The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13
THE BALTIMORE PLAN
Urged as n Basis for the New Mon
etary System.


Mr.. Irish. of California. offered a resolu-
ton on behalf of the Bankers Association
of California. as an expression of its sense
of what is the duty of the conventions:
Resolved. That the standard of value of
the United States should continue TO be the
dollar containing 25.s grains of gold. goo fine.
and that the attempt by any legislation to
lower that standard would be disastrous to
the future welfare of every class of our
citizens: that silver and governmental paper
as forms of currency can only he used with
safety in such quantities as will be absorbed
by the people and will remain in circulation
continually. without throwing upon the
government at any time the burden of re-
demption to maintain a parity" This reso-
luton was reafirmed Dec. 10 last in another
resolution. Dir. Irish also referred without
of the ID. o. Mills Bank. of San Francisco.
Eugene lowering, of Baltimore. was
heard with interest. II hold IN my hand,
said he. "a resolution which / desire TO read
on behalf of the Baltimore delegation. We
come from a city the conservatism of which
is illustrated In the fact that we have not
tApplause.) We have come to this conven-
ton on the theory that the country knows
what that need is, and we hope we will have
the courage to name il. We are not here to
theorize. nor do I think we should hand
this matter over into the dim future and
thus disappoint the expectations OF this en-
tire country. which relies on us. II was
rightly said on this platform that In coming
together we have voluntarily assumed a
most serious responsibility. Therefore 1
beg of you 10 offer the following resolu-
tons:
Resolved. That the Baltimore delegation
composed OF Representatives from the
Baltimore Board OF Trade. Chamber of
Commerce and the Merchants and Manu-
facturers' Association to the indianapolis
monetary conference. recommends as alb
solutely necessary for the promotion of Ma
tiondl prosperity. the preservation OF
sound money and the attainment of cur
rsney reform mat Nao11nai reGIsiauYh
II. A positive declaration TO maintain
the gold standard.
all United States legal tepder notes. thus
relieving the government of the necessity.
and placing. upon the banks OF the country
the obligation of supplying the gold re-
quired TO meet the demands Of finance
and commerce.
q. TO avoid undue contraction in the
volume of money by reason of such re-
demption. the simultaneous creation of a
bank currency. safe. uniform and elastic.
sections OF the country: the principles of
scientific banking. as set forth in the Balti-
more plan. furnishing a basis therefor"
POSTAL SAVINGS BANK.
Mr.. Scudder. OF Texas, had the following
read:
conference II is expedient that the govern
ment should establish a system of postal
savings banks IN connection with the POST
Office Department. 10 the end that small
savings may he properly cared for subject
to call. thousands of dollars now boarded
or hidden away may thus be coaxed into
the legitimate channels of trade"
Mr.. Scudder-lf | had the tongue and the
voice Of an Irish l might be able TO con-
sumo the i've minutes allotted 20 me under
the rules. but being neither IN orator nor
the son of an orator. i Will say "A few
plain words as a plain business man. You
all know that the people are looking To us
for suggestions respecting remedial legis-
lation and I beg of you. that while YOU
consider the larger interests Of the banks
and of the national currency you Will give
a thought TO the smaller channels of this
country's currency. The Old maxim. take
care OF the penny and the dollar will take
care OF itself. was ably adapted by the ell
oquent speaker from New York In the mat
ter of quality and quantity. | believe we
should look 10 the smaller things as well
a. 10 the larger things ~ this Nation.
-Nr. Teeterman. Of Savannah. presented n
plan on the order OF the plan
offered by the Baltimore delegation. This
plan declared that the first step towards
currency reform Is 10 withdraw from cir
culation the United States notes and treas
ury notes OF 1880. either by issuing inter-
est bonds TO purchase gold for redemption
or that the government shall not pay out
or reissue any OF the above mentioned
notes. but shall cancel or DESTROY them
when received. IL called for the repeal of
the national banking act requiring the de-
post or bonds. that the present 1O-per-
cent. tax on State Dank-note ISSUES be re-
pealed: that all banks OF not less than $50
Wv capital, excepting savings and private