The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1898-01-28
MONETARY CONVENTION
Adops a Set of Resolutions After Two
Hours Discussion.
They Recognize the Conventions ObliSa-
tiOns to the Executive Committee and
Approve the Plan of Currency Re-
fOrT as Recently Submitted.

! INDIANAPOLIS, Ind, JAN. 26.-The
monetary conference, which opened in
this city Tuesday, is the result of a
movement started by the Indianapolis
board of trade little more than one
! year ago. This commercial body took
upon itself the Inauguration of a move
ment whose primary purpose was mon
etary reform. Without any assurance
that the object of it's endeavOrs would
be realized in a national sense, the
board of trade issued invitations to
commercial organizations of the CEN
trail west, which brought together the
nucleus on which tO-day'S national
convention rests.
INDIANAPOLIS, Ind, Jan. 27-The
monetary convention convened at 10
o'clock Wednesday.
Pending the report of the commit
tee on resolutions, the secretary read a
number of kilograms from the various
commercial bodies of the country, en-
dorsing the plan of the commission.
Z. j. Parker, of Illinois, presented a
resolution approving the efforts of the
National Business league to forward
the movement for the establishment of
a national department of commerce
and industries, the head of which shall
be a member of the cabinet
At the conclusion of Mr.. Fairchild's
address a motion was made and carried
that when the convention adjourn it
be subject to the call of the executive
committee. Permanent Chairman Shaw
declared that this convention never
adjOurns," and E. o. Stannard, of Mis-
souri,, took the gavel to preside.
The next speaker was Congressman
Jesse Overstreet, of the Indianapolis
district, who introduced the monetary
bill into congress. Mr.. Overstreet
commended the commissions work.
"This is not the time for stopping this
movement" said he.
Mr.. Overstreet thought the bill would
receive the thorough attention of con-
gress and said that Speaker Reed
would in no way retard it's careful
consideration. IF we are defeated, -
said he Eve shall not be conquered"
Mr.. WheelOck, of Minnesota. chair
man of the committee on resolutions
asked John c. Bullitt, of Philadelphia,
to read the resolutions. The resolu-
tiOns recognize the conventions obi
cations to the executive committee
and cordially approve the plan of cur
rencey reform submitted by the COM
mission which is set out as follows:
81 To remove, at once and forever, all doubt
as to what the standard of value in the United
| States is and is to be.
80 To establish the credit of the United
| States at the highest point among the nations
of the world.
80 To eliminate from our currency system
| those features which reason and experience
show to be elements of weakness and danger.
q. To provide paper currency convertible
into gold and equal to it in value at all times
| and places in which, with a volume adequate
| to the general and usual needs of business,
| there shall be combined quality of growth
| and elasticity through which it will adjust it.
self automatically and promptly to all varia-
lions Of demand, whether sudden or gradual
and which shall distribute itself throughout
the country as the wants of different sections
| may require.
% To so utilize the existing silver dollars as
to maintain their parity with gold without i'm
posing undue burdens upon the treasury.
&c. To avoid any injurious contraction Of the
currency.
~ To avoid the issue of interest bearing
| bonds, except in case of unlocked for emer-
gency; but to confer the power to issue bonds
when necessary for the preservation of the
credit of the government
80 To accomplish these ends by a plan
which would lead from our present confused
| and uncertain situation by gradual and pro-
gressive steps, without shock or violent change,
to a monetary system which will be thorough
| ly safe and good and capable of growth to any
extent that the country may require.
Approving of the expressed purposes of the
commission, and of its plans, we do most earn
| eStly aad cordially commend it to our fellow
citizens as worthy of their approval and adop-
| ton, and we urge upon the congress
! Of the United States that the prin-
ciples embodied by the commission in
their report should be enacted into
| law with the belief and expectation that the
| effect would be to secure a solid, substantial
and stable financial system that would rebound
| to the credit of the country and insure state
| of prosperity that can not be achieved unless
| there is a system of finance, the integrity and
adaptability of which car not be questioned or
gainsaid. The time has now come when the
prospects for the establishment of the gold
standard upon q firm and enduring basis are
| Frightening and encouraging. The people
want note currency which shall be good as
gold. This movement proposes to bring about
| that result
The people want volume OF currency ade-
Quate to the general and usual needs of bust
ness, with quality of growth and elasticity
through which 1t will adjust itself automati-
| cally and promptly to all variations Of demand
whether sudden or gradual"
| The people of the western and southern
states wish the issues so distributed as that
the scarcity of currency will no longer hamper
| and distress them in their business operations.
! A method is proposed whereby their wants can
be supplied and their demands can be complied
| with.
|. We appeal to them-we appeal to all patri-
otto citizens to unite with US in an earnest and
determined effort to secure from congress such
| legislation as will wisely but surely eventuate
in bringing about sound financial methods and
| in building up and establishing confidence, Sc
| curity and safety in business transactions and
in the ownership and value of property.
| That the executive committee be continued
With power and authority to add to their num-
Der and to fill any vacancies which may occur
| and also with power and authority adopt such
| measures for procuring the needed legislation
from congress as they in their judgement, may
| deem advisable and eXpedient.
At 2 o'clock, after two hours of IA
vorable debate, the resolutions were
unanimously adopted. The conven-
ton adjourned subject to the call of