The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-08-19

| laton or uncomfortable assets, there would
| be few, and then largely through criminal
| diShOnesties -
| Mr.. Eckels spoke at length on the need
OF currency reform. recitlng his well-known
views. In closing he spoke of the dangers
that menaced the country from the con-
| tlnued circulation Of the greenbacks of war
THE temporary issues of that day, de-
| spite the appeals of the chief executives
and secretaries of the treasury. are yet a
part of the fixed volume of our currency.
From first to last they have been the great
est burden and the most expensive debt ',ver
placed upon the government. The loss to
the people through speculation engSndeTed
by them. the financial heresies to which
they have given birth, the damage TO in
dividual business enterprise and credit
through the recurring doubt as to the abi-
ity or willingness of the government to
maintain their payment in gold cannot be
reckoned in figures. But every panic WE
have had and every stagnation in business
which has come upon us in recent years
mark their distinctive influence.
CONSTANT DANGER.
at is asserted that when the revenues of
this government exceed its necessary eX-
pendtures no further trouble will follow,
and the argument based upon former con-
ditions under plethora of money in the
treasury is advanced in support of the con-
tention. 1t is forgotten, however, how great
ly the burden placed upon the treasury has
been increased through silver purchases and
of to-day, the treasury has no gold
income from the ordinary channels of re-
ceipts. The difficulty is a more far-reach-
ing one than a mere lack of revenue. 1t
touches the vital point in trenchlng upon
the confidence of those dealing with us in
our ability and continuing determination to
maintain gold payments. Complete conn.,
d4nce cannot be restored by increasing the
governmental income, but even il 1t could
be there would be no guarantee against
future Impairment of it through the same
by rendering it impossible to have the treas
ury the one source OF gold supply Tor the
people of every nation 1t is not suthc1ent
to have our currency good to-days but an
earnest must be given that it will
be good tomorrow and throughout the
future. The promise cannot be accepted
unless legislative action once for all eStab-
liSh beyond the peradVenture OF doubt
that ours is god-Standard country, with
who runs may read, and with treasury
so equipped and resourceful as to be un-
moved, no matter how strongly assaulted.
1t will not be fully credited as long as 1t IS
but the policy of an executive officer and
not the uncontradicted expression of statu-
tory law.
brought about without a struggle. 1t rests
with the Nations law-making powers to
say whether the people shall be freed from
this body of death or whether they snail
still continue to carry it. The people at the
polls declared, after a campaign which
knew no other issue, for complete emanci-
patton But from those who stand within
the inner circle of legislative action the an
nOuncement comes that nothing can be done
unless concessions are made to interests,
and the harmful results of which no man
can fOretell. If such be the truth the duty
is placed upon every citizen who has his
cOUntryS good at heart and would put an
end to the losses so long entailed upon his
fellows, to raise his voice in protest against
either inaction or concession and thus
make the country's declaration at the polls
more than barren victory. With the
American people the most potent force TOT
good is the might of public opinion. Against
the power of it, when once aroused, no leg
islator has ever yet been able to stand, no
matter how loud his boastful threats or ar
repeal of a statute that was defended for
weeks by those who proclaimed that there
never cOud be with them either compromise
or surrender, was Wrung from unwilling
and hostile legislators. 1t did erase the
Sherman silver-purchasing act. 1t will acc
cOmplsh no less to-day for the welfare or
the citizen if it is again as earnestly ap-
Dealed to-"
OTHER ADDRESSES.
Interesting discussions of practical bank
ing questions followed Mr.. Eckels's ad-
dress rs credit bureau or bureau of in
formation to prevent losses from bad debts
possible among banks? ' was the subject of
the first paper read by John H. Leathers,
of Louisville KY In closing, he submitted
plan for securing a greater degree of
safety to banks which make loans to other
banks.
John P. Branch. of Richmond. Va, gave
his ideas as to what legislation is needed
| with respect to the currency. He said in
| part: Il maintain that our currency should
| be the best. Nothing short of the best will
| serve the higher and larger interests of our
| country. Its value should be fixed and
| stable. 1t should be adequate to the needs
of the country. 1t should expand and con-
and uniform. 1t should be so distributed
| throughout our territory that every man
entitled to credit should be able to obtain
| its use at fair rate. A competent non
| partisan currency commission should be
| appointed, and it seems to me, they should
| adVOcate
"First-The final adoption of the gold
standard.
'Second-The gradual cancellation of gov
| eminent demand notes, said cancellation tC
| be not faster than new currency is issued
| by the banks; the deposit of government
| revenues in the banks of the country and
| the retirement of the government from the
| ''Third-They should advocate the report
| of the tax on the circulation of banks anC
thereby make possible the issue of a cur.
rency which will expand and contract au-
! tomatically with the needs of the country
| said currency to be under the supervision
| of our national government and to be sur
rounded by ample practical and efficient
| safeguards. If the currency commission
does not solve the problem and guide the
| people to demand currency reform based
on eternal principles. it is my, solemn con,
| hard times, the people will solve the ques-
| ton for themselves, and free silver may be
| the least of our evils
| committee will be appointed to take
| action on the suggestions embodied in Col.
| Branch's paper and report at the next
meeting of the association, The hour was
| so late when Colonel Branch finished
| speaking and so many had left the hall
| that President Lowry suggested that the
| deferment of all the remaining addresses
| until tomorrow morning, when the con-
| VentiOn will be called to order at O'Clock
| be made. Accordingly. the first paper to be
read tomorrow will be that of Myron T.
| Herrick, president of the Society Tor say
| ingS at Cleveland, o., on Savings Banks.
At 2 o'clock the convention adjourned until
tomorrow morning.
The delegates this afternoon enjoyed the
hospitality Of the Michigan Central Rail-
road, who rendered them ride around the
city on their loop line, to Beaufait station
where boats were taken up the river TO the
st. Clair flats.
The first annual meeting of the trust
company section of the American Bankers
Association was held at the Hotel Cadillac
this morning. Henry NJ. Dechert, of Phila-
deDhia chairman of the section. spoke of
the Importance of trust companies and the
diversified interests they represent. Breck-
nridge Jones delivered the report of the
executive committee. Ralph Stone. of
Grand Rapids read paper on Statutes
of the Several States Relating to Trust
Companies" Francis Bangs. president of
the State Trust Company, of New York
read a paper on the Powers and Duties Of
Trust Companies When Acting as Trustees
under Corporation Mortgages" and Henry
NJ Deckert contributed one on the ''Rela-
tates." The papers were generally discussed
bv the delegates in speeches limited to five
minutes each.