon excellence. II,
said that national bankruptcy would some
day bcfail us unless the government should
20 on and assume the functions of a banl
of discount We'll a bank of issue o
should provide 2 system OF taxation Will
special reference TO the gold reserve. o
and leave the banking business TO th
banks exclusively. The latter he contendeC
was the only safe policy. Government note.
were not only the most hazardous but tn
most expensive kind of currency.
This is "A proposition which is very likel,
TO he disputed. but what are the facts? : IN
ply these. that the government suspended
payment ON its demand notes for seventeen
years in succession. whereas i'm not NOR
be accounted necessary. on the other hand
the longest bank suspension the Countr,
ever experienced was only four years. ant
even that prccipitated by the govern
mcnt itself. MIR. FOwieTs : proposition cal
be easily maintained. The government i
liable 70 suspend at any time II woul,
have suspended two or three times sine
the statute books which C5n sress would no
now have passed. In other words If tn
credit OF the lcSal-tender notes had depend
ed upon aay Congress that have had il
recent years. 10 could not have been main
tanned. We should have been bankrupt be
fore now and wallowing in free silver an,
irredeemable paper.