The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27

:
sion is receiving great deal OF unjust crit
icism- Our desire to avoid and forestall
such criticism was one cause OF our unani-
nous Endorsement of Mr.. Foote's paper, as
his plan for the selection OF a commission
was one which no intelligent man could
have honestly condemned. unless he We're
one of the small class of captiOus critics
whom no one can satisfy.
THE ATTACKS ON THE REPORT.
Probably the most virulent attacks upon
the report of the commission are based upon
the claim that it is wholly in the interest. of
the bankers. The character of these at
tacks is well indicated by the headlines of
an article in Senator VIM. NJ. Stewards
journal for Jan. 20. $685. the Silver knight
Waterman. These lines are as follows:
THAT Bank Appendage, the indianapolis
Currency Commission = Senator Stewart
Calls Its Report the Greatest Curiosity of
ignorance and Duplicity That Has Been
Produced in the Nineteenth Century-Can
Only Be Compared with the Astronomy of
the Dark Ages"
Another article is headed: Eleven Con-
ers-Vermont's Discarded Senator at Their
Head-They Are Like the Fourteen Men
Who Swore to Kill Paul-AI Their Claims
Have Been Refuted and Exploded-Cleve-
land and Morgan's Poker Game-Tne Barons
of Mammon."
have seen scores of such criticisms and
/ wish to emphasize the fact that they
clearly indicate what the people are being
taught by the press and from tfle platform.
the fact that all the arguments for the gold
standard appearing in the metropolitan
press are discounted by the fact that ma
Jority OF the voters have been and are be-
ing taught that the metropolitan press
is venal and in league with THE
Bankers Conspiracy against the people.
After completing canvass of thirty-eight
states, undertaken for the purpose of
studying this question and organizing sound
money work, my observations forced me to
the conclusion that bankers, as a class,
We're not demanding the adoption of the
gold standard. the retirement of the gov
eminent from the banking business, the
reduction of the tax banks the extern
sion of the privilege of issuing national
bank notes, and that business men, aside
from the bankers, were the real advocates
of the gold standard and currency reform.
Hesitating to admit the truth of this con-
clusion without more definite proof of its
correctness than / had obtained from per-
sonal conferences with thousands of repre-
sentativeS of the banking, commercial
manufacturing and laboring classes in vari-
Gus parts of the country, | determined to
test the matter by corresponding with
enough bankers to demonstrate the truth
or falsity OF my judgment. To do this /
have, since the first of December 1885,
written to the presidents of over eight
thousand banks and trust companies, out
side of New York city. asking what finan-
clal legislation they considered desirable
$50 We're sufficiently definite to admit of
tabulation. The following is the result:
SUMMARY OF LETTERS RECEIVED.
Total number of letters compiled. $50. OF
these, As per cent. are from national
banks; 10 per cent are from state banks, and
AZ per cent. are from private banks and
trust companies
They represent every State and Territory
in the United States, as well as "a per cent
of the congressional districts, which. for
the purpose of this compilation, include
Territories, each counted as one congress
sional district.
Number favoring the retirement of ALL or
part, United States paper currency, 800, or
IS Alas per cent. of whole:
OF these, 81 per cent. favor funding the
national debt, and l per cent the retire
ment of paper currency by silver coin %
per cent favor the retirement and per
cent the permanent retirement of the
greenback; "a per cent. favor the retirement
and 30 per cent. the permanent retirement
of all United States paper money; 212 per
the permanent retirement of greenbacks
and silver certificates per cent. favor the
retirement and l per cent. the permanent
retirement of greenbacks and treasury
notes; 2la per cent. favor the retirement of
treasury notes alone; Y per cent favor the
retirement of silver certificates alone; per
cent favor the retirement of silver and gold
certificates
Number who expressly favor the govern
ment's going out of the banking business
1875, or 20 per cent. of whole.
In favor of increasing the circulation of
national banks to par of United States
ury, 3d. or 80 7-24 per cent. of whole.
Number in favor of making bank capital
or bank capital and assets the basis of bank
circulation, %, or 29-4S per cent of whole
Number in favor of reducing tax on ma
tional bank circulation, 2O2, or q 1-19 per
cent. of whole. OF these, 211a per cent. ia
vor the repeal OF the tax; 1872 per cent. ia
Vor only a reduction.
Number in favor of repeating tax on state
bank issue, 20, or 1913 per cent of whole
Number expressly in favor of "a single
gold standard, 221, or % per cent. of whole.
Number classed as silver men," 135, or
~
OF these, So 1921 per cent. are for free,
unlimited coinage at 10 to /; 81 1-27 per cent.
favor a modification of free coinage.
FAVOR MORE REVENUE.
Number favoring an increase of revenue
by some means or other, 1886, or So per cent.
of whole.
OF these, S. per cent. are pronounced pro-
tectionists; 2 per cent. favor an increase by
internal taxation; per cent. by both pro-
lection and internal taxation; 26 per cent.
do not say how increase shall be secured.
From the general tenor of the letters it
is safe to assume that a large majority of
those expressing themselves in favor of re-
firing any part of the paper currency mean
to say retire permanently. 1t is also APP
parent that the word .'greenback' is often
used to include all United States paper cur
rency.
While these facts explain themselves. I
am aware that the result shown is widely
different from the popular conception of the
OF bankers upon these points. /
account for this by the fact that bankers
class suffer much less from an unstable
standard of value and an unSound currency
than merchants, manufacturers, farmers
and wage earners. Upon these classes we
must depend for support for the enactment
of sound currency measures. If they are
betrayed by those from whom they receive
their education on monetary subjects into q
support of falIacious doctrines. q correct
reform of our financial system will be rem
dered hopeless, until further sad experience
shall have demonstrated that a permanent
and high degree of prosperity cannot be Sc
cured without it.
Years devoted to the study of economic
conditions, and visiting every section Of the
country, have convinced me that the ur-
gent demand is not for dollar of low COM
mercial value, but for a banking system
that will enable every person having good
securities to obtain currency at a low rate
of interest where he is engaged in business
and his securities understood. 1t is
practically an impoSsibility for a person,
no matter how good his character and his
securities, to secure discounts i'm the great
banking centers where neither are known.
w nat the country needs is not inferior
money, but better distribution of banking
facilities. The power to give currency to
the value of the resources owned in any
locality will enable the people to create for
themselves all the currency they require
for the prompt and unrestricted transaction
of their legitimate business. For this rea-
son / heartily indorse every movement de-
signed to foster small but safe banks wher-
ever needed. no matter how remote from
the great commercial centers. Revise the
banking laws Let the coinage laws stand.
Only One Who Criticised.
Prof. Il. NJ Taylor. of Ann Arbor Uni
versity, was the only delegate who could