Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1897-01-22
NEW PLAN OF FINANCE
WORK OF THE CONFERENCE AT
INDIANAPOLIS.
Declares for Gold, for the Rctir cment
of Treasury Notes, for Freer Hank-
ing and for q Monetary Commission
to Suggest Reforms.
The Scheme in petoil,

The Scheme in Detail.
The work of the monetary conference ut
Indianapolis is finished.
After all the States had submitted plans
for reforming the currency. it was clear
thai there was no substantial agreement
as to what should be done, and that there
was considerable difference of opinion as
to the proper mode of procedure. The
committee on resolutions. composed of one
delegate from each State. examined care
fully all the manuscripts filed with it,
and, after u session of twelve hours, the
following resolutions We're unanimously
recommended:
This convention declares that it has be-
come absolutely necessary that Il consistent.
straightforward and deliberately planned
monetary system shall lie inauguratcd. the
fundamental basis of which should be:
1. That the present gold standard should
be maintained.
.. That steps should be taken to insure
the ultimate retirement of all classes of Uni.
ted States notes by II gradual and steady
process. and So as to avoid injurious contrac-
tion of currency or disturbance of the bust
ness interests OF the country. ani that until
such retirement provision shall be made for
IL separation of the revenue and note issue
departments of the treasury.
!. That a banking system be provided
which should. furnish credit facilities To cv-
/ ~ poiAiou u tnV country. itllu ilI tltStit Nll-
culation, especially with Il view of securing
such II distribution of the loannble capital of
the country as will tend to c~Iualize the rates
of interest in all parts thereof. For the pur-
pose of ctfectually promoting the above OBJ
jec,s:
Resolved, That fifteen members of this
convention be appointed by the Chairman
to act as an executive committee while this
convention is not in sessiun-with the full.
powers of this convention. The executive
committee shall have the power to increase
\ IN SIi In 81 t,y tr.1u ,tn ,nn1t Yr
forty-tivc. and five members thereof shall at
aI! times constitute a quorum of said COM
mittee.
The Executive Committee shall have spe-
cial Charge of the solicitation. receipt and
disbursement of contributions Voluntarily
made for all purposes; shall have power To
can THIS convention together again, when
and whore it may seem best To said commit
tee to do 80, and said committee shall con-
tlh,ie In office. with power To fill vacancies.
thtil discharged MT Il future meeting of this
convcn,icIi.
Resolved. That it shall be the duty of this
Executive Committee To ondcavor L" procure
ut The special session of Congress which, it
Is understood, will he called in March next.
legislation calling for the appointment of II
monetary commission by the President to
consider the entire question, ana To report 10
Congress at tho carlirs; day possible; or,
l;tih,% To secure thc above legislation. they
are hereby authorized and empowered to So
iect Il commission of eleven members. ac-
cpriiins TO the rules and plans set foril, in
The suggestions Submitted TO the convention
by Mr.. Hanna. of indianapolis. Az follows:
Article L. The commission shall consist of
eleven members. To he named by the l!Necu-
Tive Committee appointed ly this convene
tioh. The Executive Committee shall have
power 10 I'LL vacancies in the commission as
tlleE may Occur.
si"i. slinll be held al IL time and place to he
designated by the Executive Committee of
,ilis convention in u call to be issued there
for; and ut such meeting the commission
Shall organize by the election of such officers
and the adoption of such rules and bylaws
Tor MS own government as mas. be agreed
ny !, majority of Its members, and thereafter
It shall be governed by sucll rules and by
laws. subject to these articles.
Arr. ). All rules and bylaws of the COM
mission and all lis proceedings shall he di-
fccted toward the accomplishment of the oh
lcct OF ils crcItion. which is To make II
thorough investigation of the monetary af-
faiis and needs of this country. in all rcla-
inns and aspects, and to make appropriate
suggestions as to any evils found To exist.
ana The remedies therefor: and no limit l..
placed upon the scope If stich inquiry. or
me manner of conducting the sumo. cxcept-
irs only that the expenses thereof shall not
exceed the sums set apart for such purpose
by, The ESmcutiye Committee.
! Art. 4. The ENcautive COMMITTEES of tlis
convention siiall use so much Of the. volun.
t;!r% contributions made 10 ii AS may he avail
a'ie 1"r maj purpose. TO defray ai necessary
.Npeilses Of i'ie commission. and shall notify
the commission from time To time of the
amount 81 available. in order that 1t may
reg,llaic its expenditures accordingly; and
NJ ilibliliN silall attach TO said committee or
notified.
ART. 3. When the iahors of this commission
nave been completed 50 far as practicable.
IN" Executive Committee. if 1t deems if nd.
Nisiiblc. shal! issue y call to bring tli. CON
Nrnii'n together again nj II time and place
H"Sigliiied IN such call. and at thc meeting
~ golyGnrl me commission shall make re-
l'"ri oil It's d"insS. and suggestions in such
hi;ilihei end form rs it shall deem best
;''piel Ia present I" this convention and
u.s. n,ai'nsrs loi action; and. if legislation is
'iei'ci ilnlosSihle. shall accompany such re-
pprl Viii, Il draft OF such bill or bills proyil-
i'ls Lon such l"slslrtion.
lsriolF."i. Tiat all resolutions and com
iiliheitinls as 70 methods of currency re-
i"fil which have iccn presented To this CON
.~1iiiioa be referred to such commission
WHOM formed.
lniS plan was put together by W. Is.
i'odge Of Minneapolis. NJ. Il. Ingalls, of
t}Aio. Rufus u. Bullock Of Georgia. y. IL.
Fletcher Of Michigan an! Charles i. Lib
hey Of Mtine. In committee there WAS ~
long debate.
j. III. Walker OF Massachusetts. chair
man OF the Committee on Banking and
Currency of the national House of Rep
rViehtatlvcs. attacked the plan. He de-
cl:ired shat but for this convention Com
sress would have ONO forward Will,
some scheme for the reformation of the
currency system.
Congressman Fowler of New Jersey de-
clilred thai amy commission appointed by
the convention or ar its suggestion would
seem to the Committee on Currency and
Banking and the Senate Finance Commit
tee as bearing the assumption that the
members of those committees are not able
to draw y bill for bringing about the re-
form sought. 'sTllc members of Congress
nrc not absolutely ignorant" said he. "and
al! the wisdom Of the country is not out
side"
j. II. Rhodes of Massachusetts sustoin-
ed the plan in a speech that charged Con-
crosses for ten years back with indiffer-
encc to petitions. appeals and popular
demand.
There was n%proarious applause from all
parts of the hall. When it had subsidized
Mr.. Walker said: "If this sentiment is to
be %applauded in this convention, L have
nothing more to say
The previous question was demanded.
Congressman Fowler. seeing that the con-
| vention was against him, Withdrew his
! nronnSed 0menlmant to tho rono,4 -.