The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-01-23
MONETARY MATTERS.
The National Conference Of BUSH
ness Men at Indianapolis
The Preliminary Business C7nducee4-
Addresses Of Temporary Chairman
L. q. Staaard aud of Perma-
neat Chairman Patterson.

- Az SoEENSb4OA OA -AAC 4AAAS Lid pulls
board Of trade and composed of rep
Bentatives of similar organizations
from all parts of the country, assem-
bled IN Tomiinson hall yesterday af-
ternOou. The Arrangement Of the
hall was in general similar to hat for
the gold convention held in the same
place last September.
The convention was called to order
at 2:35 o'clock by Hugh NJ. Hanna
chairman Of the executive cUmmittee,
under whose management the ar
raugemelts for the convention were
made, and who originated the move
ment eliminating in the meeting yes
terday. He introduced Rev. VI. L.
Haines, pastor of the first Presbyte-
Eian church, who opened the proceed
;ngs with prayer. He asked that the
result of the conference might be even
greater and more farreaching than the
projectors even dared hope tor, and that
"Ae country might be prosperous in
the future as IL had never been in the
past
In the name Of the executive COM
mittee, Mr.. Hanna extended a cordial
welcome to the delegates and hen in
troduced Hon. Z. o. Stanard, Of Mis-
souri,, who had been selected as tenn
porary chairman.
Mr.. StaBard reviewed the Steps
which led to the convention. and then
said:
1t is not M purpose on this occasion 70
suggest any given Line Of policy 10 be pursued
IL reMeGyIaR the evils Of which complaint has
been maGe, or That nay be suggested here OF
hereafter But Inay meuCiuI-to NJ mind
some Of the most glaring defects in our iIan-
cial system. In this connection II - safe for
me 10 say that The stability, prosperity aGG
safety o. our vDEurrcial, manufacturer
ba1kllS anu Agricultural operations de-
pend On L saIe. comprehensive and
stable financial policy tor our gov
ernDent "A policy that can 1e
relied on To last, from one year 20 another and
frDm one political administration 10 another,
anu 10 De taken is i4r - possible, out u the
reaIm Of p0A5tcs-
Confidence IS the foundation On which busi-
ness and al Affairs Of material interest are
built. There should be enough money To 30
the business DI the country anu There should
be No DOUBT about It's character anu no shaking
Of confidence 10 Take It out and keep 1t out u
circulation.
The people Of the United States not OILY
should have confidence in our financial meth
0GS, but all the nations Of the earth with whom
We have commercial relations should nave as
sUraEce Of he stability Of our financial affairs,
~ LhaJ they may Know Uu WHAT basis they are
working. This is Of great Importance 10 Us Is
well ~ 10 foreign nations, when We take into
account that during the last year We exported
q foreign countries more than u Thousand NIL
lion Of dollars worth OF surplus products CT
our soil and the industries OF our people, and
imported L little more than seven hundred
millions Of their products.
'The present financial methods Of our govern
meut are largely those adopted during the WIZ,
when there were great emergencies. 1 believe
there Is I very strong and constanLly-lncreaS-
ing conviction among our people that some
method should be adopted for the retirement
OF the United States anu treasury notes, and
that they should not much longer be tolerated
g. L circulating medium. They are i constant
menace 10 our treasury reserve and 10 the credit
Of the government. and when encroach-
stands in fear and trem-
bling. There seems to be 4 we'll
defined conviction among business men. from
the experience Of TIE past, that there should
be no notes IN circulation which should not be
retired and cancelled when their office has
been once fulfilled Whether these notes
should be retired 1T once or gradually, I am
not disposed to say, but of the necessity OF
their retirement I think there can be no ques-
ton. l would retire them by the sale Of long
government bonds ut u low rate Of interest. II
there can be no better way devised Tor their
withdrawal from circulation.
While 1 am mentioning some Of the defects,
as l believe. Of our monetary system which
Come To my mind. ! would say that 1 see no
reason Why our NATIONAL banking Law should
not be 50 amended - To allow the national
banks 10 Issue notes up 20 the par value Of me
bonds which JLey hold u = bass Of the.rl>NUe,
instead vi issuing. a. they are now compelled
TO 90. only 80 per cent. Of the par value Of the
bonds that cost them perhaps lis to IL.
Then there Is 4 tax Of one Fer cent. on the
issue u national bank circulation. anu I see
no necessity for 80 large a Tax as this, As 10
must Ultimately be paid by the borrower. l
believe The LAX SHOULD be reduced To Jle-fJur-h
OF one per cent
There are many advantages connected Win
the national banking system OF the country,
and this system. l believe, might with great
benefit to all Interested, be extended by IL
low ~. unGer proper safeguards, the establish
melt OF branch banks IN smaller cites
win largely reduced minimum Of capita. I
believe there is no instance on record whore i
.oss las come 10 the holders Of i national bank
notes.
"Th ere are many suggestions u reform. One
Is To withdraw al paper money under the de-
nomination Cf 80. thereby forcing 4 4arEgr vol
ume Of silver and gold to circulate il the hands
or The people. and L believe this is well worthy
OF favorable consideration.
i am sure the banker. merchant, profess
EiCUaI man. furrler, miner, artisan. mechanic
ana laborer all have 4 community OF interest
in the cause We are here to promote. In the
language of Benjamin franklin: We must all
hang together if We would not all hang sep
srated.'
-.The country can not permanently prosper
II any OF the essential interests are neglected
or sacrificed. All legislation should be for the
greatest good Of the greatest number.
With the grtatest confidence in your wis
com and in your patriotic devotion to the work
IL hand. l now announce the convention ready
for any business which may be brought be-
fore it."
Gov. Stanard's remarks. particularly
the recommendations that green
backs should be retired; Ina national
banks should be permitted to issue
notes up to the par value of bonds de-
posted to secure their payment; that
paper notes of less than So or SO
be circulated in the interest OF
a more general use of silver, met the
general approval of the delegates.
The committees provided for in the
repart of the executive committee
were then appointed, the following
being chairmen respectively: On per-
maneRt organizations z NJ. Martin
dale, Iadiapapolis: on rules and order