Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-01-16

| OF Indiana, where, last autumn. the vic
| tory was Won for the honor Of the ma
| ton. Let us approach the grave subject
| that are to be brought before us with n
F; pride of opinion, but in the spirit of tha
| old maxim which tells us: In the thing
| necessary, there should be unity; in thing
doubtful, liberty; and in all things, char
ity But let Us refuse to recommend an
compromise of principle, for such com
| promises have always failed to accom-
plish their desired end, because of thei
inherent inability to destroy the irritatin;
! cause, and because OF their essential in
applicability to changed conditions ant
circumstances.
We need for domestic purposes a cur
rency of stable value and of full purchas
ing power, which shall be neither relun
dant nor contracting. and which shal
flow into the channels of trade when nt
as the interests of the country may re
quire.
Invitation. 10 Capital.
The continued development of the wes
and south demands that the surplus cap
ital of the world should be brought here
for remunerative investment. 1t is in nc
''NAioC iiiSoii5i'tASIil
the home market that we look forward te
the growth and increase of our foreign
commerce so THAI our agricultural min
ing and manufacturing products shall f!nG
that larger market which will give tC
American industry greater returns Fol
our international relations we need there
fore a currency which shall be of full
value in the markets OF the world. We
may differ as TO questions Of protection OF
revenue reform but can agree that the
government must have a revenue ade-
quate to its necessary expenditures, and
with a surplus sufficient to provide for
possible contingencies. We can agree that
as revenue must be raised by taxation,
that taxation should be so imposed 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 values shall be maintained.
We can agree that bimetallism would be
desirable if it can be secured by inter1a-
tional treaty and be made practically eff
fective. We can agree that there ought
to be an enlarged and increased use of
silver coin. convertible at par into ,-old.
We can agree that when notes are out
standing. provision should be made by
law for the maintenance of an ade4,i;,1e
gold reserve. specifically pledged for The
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 unsl1illful and
unfaithful management, yet no holder OF
a national bank note has ever had occa-
sion to inquire what bank issued the note,
or has ever lost any part Of the amount
Of that note. And. chiefly we can agree
that the right solution Of the currency
question is of grave Importance, and
should be the subject of more deliberate
and detailed consideration than this con-
vention can at its present session extend
to it, and may properly be referred to such
method of investigation as you in JOur
wisdom may direct. Upon all these ques-
tions it is for you to determine the action
Of the convention. Let US raise a standard
to which the wise and honest of all par
ties can repair.
The nation has survived the shock of
foreign and civil war; it has overcome the
Of influence Of the expan-
sion of territory and the growth of popu-
lation; it has successfully resisted the at
tempt to lower the standard Of value.
Let US have confidence enough in the peo-
pie and faith enough in our free insgtu-
items to believe that in the future, as in
the past the people will rightly determine
the questions which shall be submitted TO
them
Upon the conclusion Of the address of
the permanent chairman, the committee
on rules and order Of business reported,
limiting the time Of debate on resolutions
etc.
The secretary then read the list of vice
presidents and members Of the commit,
tee on resolutions, which included the fol-
lowing: Texas. S. d. Scudder. vice pres
ident: NJ. l.. Crawford. committeeman;
Montana, A. NJ. Hotter and T. c. Power
walker ON ssnni<ing.
At this iuncture calls were made for
j. H. Walker chairman of the hou SO
on banking 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 national
treasury absolutely and forever from any
for the current redemp-
ton of any form of paper money and
that at once.
He said bonds must be banishel from
any connection with the monetary system
and 'tnat bankers must be allowed to
the banking business of the co11n-
try as the farmer does the business of
farming, and as all other business is man
aged-independently Of the government.
He said the national bank act must be
made as liberal IS it was possible TO make
it consistent with safe banking. He said
any two banks in the country
could be managed in their details exactly
alike or safely issue the same amount of
He said the largest discrimination must
be left with the comptroller of the cur
rency, and that some means must be de
vised to furnish the country a board Of
supervisors; Of the whole national banking
system as in other countries, and that also
must have the widest discrimination.
Mr.. Walker declared that the whole
must bring pressure to bear upon
congress that would compel a thorough
of the system.
A the conclusion of Mr. Walker S
speech, -he convention took a recess until
o'clock.
At the I>Isnt Session.
The first action Of tonight's session was
l speech by John Harson Rhodes of the
BOARD Of commerce of New York city lie
pictured the present situation as very
grave. and asserted that the government
should retire from the issue Of currency
A flood Of propositions for the reform Of
he currency was submitted and referred
% the committee ON resolutions.
A good deal of Importance attached to a
)lan reported by Chairman Hanna of the
ia tional monetary commission. 1t pro-
Tides for the creation of a commission to
)e called the monetary committee. to con-
'ist of II members, these to be appointed
)y the conference. This commission is to
make a thorough investigation as to the
financial needs and when its delibera tions
ire through it is empowered to call the
conference together to hear its report.
INl,, 10 hDt