The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-01-28
A FINANCIAL SYSTEM
ontllneI by the National Board OfTrads,
In Session ut Warrington.

In Session Ut Warrington
WASHINGTON, Jan. 27.-The nation
al board OF trade at its meeting to-day
adopted the report OF the committee on
banking laws. It was the opinion OF
the committee that there should be es-
tabllshed a consistent and dellberatively
planned financial system. The plan pre-
sented was briefly as follows:
First that gold coin shall remain the
standard money; second that steps
should be taken to retire all United
States notes in such way as not 10 dis
turb business relations; that national
banks should be allowed to issue cur
rency TO the par value of the bonds and
the tax on circulation be reduced, and
that banks be allowed to issue currency
based on assets under such national Su-
pervlsion and restriction az win make II
safe. elastic and redeemable In gold at
banks OF issue and at the city OF New
York. Third, that such banks OF issue
with a capital OF 100000 or more be au-
thnrized to be established In towns ana
villages OF less than 5000 population.
The committee on the subject or
monetary commission made a report In
which Congress IS asked 10 create 4 com
MISSION tUllSlaL VI Eli-h CT liNA 7gAA' ~ ~
appointed by the President, TWO Of whom
shall be selected from the senate commit
tee on finance and two from the house
banking and currency committee. OF
the other seven members two snail be
bankers OF recognized experience ana
ability; two agriculturists OF prominence,
two merchants or manufacturers OF
standing, the remaining member to be
selected on account OF his recognized
ability and learning In the science OF poll
tlcal economy. In no event shall more
than six members be of the same politl-
cal party.
1t is 10 be the duty OF this commission
"a enter upon thorough and conpre-
hensive consideration df the currency
and banking affairs OF the United States
and laws relating thereto. on or before
January /, 1885 they shaii make 4 con-
cise and exact report OF their dellbera-
tions to the Congress together with
proper bill designed to carry their recon-
mendatlons into effect.
In case Congress. for any reason fails
to authorize the appointment or TINS
commission, the board declared Its ap-
proval OF the alternative plan OF the IN
dlanapolis convention t. appoint such
commission itself The committee 10
which was referred the subjects Of ~
monetary unit" and international coin,
made a repnrt fayoring the change OF the
coins OF the United States. or Great Brit
ain and OF Germany, so as 10 correspond
10 the common unit nf France. Spain and
other European countries which contain
twenty-five grains OF gold uine.tenths
fine, equal IN value to the French iiVe-
franc piece the passage Of the OIL now
before Congress for an International com
WAS recommended The passage of The
Torrey bankruptcy hill and the estab-
llshment Of a department of commerce
were also favored.
The following resolution was adopteu
IN regard 10 the Nlcaraguan canal
'Resnlved, That the national board, OF
trade relterates its deep conviction thlt
the construction OF the Nicaraguan canal
is OF the highest importance to the COM
mercia! interests; tha. such waterway
will stimulate and encourage commerce
both between parts of our country re-
rnntr from each other and foreign coun-
tries and viii afford incalculable advan-
tage to the government In the event OF
foreign war"
A resolution endorsing reciprocity win
foreign countries was adopted without
comment. and then Ex-Governor Patti
SON. OF Pennsylvania, offered = resolu-
tlnn which was adopted, providing ior
one form OF six years without eligibility
Tor a succeeding term for the President
OF the United states.
The board then adjourned