The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1897-01-16
FOR CURRENCY REFORM
LARGE NUMBER OF DELEGATES in
THE HOOsIER CAPITAL.
Ex-Gov. Stannard OF Missouri, Tenn
porary Chairman, Wants to
Retire Treasury Notes.

Hoosier capital as large and distinguished |
a gathering that which in the fall OF
last year placed Generals Palmer and |
Buckner in the field as the presidential
nominees of the national democrats. On |
this occasion, however the gathering Is |
distinctly non-partisan. Governor Asa |
Bushnell heads the Ohio delegation, and |
Sam p. Sheerin, for many years secre- |
tary of the democratic national commit
tee, that from this state. From Chicago !
comes Lyman J. Gage, the noted Imam
cier and president of the First National
bank John ]. Mitchell, another big bank
err; Michael Cudahy, the packer, and
George II. Webster until recently the
right-hand partner of P. II Armour.
Cincinnats most prominent representa-
tive is NJ. e. ingalls,, president OF the Big
Four railroad. Ex-Congressman Joseph
H. Cultivate heads the delegation from
Columbus, Ohio, and Augustus E. Wilson
that from the Louisville board of trade
and allied organizations. Kansas City
sends about dozen of it's most prominent
commercial men.
President Adams of the Indianapolis
board of trade has been to a large meas
ure responsible for the gathering.
The Opening Address.
The monetary convention was called to
order at 2:9O p. m. by II. H. Hanna. Elk
Governor e. o. Stannard Of Missouri was
made temporary chairman. Stannard
spoke as follows:
1.-The stability prosperity and safety Of
our commercial, manufacturing, banking
and agricultural operations depend upon
safe, comprehensive and stable financial
policy for our governments policy that
ha Cd 10 Ia CT
another, and from one political admins
tration to another and be taken as far as
possible out of the realm of politics. There
should be enough money to do the bust
ness of the country, and there should be
no doubt about it's character and no shak-
ing of confidence to take it out and keep
1t out of circulation. The people OF the
United States not only should have con-
fidence in our financial methods, but all
the nations of the earth with whom we
have commercial relations should have
assurance of the stability of our anan-
cial affairs, so that they may know on
what basis they are working
1.-THE present financial methods OF the
government are largely those adopted
during the war, when there were great
emergencies. Some methods should be
adopted for the retirement Of the United
States treasury notes. They have beer
a hindrance to the prosperity of our gov
eminent for many years. They are g
constant menace to our treasury reserve
and to the credit of the government, anc
when encroachments are MADE upon thos'
reserves, commerce stands In fear an'
trembling. 1 see no reason why this law
should not be so amended as to ALLOW
national banks to Issue notes up to TIT
par value OF the bonds they hold as
basis for their ISSUE instead of Issuing
as they are now compelled to do onl!
80 per cent Of the par value OF the bona
that cost them perhaps us to 10. I'M
would help in giving us larger Volum
of circulation, and be an inducement t
the banks to issue all the bills they coul
under the new law. Then there Is ta'
Of per cent upon the issue Of nationa
hank circulation, and 1 see no neceSsit
for so large a tax as it must ultimatel
he Maid by the borrower. The tax shout
he reduced to one-fourth of l per cent
There are many advantages with the ma
tional banking system and this syster
might with great benefit to all intereste
be extended by allowing, under prope
safeguards, the establishment OF branc
hanks in smaller cities and largely re
duced minimum of capital. There al
many suggestions Of reform. One Is I
withdraw all paper money unuer tuS w
nomination of $40, thereby forcing a large
volume of silver and gold to circulate
the hands of the people. and this is we
worthy Of favorable consideration. 1 al
sure the banker, merchant, professions
man. manufacturer farmer miner, art
san mechanic and laborer all have
community of interest in the cause v
are here to promote. The country ca
not permanently prosper II any of Il
essential interests are neglected or sacr
flee. All legislation should be for Il
greatest good OF the greatest number"
Permanent Organization.
The usual committees were then a
pointed.
Among the western men honored by a
pointments to the committees, were Il
following;
Committee on organization-T. c. Po'
ers of Helena Mont; j. c. Nimson, De
las Texas; W. H. Beck, Sioux City.
on rules and order Of business-T.
Powers of Helena, Mont; w. Dagge
Ottumwa. Iowa
on credentials-S. d. Scudder of s.
Antonio, Texas.
When the several committees retir
there were calls for a speech from CHI;
Fairchild, who appeared and spoke
considera BILE length of the action OF
gold standard forces in the late polite
campaign. He closed by predicting tn
the conclusions Of the convention will
looked forward to with the greatest
terest by the entire business world.
John 2. Irish of California was ne