The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14
An Executive Committee VIII Ask
Congress to Pass a Law Requir-
ing President to Appoint.
AN ALTERNATIVE PROVIDED
IF CONGRESS FAILS TO ACT, COMNIS-
SION TO BE CHOSEN ANYHOW.
Resolutions for Gold Standard and
ObIigatiOns-A Lively Debate.

The Indianapolis monetary conference is
| a thing of the past. At a. few minutes
after o'clock last evening ii adjourned
| having spent the larger part of the aft
| ernoon in a most interesting debate on the
| best method of obtaining proper relief at
the hands of the Nations legislature. and
concluding by adopting. with practically no
opposition, the resolutions and plan sub
mitted by the committee on resolutions
| which itself had agreed with entire
unanimity on the matter. This large repre-
| sentative business body differed only i'm
minor details as to the two things needful
| to correct the currency system of the coun-
| try and prevent the national government
| being subjected to the dangers of each
| passing financial business disturbance.
| One OF these two things needful was to
adopt the gold standard and the other was
| the retirement of the government from the
| banking business How TO secure these
| two things in the most expeditions manner
| was the point at issue.
| The convention practically indorsed the
| plan of Mr. Hugh III. Hanna, looking TO the
| appointment of Il monetary commission by
| the convention, but made it an alternative
| in the event il was impossible to persuade
| the extra session of Congress in March 10
! pass a law requiring the President of the
| United States to appoint this commission.
| An executive committee, TO be appointed
| by Chairman Patterson of the conference,
| will endeavor to secure the legislation
| establishing this commission. j. III.
| Walker. of Massachusetts, the chairman of
| the committee on banking and currency of
the House of Representatives, who has
| taken a very active part in the proceed
ings. vigorously opposed the plan and in
1 1aI bx, Mr. br
is also member of the committee,
| and the Massachusetts man made a very
pertinent point in support of his position,
| but some of the delegates vigorously
| took exception to some of the things he
| said.
| To show the need of immediate legisla-
| tion by Congress, Mr.. Walker suggested
| the danger to the cause of currency reform
| in permitting the legislation to go over to
| the Congress to be elected in 1898, when
| wave of dissatisfaction might sweep over
| the country and throw one of the branches
| of Congress into the hands of the men
| who opposed sound money in the recent
| campaign. The cause might receive a set
| back from which it would not recover in
| years He discoursed at some length on
| the practices at Washington by which
| legislation is secured, and when he in
| timated that the business men should show
| congressman that they would not be
elected unless they promptly passed cur
rency reform bill. he was taken to task for
| the remark. Mr. Rhoades, of New York,
| thought it had come to a pitiable pass if
| the people of this country could not secure
u necessary law unless they bought it by
| a promise of re-electing their congressman.
An interesting feature Of the discussion
4 fl0 doh on, tha nsif hat
congressman should vote as the people of
his district dictated. Mr.. Fowler took ex-
| ception to this and seemed to score point
| when he referred to the noble action of
| Lamar. of Mississippi who withstood the
clamor of his Mississippi supporters and
lifted his voice and influence against the
| free-siver heresy. because he believed it
wrong. The recalling of this instance was
| loudly appauded
Mr.. Walker thought the resolution which
the convention proposed to adopt might
negative the conferences influence with the
| committee on banking and currency of the
| House and the committee on finance of the
Senate. He unusually emphatic and
there sr was wa tb tendency on on the part Of not
President ingalls,, of the Big Four, and
Mr. Hanna poured oil on the troubled
previous question on the resolution, he de-
clined to yield for few minutes to Mr.
Fowler, stating that he believed an
tagonstic feeling, which really did not ex-
ist. was working up. When the question
was finally put on the adoption of the re-
port of the resolutions COMMITTEES there
was an overwhelming sound of ayes, and
for the negative scarcely a half-dozen noes.
THE RESOLUTIONS AND PLANS
The result of the conference is set out in
these resolutions:
This convention declares that it has be-
| come absolutely necessary that a consist
| dali ila..rsa at.lxr
planned monetary system shall be inaugu-
rated, the fundamental basis of which
| should be:
l., That the present gold standard
| should be maintained.
| 2 That steps should be taken to insure
| the ultimate retirement of all classes of
| United States notes by gradual and
| steady process, and so as to avoid injuri-
Gus contraction of the currency. or disturb
| ance of the business interests of the coun-
| try. and that until such retirements prov-
| sion should be made for separation of the
revenue and note-issue departments of the
| treasury.
s. That a banking system be provided
which should furnish credit facilities TO
| every portion of the country and a safe
and elastic circulation, and especially with
| a view of securing such a 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 effect
lively promoting the above objects
Resolved That fifteen members OF this
convention 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 nave the power to increase its
| membership to any number not exceeding
| forty-five and five members thereof shall
| at all times constitute a quorum OF said
committee
The executive committee shall have spe-
ciaI charge of solicitation. receipt and dis-
bursement of contributions voluntarily y
made for all purposes; shall have power
to call this convention together again when
and where IL may seem best TO said COM
mittee TO do So and said committee shall
continue in Office with power to hl Nacan-
cies until discharged at a future meeting
of this convention.
Resolved. That il shall be the duty of
this executive committee 10 endeavor tO
procure at the special session OF Congress
which il is understood will be called In
March next. legislation calling for the ap-
pointment OF a monetary commission by
the President to consider the entire ques-
ton and 10 report 10 Congress at the earli-
est day possible.
or failing to secure the above legisla-
ton they are hereby authorized and en-
powered 10 select commission OF eleven
members, according To the rules and plans
set forth in the suggestions submitted &c
the convention by Mr.. Hanna, or lLdianap-
| oils as follows:
Article /. The commission shall consist
! OF eleven members, 10 be named Dy the