The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-01-20
CURRENCY REFORM.
Monetary Conference at Indianap-
oils Maps Out Plan.
Demands Maintenance of Gold Standard
AMI Retirement of Observation-Disclosures
the President Empowered to APP
point Monetary Commission.


the President Empowered to APP
point a Monetary Commission.
Indianapolis, Ind, Jan. 14.-The ma
tional monetary convention which has
been in session here two days on
Wednesday afternoon adopted declar-
alton of what legislation in it's opinion
is needed upon the subject by prac-
tically unanimous vote. This declara-
ton included demand for the main
tenance of the gold standard and
the retirement of the demand obIiga-
tons of the government. Accompany
Ing this was a proposition for the APP
pointment of a commission to investi-
gate and report by bill or otherwise
upon the evils and remedies of the cur
rency system. This was the unanimous
conclusion of the committee on resolu-
tions, and the recommendations of the
committee were affirmed by the sub
stantially unanimous vote of the con-
vention. This was not secured, how
ever, without much opposition, and an
exceedingly animated debate, with
short controversies between Congress-
man Fowler, of New Jersey, and State
Assemblyman Roots, of Indiana, and
Congressman Walker, of Massachusetts,
and John Harsen Rhoades, of New
York.
Fowler's Address.
The feature of the morning session
was a speech by Congressman Fowler
in which he outlined the causes of the
present financial ills and the remedy
therefor.
Mr. Fowler said that there were three
ways of escaping national bankruptcy at
some time If the present plan is to De con-
tinued. First, we can assume full func-
tons of banking, step which is altogethe-
Ut of the question. Second we can tax the
people whenever the emergency arises,
which must prove. II always has. most
expensive and burdensome policy, and one
to which the people will not long submit.
Third, the retirement of the demand obi
cations of the government, policy that is
clearly demanded by our own experience
an, approved by that of other nations as
ou- only remedy.
The speakers reference to Cleveland and
Mckinley were loudly applauded.
Resolutions Committee Reports
The conference reassembled at 4:30
p. N. NJ. E. ingalls,, of Cincinnati, read
the report of the committee on resoiu-
tions. 1t follows:
The Report.
This conference declares that it has be-
come absolutely necessary that a consis-
tent. straightforward and deliberately
Planned monetary system shall be inaugu-
rated, the fundamental basis or which
should bs:
..First-That the present gold standard
should be maintained.
"Second-That steps should be taken to in
sure the ultimat retirement Of all classes Of
Cnlted States notes by gradual and steady
process, and so as to avoid injurious con-
traction of the currency or disturbance OF
ths business interests of the country, and
tnc- until such retirement provision should
BE made for a separation of the revenue
and note issue departments of the treasury
"Third-That banking system be pro-
vided which should furnish credit facilities
TO every portion of the country. and safe
and elastic circulation, and especially with
a view of securing such distribution of
the loanable capital of the country as will
tend TO equaliZe the rates of interest in all
parts thereof. For the purpose of effec-
lively promoting the above objects.
Resolved, That Is members of this con-
ference be appointed by the chairman to
act as an executive committee while this
convention is not in session. with full pow
ers of this convention. The executive COM
mittee shall have the power to increase its
membership to any number not exceeding
As and five members thereof shall at all
times constitute quorum OF said commit
tee.
The executive committee shall have
special charge of the solicitation, receipt
al disbursement of contributions volun-
tsrily made for all purposes; shall have the
rowe- to call this convention together again
when and where II may seem best to said
committee to do so. and said committee
shall continue IN office, with power to Till
vacancies. until discharged at a future
meeting of this convention.
Resolved. Thatit shall be the duty of this
executive committee to endeavor to pro-
cure at the special session of congress
which it is understood will be called IN
March next, legislation calling for the APP
pointment of a monetary commission by
the president to consider the entire ques
lion, and to report TO congress at the ear
lest day possible, or failing to secure the
above legislation. they are hereby author
Izeo and empowered to select commission
of all members. according to rules and
plans set forth in the suggestions submit
Ted to the convention by Mr. Hanna or
Indianapolis. as follows:
Plan of Organization.
Article l. The commission shall consis,
CT II members. to be named by the execu-
live committee appointed by ills conveu-
ton. The executive committee shall have
rover to fill vacancies in the commission
as they may occur.
Article 2 The first meeting c. the COM
mission shall be held at a time and place
To be designated by the executive commit
tee of this convention in call to be issued
therefor. and at such meeting the COM
mission shall organize ! Y the election OF
yuc.- officers and the adoption of sucn
rules and bylaws for it's own government
a. may be agreed by majority of its
members: and thereafter It shall be gov
erned by such rules and bylaws subject
10 these articles.
olo of he
commission and all its proceedings shall
be directed towards the accomplishment
of the objects Of its creation, which Is to
make a thorough investigation OF the
monetary affairs and needs of this country.
and all relations and aspects, and to make
appropriate suggestions as to any evils
found to exist and the remedies therefor.
and no limit is placed upon the scope of