The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-27
NO WASTING OF MOMENTS.
THE BUSINESS PUSHED TO A CLOSE
IN AN ENERGETIC
WAY.
STILL SUBJECT TO HANNA's CALL.
tee Authorized to Summon Dele
gates When He Sees Fit.

CONVENTION WOulQ remain IN session
more than two days, and this expecta-
ton was realized. 1t settled down to
work promptly at 10 o'clock this morn
ing and adjourned at o'clock, subject
to the call Of the chairman, Mr.. Hugh
H. Hanna.
It 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 pri-
vate interests, made the long journey
to Indianapolis to emphasize by their
presence their strong sympathy with
the movement for currency reform.
The number of bankers who attended
was limited to less than a dozen. The
remainder of the 400 delegates were
representatives Of the various CONNER
cial bodies, with a sprinkling Of politi-
cal economists. prominent among
whom was Prof. Taussig, Of Harvard
university
The proceedings Of the convention
were transacted with that businesslike
method which was characteristic Of the
men engaged. There was about them
a snap and vim and energy, combin-
ed with an absence Of superf1uities and
hair-splitting points Of order that fur
nished refreshing contrast to a pure
~ political convention, where promi-
nent action is less required than the
advantage Of this or that party for a
candidate. There was no desire to
shirk the work entrusted to the dele
gates, nor was there on the other hand
any purpose to delay It's completion.
The business of the convention was to
1ndorse the report of the monetary
commission which is now before con-
gress in the form Of a bill, and when
this was done 1t promptly adjourned.
Many Of the delegates returned 10
their homes this afternoon. All Of the
New York and Eastern men left on
early trains, and some of the Iowa
delegates were equally prompt in get
ting away. Tonight only a score of
the delegates are about the hotel lob
bies, and the convention of which they
were part has already passed into
history.
PLAN INDORSED
The convention convened at 10
o'clock. Pending the report of the COM
mittee on resolutions, the secretary
read a number of kilograms from the
various commercial bodies Of the coun-
try. indorsing the plan of the COM
mission. e. J. Parker, of Illinois, pre-
sented a resolution approving the eff
forts of the national business league
to forward a movement for the es-
tablishment Of a national department
Of commerce and industries, the head
Of which shall be a member of the
cabinet.
Charles S. Fairchild, ex-secretary Of
the treasury, delivered a speech in
which he said that the commission had
done its work under the inspiration of
the convention Of 1897. q. He said gov
eminent should try to learn facts and
conform it's laws thereto.
AT the conclusion Of Mr. Fairchild's
address, a motion was made and car
ried that when the convention adjourn
it be subject to the call of the execu-
tive committee. Permanent Chairman
Shaw declared that this convention
never adjourns," and E. o. Stannard,
of Missouri, took the gavel to preside
The next speaker was Congressman
Jesse Overstreet, of the Indianapolis
district, who introduced the monetary
bill into congress.
Mr.. Wheelock, of Minnesota, chair
man of the committee on resolutions,
asked John c. Bullitt, of Pennsylvania,
to read the resolutions. The resolu-
lions recognize the conventions oblI-
cations to the executive COMMITTEES,
and cordially approve the plan of cur
rency reforms submitted by the COM
mittee, which is set out as follows:
RESOLUTIONS REPORTED.
doubt as to what the standard of value in the
United States is and is to be.
Second-To establish the credit of the
United States at the highest point among the
nations of the world.
Third-To eliminate from our currency sys-
TEN those features which reason and expert
enee show to be elements of weakness and
danger.
Fourth-To provide a paper currency con-
vertible into gold and equal to it in value at
all times and places, in which, with volume
adequate to the general and usual needs Of
business there should be combined quality
of growth and elasticity through which it
will adjust itself automatically and promptly
to all variations Of demands, whether sud
den or gradual, and which shall distribute it
self throughout the country the wants of
the different sections may require.
Fifth-To so utilize the existing silver dollar
to maintain their parity with gold with
out imposing undue burdens upon the treas
ury.
Sixih-To avoid any injurious contraction Of
the currency.
Seventh-To avoid the issue of interest
bearing bonds, except in case of unlocked
for emergencies: but to confer the power to
issue bonds when necessary for the preserva-
ton Of the credit of the government
Eighth-To accomplish these ends by a
plan which would lead from our present con-
fused and uncertain system by gradual and
progressive steps without shock or violent
n who will ho
thoroughly safe and good, and capable of
growth to any extent that the country may
require.
Approving of the expressed purpose OF the
commission and of its plan we do most earn
estly and cordially commend 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
by the commission in their report should be
enacted into law with the belief and expecta-
ton 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 a state of prosperity that cannot
be achieved unless there is system of
finance, the integrity and adaptability of
which cannot be questioned or gainsaid.
The time has now come when the prospects
for the establishment of the gold standard
upon a firm and enduring basis are brighten
ing and encouraging The people want a note
currency which shall be as good as gold
This movement 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 elias
ITCHY through which it will adjust itself au
tomatically and promptly to all variations of
demand, whe her sudden or gradual
The people of the Western and Southern
states wish the issues so distributed that
the scarcity of currency will no longer ham
per and distress hem in their business opera
ions. a method is proposed whereby their
wants can be supplied and their demands can
be complied with.