The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-27
MONEY PLAN IS ADOPTED.
INDIANAPoLKs CONFERENCE HEARS
THE REPORT AND AJOURN6.

An Address UrEips Citisous esncrnny te ASH
Congress 60 Take Action Hmuediateiy
en the NHatter-The Merits Attributed -
the Measure Favored ~ tho Conrsrenoe.
INDIANAPOLIS, Jan. 28.-The monetary con-
vention has approved the report Of the Money
Reform Commission, has given expression TO its
will In resolutions. and has adjourned. II there
was any doubt attending the deliberations Of
the convention, IL any shadow fell across its
pathway, It was the doubt regarding the action
Of: Congress and the shadow was that Of con-
Germ for the bill which is now in the hands Of the
Congress committee.
The session Of the convention to-day was pro.
tracted. Tho most important work was the
report:of the Committee.on Resolutions. Chair.
man Shaw was on hand promptly at 10 o'clock
and called the meeting to order. After adopt
ing resolutions offered from the floor indorsing
the work OF the National Business League, the
expediency Of the manufacturing products of
this country being exhibited at the Paris Expo
sition, and approving the commission and in
dorsing Its work, eX-Secretary OF the Treasury
Fairchild Of New York was introduced and
spoke at length. Ho eulogized the work of tho
commission, saying that It had followed faith
fully and conscientiously the lines laid down by
the convention one year ago. Congressman
overstreet Of this district, who has the bill in
charge. spoke, and awakened enthusiasm by
assuring the convention Of his confidence In
Speaker Reed, and predicting that the lower
house would pass the commission's bill.
The Committee on Resolutions reported at
the close of Mr.. Overstreet's speech, and John
c. Bullitt Of Philadelphia read the report. 1t
said:
w most cordially approve Of tho plan OF
currency reform submitted by the Monetary
Commission in the belief that II enacted into law
AZ would apCon,plia, m a far no poaatblo Tho roa,lta
contemplated by the commission, as set out in
the following propositions:
"'1. To remove at once and forever all doubt
as to what tho 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.
80. To eliminate from our currency system
those features which reason and experience
show to be elements of weakness and danger.
90. 10 provide n paper currency convertible
into gold and equal to IL In value at all times
and places, in which, with a volume adequate
to the general and usual needs of business, there
shall BIO combined a quality of growth and elias
ITCHY. through which it will adjust itself auto
matically and promptly to all variations OF de-
mand, 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 on the Treasury.
&c. TO avoid any injurious contraction of the
~. TO avoid the issue Of interest-bearing
bonds, except in case OF unlooked-for emergen-
cy. but to confer the power to issue bonds when
necessary for the preservation of the credit Of
';;'s. To accomplish these ends by a plan
which wouldslead from our present confused and
uncertain situation by gradual and progressive
monetary system which will be thoroughly
safe and good and capable of growth to any
These declarations and tho plan which fol-
lows are honest in purpose. they are sound in
R Rssines ana pf Man's 81 they the who're SGf a paopis. they TO s sns
wisely safeguarded against, undue contraction
OF the currency on the one HAND or It's perllous
ment into law would stimulate hopefulness,
inspire confidence. and conduce to q sense OF
ampled national growth and prosperity. APP. |
proving Of the expressed purpose Of the com
nns Sonai n1f Of eon 1ss p1anii it T 70 Our eS % fsliSS Sa Si {
Ss W wpge Sp OF Their tSa c aPpFSyai II a ND ggd 6|psS sts Sna
with the belief and expectation that the effect
bic financial system that would rebound to the
credit Of the country, and, insure a state of
Is a system of finance the integrity and adap- |
liability of which cannot be questioned or gain
1.-The time has now come when the prospects
for the establishment of the gold standard upon
a firm and enduring basis are Frightening and |
rency which shall Be as good as gold. This
movement proposes to bring about that result. |
We appeal to all patriotic citizens to unite with
us in an earnest and determined effort to SO.
cure, from Congress- such legislation as will
wisely hut surely eventuate in bringing about 4
sound financial methods and in building up and
establishing confidence. security and safety in
business transactions and In the ownership and
value of property"
Tho report was greeted with great applause. !
w. f. Dodge of New York spoke and said the
had an air of common sense about It.
John II. Rhoadcs of New York said that he
stood in the convention and approved its action
as an officer of u savings bank in New York
having $35. 100000 on deposit witt 10000 de. |
positors. and ar, average deposit, for each Of
$500. AS President of the Savings Bank Asso-
citation he also indirectly represented the inter
est Of over $500. 600. 900 of similar deposits in
the State.
Several other speakers followed and at Q
p. NJ. the convention adjourned sine die. The
Executive then met and discussed
p1ana fOr IN irving IN fha Iyorl hpfora rppuraoa