Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-01-15
CURRENCY REFORM.
Many Plans Presented at the Mon
etary Conference.
THE SESSION is LARGELY ATTENDED.
Many Distinguished Men Are Present.
4 Organization Is Effected-Some of tho
Propositions offered by
DcleGates.

etary convention, which opened in Tom
linson hall Tuesday afternoon, has
brought to the city large and distin-
guished gathering of representative
American business men. Gov. Asa
Bushnell heads the Ohio delegation,
and Sam p. Sheerin, for many years
secretary of the democratic national
committee, that from this state. From
Chicago comes Lyman j. Gage, the
noted fnancicr and president of the
First national bank; John j. Mitchell,
another big banker; Michael Cudahy,
the packer. and George II. Webster,
until recently the right-hand partner
of P. d. Armour. Cincinnati's most
prominent representative is NJ. L. In
gals, president of the Big Four rail
road. Ex-Congressman Joseph H..
Cultivate heads the delegation from
Columbus, o., and Augustus L. Wilson
that from the Louisville board of trade
and allied organizations. Kansas City
sends about dozen of its most promi-
nent commercial men. Other cities
represented are Detroit, Buffalo, St.
Paul, Boston, Nashville, Tenn; Milwau-
cation from which is headed by the
governor of the state, o. Vincent COT
in); Hartford, Conn; Youngstown, o.,
and st. Louis.
How 1t Originated.
! The convention, which is expected to
have potent influence upon the finan-
cial policy of the incoming national adj
ministration and the congress that as
sembles in March next, had its origin in
a conference OF representatives of COM
mercial bodies of this city, Chicago, ST.
Louis, Cincinnati, Milwaukee, Mime
apolis, st. Paul. Louisville, Columbus,
cleveland, Toledo and Grand Rapids,
held here December 1. At this confer
ence, after free interchange of opin-
ions between republicans, gold demo-
Gratis and silver democrats,it was unan-
imously agreed that remedy should
be sought from congress for the ills at
tending the present currency and bank
ing system, and that to this end there
should be held a strictly nonpartisan
convention of representative men
chosen from boards of trade, chambers
of commerce, commercial clubs or
similar commercial bodies for the pur-
pose of considering and suggesting
such legislation as in their judgment
would be necessary to place the cur
Irency system of the country upon a
sound and permanent basis.
! A few minutes after two o'clock Hugh
II. Hanna, chairman of the executive
committee, called the convention to
order and introduced 2. O. Stanard,
ex-governor of Missouri, who had been
selected as temporary chairman. Mr..
Stanard spoke in part as follows:
Address of Temporary Chairman:
| Ex-Gov. stanard began by reviewing the
steps which led to the convention. He
then said: 1T is not my purpose on this
occasion to suggest any given line of pol
Icy to be pursued In remedying the evils
OF which complaint has been made, or that
may be suggested here or hereafter. But
j may mention-to my mind-some of the
most glaring defects in our financial sys-
tenn.
THE present financial methods of our
government are largely those adopted dur
ing the war when there were great emer-
9encies. I believe there is very strong
and constantly increasing conviction
among our people that some method should
be adopted for the retirement of the United
States and treasury notes and that they
should not much longer be tolerated as
circulating medium. They are constant
menace to our treasury reserve and to the
credit of the government, and when en-.
croachments are made upon these reserves
commerce stands in fear and trembling.
Retirement of Notes.
'"There seems to be well defined convic.
ton among business men from the ex-
perience Of the past that there should be nc
notes in circulation which should not be re.
tired and Cancelled when their office has
once been fulfilled. Whether these
notes should be retired at once or gradual.
ly. l am not disposed to say, but of the
necessity of their retirement think there
can be no question. / would retire then
by the sale of long government bonds at 6
low rate of interest, If there can be M
from circulation.
While 1 am mentioning some Of the de-
fects, as believe. of our monetary system
which come to my mind, would say thai
u see no reason why our national banking
law should not be so amended as to allow
the national banks to issue notes I'D to tn,
Oar value of the bonds which they hold a.
q basis for their issue, instead of issuing
as they are now compelled to do. only 81
per cent. of the par value of the bonds tina
cost them perhaps 11S to 12O.
Then there is tax of one per cent OF
the issue of national bank circulation ant
see no necessity for so large a tax a
this, as 1t must ultimately be paid by tn
borrower. believe the tax should be re
duced to one-fourth of one per cent.
Use of More Silver and Gold.
There are many suggestions of re
form. One is to withdraw all paper none,
under the denomination Of ten dollars
thereby forcing larger volume of silve
and gold to circulate in the hands of tn
people, and believe this is well worthy o
favorable consideration.
IT am sure the banker, merchant, pro
zessional man, manufacturer, farmer
miner. artisan, mechanic and laborer a.
have a community of interest In the caus
wo are here to promote In the languag
OF Benjamin Franklin: We must all han
together II we would not all hang ser
0rated.'"
that the greenbacks should be retired
that national banks should be permit
ted to issue notes up to the par value o
bonds deposited to secure their pay
ment; that paper notes of less tina
five or ten dollars should be circulate
In the interest of a more general use q
silver, met the general approval of tn
delegates.
] The COMMITTEES provided for in the ri
port OF Ine executive committee Wer
then appointed, the following bein
chairmen, respectively: On permanen
organization, E. B. Martindale, of Ind
ana; on rules and order of business, /
". Smalley, of Minnesota; on creder
tials, w. 81. Anderson, of Michigan. Th
committees Immediately retired fo
business, and while they We're gone e.
5ecretary c. S. Fairchild, of New Yorl
was introduced and addressed the COZ
vention. He was followed by HoI
1nhu Irish of California