Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-27
CURRENCY REFORM.
TIE CONVENTION AT INDIANApo-
LIS ADJOURNs.
MONETARY COMMISSION ENDORSED.
It's Report as Embodied I'm the Bill
Before Congress Heartily COM
mended to the Acceptance of the
People.
People.

| '""" e"O NdyS, anu lnlS expectation was
realized. 1t settled down to work prompt
ly at 10 o'clock this morning. and ad-
Journed at o'clock, subject to the call
| OF the chairman, Mr. Hugh Hanna.
1t was a convention that was notable
for the prominence OF its delegates in
business circles. and for the large num-
Der who, at the sacrifice of their private
interests, made the long journey to In
| dianapolis to emphasize by their pres
ence 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
to 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
morning ex-Secrctary of the Treasury
Fairchild, a member Of the Monetary
Commission, delivered an address. 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 thorough attention from Congress,
and said that Speaker Reed would in no
way retafd its careful consideration. 'It
we are defeated" said he, 1--WE shall not
be conquered"
c. c. Homer of Baltimore, urged the
Importance of organization, and said that
Congress should understand that this
plan was the will of the people.
Mr.. Peacock, of Minnesota, chairman
of the Resolutions Committee asked John
c. Bullitt, of Philadelphia, to read the
resolutions. The resolutions recognize
the conventions obligations TO the Execu-
tive Committee. and cordially approve
the plan of currency reform submitted
by the commission, which is set out as
follows:
CURRENCY REFORM PLAN.
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.
"2. To establish the credit of the United
States at the highest point among the
nations of the world.
49, To eliminate from our currency sys-
tenn those features which reason and
experience show TO be elements of weak
ness and danger.
"a. To provide a paper currency con-
vertible into Pc'@ and equal 10 it in
value at all times and places, on which,
with a volume adequate to the general
and usual needs of business. there shall
be combined a quality of growth and
elasticity through which it will adjust
itself automatically and promptly TO all
variations of demand, whether sudden or
gradual, and which shall disburse itself
throughout the country as the wants of
the different sections may require.
"5 To so utilize the existing silver dol
lars as to maintain their parity with gold,
without imposing undue burdens upon the
Treasury
"6. To avoid any injurious contraction
of the currency.
~ To avoid the issue Of interest-bear-
ing bonds, except in case of unlooked-for
emergency; but to confer the power to
issue bonds, when necessary for the pre-
servatiOn OF the credit of the government
IS. To accomplish these ends by ai
plan which would lead from our present
confused and uncertain situation, by
shock or violent change, to a monetary
system which will be thoroughly safe
and good. and capable of growth to any
extent that the country may require.
CORDIAL COMMENDATION.
approving of the expressed purposes
of the commission and of its plan, we do
most earnestly and cordially commend
il to our felOW-citiZens as worthy OF
their approval and adoption, and we urge
upon the Congress of the United States
that the principles embodied by the COM
mission in their repart should be enacted
into law, with the belief and expectation
that the effect would be to secure solid,
substantial and stable financial system
that would rebound to the credit OF the
country, and insure a state of prosperity
that cannot be achieved unless there Is
a system Of finance, the integrity and |
adaptability of which cannot be ques- |
toned or gainsaid
'sThe time has now come when the |
prospects for the establishment or the |
gold standard upon a firm and enduring
basis are Frightening and encouraging. |
The people want a note currency which |
shall be as good as gold. This move
ment proposes to bring about that result |
'The people want a volume of currency |
adequate to the general and usual needs |
of business, with a quality of growth |
and elasticity through which IL
will adjust itself automatically ana |
promptly to all variations of demand, |
whether sudden or gradual
THE WEST AND SOUTH.
"The people of the W estern and South |
ern States wish the issues so distributed |
that the scarcity Of currency will no |
longer hamper and distress them in their /
business operations. A method is pro-
posed whereby their wants can be sup
piled and their demands can be complied
with
we appeal TO them-we appeal to 5ll
natriotic 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, |
security and safey in business transac-
tions and in the ownership and value OF
property.
"That the Executive Committee be
continued with power and authority 10
ada IN their number and to NIL any va
cancv which may occur, and also with
mower and authority to adopt such mea-
sures for procuring the needed legislation
from Congress as they, in their judgment,
NAV deem advisable and expedient.'
Mr. Bullitt spoke at length in favor Of
the resolutions. and ms a gold Democrat
urged continued effort looking TO cur
rencv reform without regard TO party
ties.
The resolutions were discussed In five
minute speeches by Rufus Bullock, OF At
lanta. Ga; General Simon B. Buckner. of
Kentucky; John Harsen Rhoades. of New