The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-27
1t Adjourned After a Session
of Two Days.
CURRENCY REFORM PLAN
EIGHT REMEDIES PROPOSED
FOR FINANCIAL TROUBLES.
GOLD STANDARD MUST Be DRIVEN HOME
The People Of the West and South Appealed to
Convention Expressed Hearty Apprecia-
ton of the Monetary Commission
RnnnrA RnrnI,liinnc hhnnknd
Report Resolutions Adopted.

Report--ResolutionS Adopted.
Indianapolis, Ind, Jan. 2G.-It was not
expected that the Monetary convention
would remain in session more than two
days and this expectation was realized.
1T settled down to work promptly at
ten o'clock this morning and adjourned
at , O'Clock, subject to the call OF the
chairman, Mr.. Hugh Hanna.
1t was q convention that was not
able for the prominence of its delegates
in business circles and for the large
number who, at the sacrifice Of their
private interests, made the long journey
to Indianapolis to emphasize by their
presenas their strong sympathy with
the movement for currency reform. The
number of bankers who attended was
limited TO less than a dozen.
The business of the convention was
10 endorse the report of the Monetary
Commission, which is now before Con-
gress in the form of a bill and when
this was done, it promptly adjourned.
Soon after the convention met this
Fairchild, a menber of the Monetary
Commission. delivered an address.
The next speaker was Congressman
jesse .Oyerstreet, of the indianapolis
district, who introduced the Monetary
bill into the Congress. Mr.. Overstreet
commended the Commissions work.
ment," he said.
Al Al l. i
receive thorough attention from Con
gress and said tnat Speaker Reed
would in no way retard its careful con-
sideration. If we are defeated" said
he. I'VE shall not 'be conquered"
c. G. Homer, of baltimore. urged the
Importance of organization and said that
Congress should understand that this
plan WAS the wild of the people.
Mr. Wheelock. of Minnesota, chair
man of the committee on Resolutions, as
sisted John G. Bullitt, of Philadelphia,
to read the resolutions. The resolutions
recognize the conventions obligations to
the Executive Committee, and cordially
approve the plan of currency reform
submitted by the Commission, which is
set out as follows;
Il. To remove, at once and forever,
ttlI uouHl as ~ Will tic Stdiuhlu VI
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 other nations of the world.
81 To eliminate from currency system
those features which reason and expert
ence show to be elements of weakness
and danger,
II. TO provide a paper currency con-
vertible into gold and equal TO it in value
at all times and place, on which, with Il
volume adequate to the general and us
ual needs Of business, there shall be
combined a quality of growth and elasti-
city through which it will adjust itself
automatically and promptly to allyalua-
tions 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 imposing undue burdens
upon the Treasury.
IS To avoid any injurious contraction
of the currency.
~. TO avoid the Issue of interest bear
ing bonds, except in case of unlocked for
emergency; but to confer the power to
issue bonds when necessary for the pre-
servaton of the credit of the govern
ment.
IS. To accomplish these ends by plan
which would lead from our present con-
fused and uncertain situation by grad
nal and progressive steps without shock
or violent change. to monetary system
which will be thoroughly safe and good,
and capable of growth to any extent that
country may require.
''Approving of the expressed purposes
of the Commission. and of its plan, we
do most earnestly and cordially COM
mend it to cur fellow citizens as worthy
of their approval and adoption, and we
urge upon the Congress Of the United
States, that the principles embodied 10y
tho Commission in their report should be
enacted into law with the belief and ex-
mediation that the effect would he to So
cure n solid. substantial and stable tinan-
ciol system that would rebound to the
crndit of the country and insure state
of prosperity that cannot be achieved
,nless there is a system of finance,
tba integrity and adaptability OF which
cannot he questioned or gainsaid.
'.1'ha time has now come when the
nroenects for the establishment of the
nold standard upon firm and enduring
hosis are Frightening and encouragingg
The The people ~ want a note currency which
eholl be as good as gold. This movemenf
,,roncses to bring about that result.
p'..e' The pcople want volume of cur,
norar oaeouate to the general and usual
,'ooas IF business. with quality or
"rowtb and elasticity through which it