The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-01-13
Must Have No Connection With
Monetary System,
Says j. I'll. Walker, at the Money
Conference
HIS STARTLING WORDS
Declares Bankers Must Manage
the COuntry's Business.
And National Bank Act Must Be
Made Liberal.

Indianapolis, Jan. 13.-Chairman Hugh
Hanna of the executive committee of
the monetary conference called that
body to order yesterday afternoon at
240. At that time there were in the
room over 800 delegates, who repre-
sent business interests that run up into
the hundreds of millions.
1t was a fine looking body of men,
whose object is to attempt to reform
the governments currency system. The
meeting was opened with prayer by the
Rev. NJ. L. Haynes of the First Pres
byterian church. Then Mr.. Hanna de-
hvered brief welcoming address and
Temporary Chairman Jacob w Smith
read the call sent out by the executive
committee. Next came the recon-
mendatiOns of the committee for the
temporary organization, naming E. o.
Stanard of ST. Louis as temporary
chairman, Jacob w. Smith of Indian
apoliS as temporary secretary and w.
f. Colt of indianapolis as sergeant-at-
arms
The usual committees were then APP
pointed Among the western men hon
ored by appointment to committees
were the following:
In committee on permanent organic
alton, D. c. Power, Helena, Mont;
John N. Simpson, Dallas, Tex; w. H
Beck, Sioux City.
On rules and order of business, T. c.
Power, Helena; VIM. Daggett, Ottum-
wa, Ia.
On credentials, S. D. Scudder, San
Antonio, Tex.
When the several committees retired
there We're calls for a speech from
Charles S. Fairchild. who appeared and
spoke at considerable length of the
ton of the gold standard forces in the
late political campaign. He closed by
predicting that the conclusions of the
convention would be looked forward to
with the greatest interest by the en-
tire business world.
John P. Irish of California was next
called for. He said it was the business
of the convention to suggest to the law
makers the way out of their difficulty.
The committee on credentials then
reported. There were no contests. The
total number of delegates presenting
credentials was go.
Upon the report of the committee on
permanent organization, Stuart Patter-
son of Pennsylvania was elected chair
man and Evans Wooden of Indianapolis
permanent secretary. 1t was also rec
commended that vice president be
chosen for each state represented.
Mr.. Patterson addressed the conVen-
ton briefly.
Upon the conclusion of the address of
the permanent chairman the committee
on rules and order of business reported.
The secretary then read the list of vice
presidents and members of the commit
tee on resolutions as follows:
Texas, S. D. Scudder, vice president;
NJ. l.. Crawford, committeeman.
Montana, A. NJ. Hotter, T. c. Pow
ers.
At this juncture calls were made for
]. H. Walker chairman of the house
committee on banking and finance, and
he responded.
Mr. Walker asserted that the conven-
ton ought not to be satisfied with any
thing that did not relieve the treasury
from any responsibility for the cur
rency redemption of any form of paper
money, and that at once He said
bonds must be baniSted from any con-
nection with the monetary system, and
@'that bankers must be allowed TO man
age the banking business of the coun-
try as the farmer does the business of
farming" and as all other business is
managed independently of the govern
ment. He said the national bank act
must be made as liberal as it was pos
sible to make it consistent with safe
banking He said scarcely any two
banks in the country could be managed
in their details exactly alike or safely
issue the same amount of currency
He said the very largest discrinina-
lion must be through the comptroller
of the currency and that some means
must be devised to furnish to the cOun-
try a board of supervisors OF the whole
national banking system, as in other
countries and that also must have the
widest discrimination. Mr.. Walker de-
clared that the whole people OF the
country must bring pressure to bear
upon congress that would compel a
thorough reformation of the system.
The speaker then read the following
extract from an authorized interview
with Senator Thurston of Nebraska:
Il feel that the proposed financial
1egislat ion ought to be postponed until
this country has a chance TO test the
effect of the protective tariff
Mr. Walker added: 81 would wait
len or five years=How long? And yet
think we express the prevailing opin-
ion in both the senate and the house
of representatives, and If that is so
nothing will be done until the cyclone
strikes us, as it will in 1900 In con-
clusion Mr. Walker said: 1T seems to
me the only practical solution OF the
question is to put the current redemp-
ton of the legal tender notes and of
every form of currency proportionately
1lpon the banks of the country, where
it is in every other country. Then, IN
Justice to them and to compensate them
for the service allow them to issue cur
rency against their assets to an amount
equal to the legal tender notes they
assumed the current redemption of.
Furthermore, the people never will
consent to the use of any currency the
paylnent of which is not fully guaran-
iced by the United States treasury in
case of insolvency of the bank that puts
~ in circulation 1t has been proved
nv figures carefully made that a small
tax of mills per annum upon the cur
rencv thus issued by the banks against
their assets retaining the provisions of
tba Dresent law as to the currency of
the banks having the first lien upon It's
assets will fully compensate the gov
eminent for any loss that could come
from guaranteeing such notes
At the conclusion of Mr.. walkers
speech the convention took recess I'M
til o'clock.