The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13
FROM VARIOUS SECTORS.
4 Further Batch Of Plans with Some
Strong Features.

Joseph S. Woods. of Mount Vernon. y.
Y. offered a resolution 20 the effect that
a gold dollar as a sole unit Of monetary
value shall be inviolably maintained in the
United States. and that 6imetallism So
called is utterly impracticable. and that it
is impossible TO have any financial agree
ment with foreign countries i'm regard
thereto. which could not and would not
be such that it would be discontinued if
any one OF the parties thereto should find
that such agreement worked TO its disad-
vantage: that silver dollars hereafter should
not be legal tender at their nominal value
for more than $40 in any one payment; that
the holder of the silver dollars or silver GER
tifcates of the United States may. on pre-
sentation of the same in the sum of 500,
or any whole multiple thereof at the office
OF the treasurer. receive a bond of the
United States in equal amount, which bond
should be payable in forty years in gold,
and bear interest payable quarterly at the
rate of 22 per cent. per annum; that green
backs or treasury notes issued under the
Sherman act on the presentation of the
same in the sum of 800 or any whole null
tiple thereof at the office OF the treasurer
shall receive bonds therefor; that said
bonds shall at any time. at the option of
the holders thereof. be convertible into cur
rency. which currency shall not be a full
legel-tender. but shall be receivable for the
payment of taxes, and all other duties ex-
cept duties on imports. and also for all
salaries and other debts and demands ow-
ing by the United States to individuals,
corporations and associations within the
United States, except interest on the public
debt; that such notes shall not be paya-
hIp on demand or I'm coin hnt shall ha ~
controvertible into such bonds at any time
at the option of the holder; that if the
holder of any such bonds shall surrender
the same and have them converted into
currency notes he shall surrender the cou-
pons or such bonds: that if the holder of
any such national currency notes shall sur
render the same and have them converted
into bonds the interest on the bonds shall
not run until the next forty days there
by the United States be sold at the dis
cretion of the treasury during the next
five years.
MIR. Crawford. of Dallas. Tex, submitted
the following resolution. in substances:
Il. The people OF this country will never
be satisfied. or even tolerate, the paper
currency that Is not absolutely good.
g. There is not even a probability that
any measure looking to the free coinaes
of silver at the ratio of 10 to ], or any
other ratio. can become a law. As n stand
ard of value silver to-day occupies the
same relation to the commercial world that
/ ulu W III WIZ iii tITiSlldU
nations in 1860. supported by a faction in
the United States and condemned every
where else. Under such circumstances the
fate OF silver as n money of ultimate re-
demption is sealed. 8. Some plan must
be devised which will stop the demand on
the treasury for gold and dispense with the
necessity of maintaining the gold reserve.
The government must go out of the bank
ing business. 4. A currency must be
provided uniform in character. perfectly
safe. ample in volume and elastic enough
for all purposes. These ends can best be
attained by improving the present national
banking system so that, without cost to
the government. the issue of bank notes
can be made a source of profit to the banks
and at the same time perfectly safe"
THE plan i suggest said the speaker,
lis, first, provide by law for the conversion
of all government bonds now outstanding
and bearing 4 per cent. interest into fifty
year bonds, bearing interest at Il rate not to
exceed 2 per cent. second. to require every
bank to have not less than onc-half, one
third or one-fourth of its capital invested
i'm these bonds. and to issue and keep out
standing its bills equal in amount to the
face value of the bonds so held; third,
to repeal the tax of l per cent. on cireula-
ton and substitute a tax of One-fourth of
| per cent; fourth. to repeal the law requir-
ing a deposit of ) per cent. of the circula-
ton with the treasurer as a redemption
fund; fifth. no bill should be issued of IA
smaller denomination than s.. and all bills
should be redeemable in gold at the bank
of issue. The 4 per cent. bonds maturing
i'm 1907, of course, Will have to be refunded.
a GEORGIA IDEA.
r.. J. Lowry, of Georgia. presented the
! following resolution. suggested by Mr.. Des-
saue. cashier of the Exchange Bank of
Atlanta. Ga: That the United States gov
eminent shall retire from the banking bust
ness; that the legal-tender and treasury
| notes issued by the United States govern
ment be retired and Cancelled; that the gov
eminent of the United States shall not as
sumo any responsibility for the current or
final of notes to circulate as
money; Congress shall only permit bank
notes to be issued upon sound and s%cientif-
ic principles: that any paper currency au-
thoriZed by Congress should issue through
State banks: that it is essential for the
perfect and complete usefulness OF bank
notes that the individual States be allowed
To take the initiative and become the in
IN through which they shall issue;
that the state. and not the federal govern
ment. can best determine the number of
banks needed to meet the requirements OF
the business OF the State: that 1t Is the
duty of Congress TO pass such laws as VIII
keep all of its money. metaliic ana paper
on a parity with each other In the markets
of the world. to ameliorate the condition of
the country by "a proper use OF bank cred
its wisely controlled. to give to each sec
ton of our country the greatest financial
freedom consistent with sound principles
and always preserve the treasury Oh the
United States free and independent:
came this: Resolved. That this conven-
ton Is not in favor of any project for with
drawing and cancelling the existing gov
eminent issues of paper currency. winch
would either diminish the total volume OF
currency of all sorts now outstanding or
replace Ii by any currency less deserving
of public confidence
:. Travers. Richmond Va. submitted
without being read a statement made by
William l.. Royal, of Richmond. Va. con-
corning the state banking system. made
before a committee on banking and cur
rency of the House of Representatives In
December. 1896.
Mr.. Fowler. of New Jersey submitted the
following resolution: Resolved, That q
permanent executive committee be APP
pointed to confer and cooperate with the
banking and currency committee or the
House and the finance committee OF the
senate for the purpose of securing some
financial legislation. That such commit
tee shall be constituted - follows: Each
STATE here represented shall select one
member of such committee. Mr.. Fowler. in
support OF the resolution. said:
II desire to say that any resolution that
we may pass here having the idea that 1t
will pass through the committee on pank-
ing and currency. | think Will fall III YOU
expect to do anything | believe 1t should
be done at once and by ar extra session
of Congress. The question should be set
tied soon. | believe that "A Sc
lected as this one / propose. each State
selecting one. is the best plan that could
be devised. and have this committee thus
constituted confer with the congressional
committees. IL YOU expect to bring a bill
forth here and discuss IL by four hundred
delegates. IL will take you longer than UNI
til doomsday To settle it,.
CHICAGO'S BRIEF STATEMENT.
Mr.. Spraguc. of Chicago. by request of