The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
Ex-Governor Coffin, OF Connecticut,
Had Not Expected TO Be Here.

Had Not Expected TO Be Here.
When Ex-Governor o. V. Coffin. of Con-
necticut, was asked to speak he said he had
not expected to be in attendance, and con-
sequently had written a letter to Chairman
Hanna. In lieu of a speech he read that
letter. which follows:
In behalf of our Middleton Board of
Trade l am pleased to state that the work
OF the Monetary Commission, as a whole,
is strongly approved / am inclined TO
agree with Mr. Laughlin in his expressed
dissent from the position taken in the re-
port regarding the authorization of the sec
rotary of the treasury, as provided in Sec
ton IA, but discussion and fuller considera-
ton might change my views. We agree un-
reServeuly that the coinage of silver dollars
should be- for the present, prohibited.
But whatever the situation may become
as to either gold or silver, we should adhere
rlgIdly to the policy or making the pest
money the standard money, now and al
ways, and would have every one of all the
donars, whether gold, silver paper, as
good as any one dollar amongst them.
"On the question of the banking business
we are pronouncedly in favor of getting the
government out OF 1t, ana or limiting the
power of issuing paper currency to the
banks. We especially approve the plan OF
the comm SSl.n, that the disadvantages con-
nected with government issues of currency
far more than overbalance any advantage
gained through such issues in the way OF
interest.
The plan recommended that bank notes
be issued against the assets of the banks,
under suitable limitations and regulations,
and of course under the close supervision
of the government would afford currency
of unqueStionable SoundneSs, and appears
to US to embody an invaluable part of the
scheme. We especially approve the sug-
geSted plan of branch banks.
AS we understand it, though the estab-
lishment of branches of central banks, in
sparsely settled sections Gin which II IS oil
hcult, and IN many cases impossible, TO
obtain capital equal to the present mini
mum of $o0,O10 for a national bank or even
X
ing facilities would, in effect, be furnished
by the business and money centerS; thus
not only aHording bank facilities where
otherwise, in many cases, none would exist,
but furnishing them without, in any case,
burdenlng the localities accommodated by
the withdrawal of local capital from the
channels of local business. If we are right
in what we have so briefly and lmperfectly
stated the conclusion appears inevitable
that the plan of the commission in this
direction is one which would, when fairly
understood, and still more when in full
0perauon, be very hlghly approVed by the
less favored sections and the wealthy cen
tiers alike, and could not fail to exert a
powerful influence in lettering the condi-
ton of the entire country.
The Importance of the whole subject,
and the large amount of special attention
given it in recent months in the Congress,
thoughtful, capable and patriotic citizens
has stirred the public interest and sonci-
tude to such Il degree that early acton
by Congress ought to be secured,
And now, permit US to say with all
imaginable emphasis, that, in our judgment,
promptness in the action of Congress is an
element of Importance not second to any
other involved in the case. The whole
country owes a debt OF gratitude to the
orignators and promoters of the present
movement and certainly also to the mem
bers of the commission, which at no very
distant day will, as we believe, be far more
fully realized than it is now; and should
the Congress act promptly and efficiently
in the promises it will receive Such meas
ures of popular praise and favor as has
followed very few other enactments Of re-
cent years"