The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27

T.
Adams. of Massachusetts, presented reso-
luton which he wished the convention to
recommend, which had for it's object the
proper representation of the resources of
this Nation at the Paris Exposition in 1900.
This resolution was referred to the execu-
tive committee Resolutions commencing
the work and the report Of the commission
were read from st. Louis, Mo-, signed by
Chas. Parsons, chairman; the Newburg
Beard of Trade, NeWburg, N. j.; the
Charleston Cotton Exchange, Los Angeles
Board of Trade, New Brunswick Board of
Trade, Business Mems Association of Co
hoes, n. " Commercial Club Of Atchison,
Kan. Board of Trade of Columbus, Ga;
Board of Trade of Bridgeport, Conn; New
York Board of Trade and Transportation,
Charleston Chamber of Commerce, Boston
Merchants Association, Board of Trade of
Paterson, N. J.
C. H. Williamson. of Quincy, ILL.,, pre-
sented resolutions 10 the effect that the
executive committee establish a literary
bureau for the establishment of a further
knowledge about the report of the commits
sion. In support of the resolution Mr.. Will
hanson said: II might further add in ad-
dition to what is stated in the report, that
there should be further dissemination of
not only knowledge, but of courage. Cour-
age is as necessary as anything else. This
movement has had all the ability and wis
dom that any movement could desire to
command, but the timidity of certain of our
leaders in this good cause smacks strongly
of the uncertainty of officers who feel that
they have got long distance ahead of their
privates and don't know just how far. 1
propose this resolution, therefore, as way
to reach the privates and to reassure our
selves and to disseminate correct and accu-
rate knowledge about the work of this con-
vention among the masses. / am reminded
very much in the present situation of
story | once heard of a Pike county farmer.
1t is an old story, but as the members OF
this convention are all very young men
they may not have heard it. The story was
told Of a Philadelphia banker who had ac-
quired the title to some land in Pike county
by foreclosure. When he went to survey
it he was struck by the dismal nature of
the land and it's barrenness and unfitness
for human habitation. In fact, he saw no
human being who lived there until the close
of the day, when he came across man
whose very outward appearance typed the
desolation OF the scene and involuntarily
the Philadelphia man said: My poor fell
said: am not so darned poor either; l
don't own more than four hundred acres of
this land l am reminded very much of
that when l see men who are supposedly
for sound money backing water and saying:
oh, well, l not so much a sound money
man, after all; l am an international BIZ
metallist Laughter.) For myself, I am
no longer sound money man. 1 am for
the gold standard and the retirement of the
greenbacks'
Extracts We're also read from the minutes
of the Philadelphia Board of Trade COM
mending the work of the commission.
The chairman then called on ex-Secretary
of the Treasury Chas. S. Fairchid, who was
received with applause, and who spoke as
follows:
Mr.. Chairman and Gentlemen of the Con-
vention-Your commission has done it's work
under the inspiaatfor of the convention of
1897, guided by the principles and general
the fundamental idea of the report. that
which led to its conclusions, it would be
thus: Mans intercourse with man, first in
small, then in large and larger affairs un-
til it becomes trade and commerce. going
always onward and outward, beyond neigh
borhoods, then beyond towns and states,
then overpassing the Nations bounds until
at last it knows no confines save those of
the world itself, has from time to time Sc
lected and determined standards of value
and mediums of exchange: governmental
power has had little or nothing to do with
it ALL save that some time it has ascertained
what were the facts in this regard and,
adapting law to, them, has saved the people
Inconvenience and thus has served them.
AT other times governments have failed to
learn the facts or have ignored them in
framing their laws and then they have
caused inconvenience and worse even great
confusion and loss to all the people. Con-
sequently a government should try to learn
facts and conform its law thereto.
Men in the past have had standards OF
value and mediums of exchange, or cur
rency or circulating mediums, or whatever
name you may give them, with no laws
save the customs of business; these they
can have in the future without statutes,
and they will have them in spite of statutes
If statutes stand in the way of the irresisti-
men. Banking, too, has been carried
on without statutes. The obligations
OF banks are IN, not the the creation or :,t 10, OF
tion Of business government, If wise, will
take note of all this and not stand against
nature, but rather assist nature and enable
beneficent way. In the scheme of our States
and of the United States we know that GER
tain powers are given to the general gov
ernment and certain other powers to the
State governments and still other powers
denied to the government Of either. So in
the scheme of creation some powers have
been reserved from all human government.
The experience of mankind shows that
among these is the power to determine by
erty and service and for what they shall
exchange property and service. If my MEM
ory is not at fault, in some school of gov
ernmental philosophy such this, was
trained. A fact of civilization is that men
measure value by gold, whatever be the
standard named in law men will continue to
measure value by gold until, by the con-
currence of their habits, they evolve some
thing that suits their purposes better; IL
law conforms to this fact, it assists nature
and helps the people. If it does not conform
to this fact, it vainly tries to go against
tender, if with nature, it is helpful; If
against it, vain, but mischievous, harmful
TO people, harmful and weakening to gov
ernment. So of private demand obligations.
bank notes, statute if it follows what would
be the natural law, can vastly add to their
ing property and services. Government when
it stamps a bit of gold and makes it a coin
adds no value that was not in the
bit of gold, but it greatly increases
the efficiency Of the bit of gold,
and thus makes it a better tool. So when
government devises a system for the issu
ance of bank notes and certifies that notes
are issued Hereunder it does not contribute
that which gives them value; it does, how
ever make them more efficient and better
tools for those who wish to use them. In
both the case of the bit of gold and of the
bank note government by wise laws enables
capital more efficiently to serve those peo-
pie who wish to use capital in the one or
the other form. If government will not
conform its statutes 10 facts and Will not
shape them to natural laws and in assist
ance thereof. then, at least in such matters
as the standard of value and of the circulat
ing medium, it better enact no statutes
at all leaving the civilized business world
to transact business guided by wisdom,
evolved from the experience of ages and