The record-union., 1898-01-27
The Business Of the Monetary Con-
VentiOn Concluded.
Endorses The Report Of the National commis-
sion and AdjOurns.
Ex-Secretary of the Treasury Fair
child Delivers a Speech, Assert
ing that the Standard of Value
VIII Never be Controlled by
Statutes.

Statutes.
INDIANAPOLIS, Jan. 26-It was not
expected that the Monetary Conven-
ton would remain in session more than
two days, and this expectation was re-
allied. 1t settled down to work prompt
~ at 10 O'Clock this morning and ad-
journed at , o'clock subject to the call
of the Chairman, Hugh Hanna.
The proceedings OF the convention
were transacted with that businesslike
method which was characteristic of the
men engaged. There was about them
{. snap and vim and an energy. COM
| bined With an absence of superfiuities
and hairsplitting points of order, that
furnished a refreshing contrast to a
purely political convention.
The business of the convention was
TO indorse 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.
CONVENTION PROCEEDINGS
INDIANAPOLIS Qnd), Jan. 2G.-The
Monetary Convention convened at 10
O'Clock to-day. Pending the report Of
the Committee on Resolutions, the Sec
retary read q number of kilograms from
the various commercial bodies of the
country, indorsing the plan Of the COM
mission.
E. j. Parker of Illinois presented a
resolution, approving the efforts of the
National Business League to forward 4
movement towards the establishment of
National Department OF Commerce
~ nd Ip2 trio of wi ic1 CHI q
be member Of the Cabinet.
Charles S. Fairchi.d, ex-Secretary Of
the Treasury, delivered a speech. He
said: Men in the past have had STAN
dards of value and mediums of ex-
change or circulating mediums, or
whatever name you may give them,
with no laws save the customs of busi-
ness; these they can have in the fu-
ture without statutes. and they Will
have them in spite of statutes, if stat
utes stand in the way Of the irresisti-
BILE force of the concurring habits of
men. Whatever be the standard names
in law men will continue TO measure
value by gold until, by the concurrence
of their habits, they evolve something
| that suits their purposes better"
He said the commissions report was
an attempt to remove unnatural barri-
erS of law and make q statute supple
ment and assist the laws which the
habits of business men had evolved.
Gentlemen, your right to meet to
have and speak your opinion, to make
your petition and to win your cause is
declared in the bill of rights and inn
bedded in the Constitution of the Unit
ed States. The spirit that brings you
here is that which makes possible, and
is the condition precedent to, a govern
ment of the people. We claim no more
than this high and ancient right, and
no less. Your authority is no more
than that which can be given by the
combined character, wisdom and patri-
otism OF the voluntary organizations of
the men in all parts of our country,
who move and direct it's mighty busi-
ness, whose brain and energy give life
to that without which army, navy, a
! nations glory its government even,
cannot be-"
The next speaker was Congressman
Jesse Overstreet of the indianapolis
district. who introduced the monetary
bill into Congress. He thought the
bill would receive the thorough atten-
ton of Congress, and said Speaker
Reed would in no way retard its care
full consideration. IF We are defeat
ed" said he, we shall not be con-
quered"
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.
MIR Wheelock of Minnesota, Chair
man of the Committee on Resolutions,
asked John n Bullitt of Philadelphia
to read the resolutions.
The resolutions recognize the conven-
tion's obligations to the Executive
Committee, and cordially approve the
plan of currency reform submitted by
the commission.
Mr.. Bullitt spoke at length in favor
of the resolutions. and as gold Demo-
crat urged concentrated effort looking
to currency reform without regard to
party ties.
The resolutions were discussed in five
minute speeches. and at 2:30. after two
hours of favorable debate, We're unani-
mously adopted.
The convention then adjourned, SUD
iect to the call of the Executive Com
mittee.
III hEfoIkM HE W ftll1N11.
INDIANAPOLIS Qnd.), Jan. 26-The
following statement was prepared ior
the Associated Press by the Mer-
chants Association of New York
First-The legal tender note. COM
monty called the greenback, should be
retired by the use of money in TIE
Treasury and by the issue of long time,
low interest bearing bonds Bullion
heretofore held as q basis for Treasury
, notes will, by their retirement, become
available as additional security for
silver certificates still outstanding.
Second National banks should be al
lowed to purchase these bonds and use
them 1T par as the basis for circulat-
ing notes. no notes to be issued for a
| less denomination than $40. The feat
ure of the present law relative to the
tax on circulation and the per cent.
redemption funds to remain unchanged
except that the tax be reduced to one
half Of ! per cent. which will be am
pie to provide for the expenses of the
Office of Comptroller of the Currency.
Thrd-Al national banks shall be re-
quired tc redeem their notes at thei1
own counters and at the office of the
Treasurer of the United States or any
Assistant Treasurer. in gold coin. and
all deposits for the 5 per cent redemp-
ton fund shall be in gold coin.