New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-15
THE BANKERS AGITATION.

The INDIANAPOLIS Convention erded with just
such impra cticable non-action as might have been
expected. The body did not represent the people
of the United States nor any considerable part
of them. 1t was a faint penumbra of the worst
beaten Administration in American HISTORIAN
Administration which found EOt tenth OF its
party friends to uphold it, President Cleveland
has been trying for years to make effective war
on the National currency, in order TO make room
for State banks which he earnestly recommend
ed His utter failure, not only with Repub
leans but with his own party. might have adj
monished theorists and bankers that there was
a powerful public opinion in his way. But the
bankers and theorists. nevertheless. assembled
the indianapolis Convention TO set in motion
new agitation of the money question. which is
about as untimely it possibly could be. The
convention ended. might have been expected
in protests by the only practical legislators pres
ent against the action proposed. even though
some of them were passiOnatcly in favor OF the
main object sought. The men who find it easy
10 believe that their individual wishes and in
terests are the wishes and interests of all the
people of the country apt to consider their
way of getting things done the only way.
In years gone by it used to be quite the fash
ion at the West to assemble conventions and
local or private interests in order to instruct
Congress what 10 do Ii was the prevalent no
ton that members of Congress were elected. not
10 exercise any judgment Of their own. but to
hold their ears TO the ground and hear what
voluntary asse nbages of self-appointed dele
gates might demand In the slow progress of
National education it has been perceived by
many persons that. after all, the man elected as
hos cd no a higher
authority and mandate than any convention has
or can give. and that he is bound by his oath Of
Office TO act as his own best judgment dictates
for the welfare of the country. Then the vOlun-
tary convention gradually relapsed into its true
place as somewhat less authoritative than an
election and nowadays members Of Congress are
sufficiently enlightened 80 observe that the per-
sons who want to instruct Congressman are
usually those who failed to elect them.
The convention resolved that the gold standard
should be maintained that all classes Of United
States notes should be retired and 1.-The revenue
land note issue departments Of the Treasury
should be separated" and
That a banking system be provided which
should furnish credit facilities to every portion
Of the country, and safe and elastic circulation,
and especially with a view to securing such dis
tribution OF the loanable capital Of the country
as will tend to eQualize the rates of interest in
all parts thereof.
These are the objects; the first already ordered
by the people, the second directly opposed to the
will Of the people expressed at the last election.
and the third so vague as to be Incompetent
sbe The convention therefore decided to ap-
point committee Of fifteen, to be swelled by
Itself 10 forty-fve, Of which five shall be
quorum, to possess all the powers Of the cOnven-
ton, which Is not large estate. This commit
tee is ordered to try to get appointed monetary
commission TO study up the whole subject. and
investigate the monetary affairs and needs Of
the country in all their relations and aspects
and then call a second convention TO hear what
1t has TO say. 1t was very sensibly objected
by practical men that this performance would
put Off any action until the day after never, as
the investigation ordered could not be completed
within the lifetime Of any one generation Mr..
Fowler. Of Ncw-Jersey. also ventured to suggest
that Congress has some knowledge and some
poy~.r. but the convention thought the discus