The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
THREE OF THE COMMISSION.
Messrs. Patterson, Fnirchild and
Fries Arrive.


The Pennsylvania train, arriving at 10
o'clock last night, brought three distin-
guished members of the commission whose
report will come before the convention for
action These were G. Stuart Patterson,
of Philadelphia, who was president of the
last convention; J. w. Fries, of Salem, n.
c., and Charles S. Fairchild, of New York,
ex-secretary of the treasury.
Mr.. Patterson, at the request of ex-Sen-
ator Edmunds who was chairman of the
commission, will present the report of the
commission, and make brief speech in its
behalf Mr. Patterson expressed himself as
gratifed at the indications of large con-
yention.
I'VE shall win this fight" said he. "It
will be a matter of long time and matter
of education but the victory will be for the
right in the end. / have never doubted that
for a moment, and | am finer in the faith
right now than I have ever been before"
Mr.. Fries is one of the largest cotton
manufacturers of the So uth and probably
understands the business conditions of that
section we'll as any business man in it.
THE thing that the South has suffered
FROM said he, "and the thing that the
commission sought to cure with it's banking
plan is just this condition: The crop-moving
season lasts about four months in cotton.
1t requires more money in any one partic-
ular town to move this crop than the
banker or bankers of that town could pos
sibly hope to use at any other season of
the year Tie result is that those who have
capital tie it up in permanent investments.
Very little of it goes into banking, where
it an assist the cor merce of the town.
When the time for the movement of the
crop comes, the cour try banker must go
to New York and rent money at Az and 5
per cent. BY the time he pays this interest
and the express and the Insurance charges,
and endeavors to loan money at per cent,
he can make no profit at all, and we in
variably have a local money stringency
whenever the crop-moving season comes.
The thing we sought TO do in the plan de-
vised by the commission was to fix it so
that each community can provide its own
credit machinery for moving its crops,
with a currency that is elastic enough TO
extend during four busy months and retire
automatically during the succeedingly six
or seven months.
Charles S. Fairchild ex-secretary of the
treasury, has been interested in the sound
money cause ever since he became figure
of prominence in the politics of the coun-
try. He expressed much satisfaction last
evening at the prospects of large con-
vention and the harmonious views that
have thus far been expressed by the dele
gates. The great and important point,
said he, about the elimination of this
movement in the selection of a commission,
is that the work of the commission affords
the American people believing in sound
money can unite. Heretofore the term
sound money has stood for general belief
along the line of a safe currency but 1t
has covered a multitude of differences of
opinion as to details and methods. Had all
the sound money men of the country been
brought together two years ago, there
would have been d confusion like that of
Babel This movement however, has al
ready gone a long way towards bringing
about a unity of belief and action OF the
advocates OF sound money. The American
citizen who believes in a sound currency
finds himself in the same situation in which
the voter of one party finds himself after
his party has nominated its candidate for
the presidency The nominee may not have
been his choice in the first instance, and
there are probably things about his career
and policy that the particular voter might
criticise But the situation is such that he
must choose between his party nominee and
the nominee of the opposing party. and
Pile who think as he does along general
lines, in support Of this one nominee. 1t is