The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-28
BASED ON A GOLD STANDARD.
CONGRESS CALLED UPON TO GRE
ATE A NON-PARTISAN MON
EY COMMISSION.
Such Duties "As VIII Adequately
Protect Labor" Approved by the
Association Convention.


beard Of trade, at it's meeting today
adopted the report of the committee on
banking laws 1t was the opinion of
the committee that there could be es-
tablished a consistent, and delibera-
lively planned financial system. The
plan presented was briefly as follows:
First, that gold coin shall remain
tho standard money.
Second, that steps should be taken to
redeem all United States notes in such
a way as not to disturb business rela-
tions; that national banks shall be al
lowed to issue currency to the par
value of the bonds and the tax on cir
culatiOn be reduced, and the banks be
allowed to issue currency based on as
sets, under such national supervision
and restriction as will make it safe,
elastic and redeemable in gold at bank
of issue, and at the City of New York
Third, that such banks of issue with
a capital of $4,000 or more be author
ized to be established IN towns and
villages of less than 5000 population.
The committee on the subject of
monetary commission made a report,
in which congress is asked to create a
commission to consist Of eleven per-
sons, to be appointed by the president,
two of whom shall be selected from
the senate committee on finance, and
two from the house banking and cur
rency committee. OF the other seven,
two shall be bankers of recognized ex-
perlence and ability; two agricultur-
lists Of prominence; two merchants or
manufacturers Of standing; the remain
ing member to be selected on account
OF his recognized ability and learning
IN the science of political economy. IN
no event shall more than six members
be Of the same political party. It is
to be the duty Of this committee to
enter upon a thorough and compre-
hensive consideration Of the currency
and banking affairs Of the United
States and laws relating thereto. On
or before Jan. L, 1898, they shall make
a concise and exact report Of their
deliberations to congress, together with
a proper bill designed to carry their
recommendations into effect
IN case congress, for any reason,
fails to authorize the appointment Of
this commission. the board declares it's
approval Of the alternate plan of the
indianapolis convention to appoint
such commission itself.
The committee, to which was re-
ferred the subjects of "a common
monetary unit, and international coin"
made report favoring the change of
the coins Of the United States. of
Great Britain and Germany. so as to
correspond to the common unit &C
countries, which contains twenty-five
grains of gold, nine-tenths fine, equal
in value to the French five-franc piece:
the passage Of the bill now before con-
gress for an international coin, was
also recommended.
The passage Of the Torrey bankrupt
cy bill, and the establishment Of
department of commerce was also IA
Vored. The committee on waterways
and harbOrS improvements made a re-
port, in which the present system of
letting contracts for such work. was
condemned 1t was stated that worth
less bonds of failed contractors, to the
amount Of several millions, were now
lying in the treasury of the United
States No prosecutions had been in
1tlated against these bondsmen, and
the result was that responsible con-
troactors, as well as the people, were
constantly being defrauded The i'm
provements in the Philadelphia har-
Dor was cited as a case in point A
resolution was adopted, calling the at
tention of congress to the general sub
ject Of the non-prosecution Of the
| bonds Of failed contractors.
The subject creating the most dis
cussfon during the day was the re-
port of the committee to which had
been referred the propositions relating
to the condition Of the government
revenues. The debate clearly showed
that the Individual members believed
that some plan should be devised to
obtain more revenue. but all were
not agreed as to the best method. and.
therefore, exceptions were taken by
some to the report of the committed.
THIS report declared that legislation
as to the fiscal affairs of the govern
| ment should have steadily in view such
an adjustment Of the revenue system;
as shall be neither unduly stimulating
nor unfairly burdensome; urged upon
! members Of congress the Importance
! OF immediate action to more adequate
| ly provide for the expense of the gov
ernment, and favored the appointment
OF permanent non-partisan tariff
| commission. After discussion the re-
port was adopted as presented
A report recommending rates of tax
atCn on spirits, wines, beers and to-
hacco, with a view to securing from
those articles increased revenues was
lost by a vote of % for to 20 against
two-thfrds vote being necessary to
adept. The following resolution was
adopted in regard to the Nicaraguan
! canal:
Resolved That the national board of trade
reIterates Its deep conviction that the con-
structon Of the Nicaraguan canal is of the
| hghest Importance to the commercial inter
ests; that such a waterway will stimulate
and encourage commerce, both between narts
| of our country remote from each other and
| with foreign countries, and viii afford in
| calculable advantage to the government in
| the event Of foreign war.
A resolution indorsing reciprocity
with foreign countries was adopted
without comment, and then ex-(3ov
Pattison, Of Pennsylvania, offered a
resolution providing for one term of
six years without eligibility for a sue
ceeding term for the president Of the
United States. Mr.. Dousmann, of Chi
! cago, offered an amendment to the
! effect that the retiring president be a
member Of the United States senate
FOR life. subsequently, the amendment
was withdrawn and the resolution os
originally drawn was adopted The