The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-09-16
HARTMAN IN THE CHAIR
Last Day of the National Cur
rency Convention.
WARNER ON PAPER MONEY
President Mills Argued for the Public
Control OF Money-McCleary Said
That Silver Had Not Been
Demonetized.

Omaha, Sept. 15.-The third and last
day of the National Currency conven-
ton began with a discussion in suppor
of unlimited issue of irredeemable cur
rency by the government. by General A.
]. Warner, president of the American
Bimetallism union. The middle-of-the-
road fatist editors Of the reform press
association were so anxious to be heard,
regardless Of the arranged programme,
II was with difficulty hat Congressman
Charles s. Hartman OF Montana, who
presided. could keep them in order. Gem
eral Warner said the debate would be
divided into. first. the advocacy Of bank
currency; second, of a plea for govern
mental currency TO circulate concur
rently with metal. and third. the affirm
alton OF irredeemable government paper
currency or absolute fatism.
As to the defense of falling prices
made by the gold standard advocates,
he said he concurred in their opinions
except as to farm products, for which
labor cost had decreased. and with fur
Their qualifications that there had been
no reduction in fixed charges such as
transportations rates, debts and taxes.
A reply was made by Congressman
- y VI Z 1RAC'NF as SUP
ported bank currency. Fowler aid the
only logical position the silverites could
take was that Of Warner. that IL they
could legislate value into silver they
could legislate value INTO paper and
make Il redeem itself.
President Wills. of the Kansas agri-
cultural college. led off this afternoon
arguing for public control OF money.
He charged the banks with securing
legislation inimical to the interests of
the people and by manipulations hav-
ing produced the panics of 1873 and 1898.
He cited the postofiice as an instance
of the operation of public control Of
public utility and said money, the
greatest OF all public utilities, should
also be under public control.
l.. H. Weller of Iowa followed. stat
ing that he was proud Of his position
as a fiatist. Gold is not money, per Sc,
nor is silver, nor is paper. 1t requires
the government stamp TO make money.
He devoted much time to the legal
tender of the union of money and its
contention that the monetary function
is entirely dependent on its legal ten
der potency conferred by the will of
the people through legislation.
1t was intended that Congressman
Henry McCleary OF Minnesota should
explain the provisions of his currency
bill introduced at the last session of
congress. but the paper money cham
pions fired questions at him so fast
that the entire 45 minutes was taken
up in answering them and his y
went over to the evening session. The
fire of questions brought out some
views on coinage. With reference TO
silver he said IT had never been de-
monetized in the proper meaning OF
the word. What had taken place was
precisely a change I'm policy as to coin
age. 1t was simply a question Of coin
ing on public account or private ac-
count.
. A lengthy exposition Of the process
and history OF coinage followed. Geo.
Fred Williams presented a Ion. series
OF questions to which Mr.. MrClparv
attempted TO reply. but was cut of nv
the clamor of the hatists 10 be heard.
w. w. Clay Of Chicago said money is
money by virtue of the law behind IL.
He Is opposed 10 the coinage Of gold.
silver or paper on private account.
John =. Irish of san Francisco defend
ed the gold standard in a few words.
Chairman Towne came back at tho
gold mems contention that value can
not be legislated In a substance by say
ing legislation cannot effect value. The
only value money has is its exchange
value.
A paper by ". c. Cornwall Of Buff
falo. ". Y. ION Deposits" was read bv
r. V. Smalley. secretary of the National
Sounu Money League.
Two of the middle-of-the-road edI-
tors Of the Reform Press association Of
New Hampshire. Kotsinger Of In
diana and Eli Reed Of Iowa. managed
20 be heard on their theories Of abso-
iute fatism. Reed created a scene by
charging the gold standard advocates
with being paid hirelinEs Of the bank
ers n the money power. This even
ing A. NJ. Wright Of Chicago clahor-
ated on A plan for a free banking svs-
tenn without government supervision.
Prof. X. Allen Smith Of the washing
ton State university and Judge sheldon
OF Connecticut contendcd for the uuan-
tative theory as regulative Of prices
and Congressman De Almond ~ Mis-
souri, pictured a gruesOme future with
only a 5 per cent gold reserve To re
deem an immense volume Of bank pa
per. under the present system. in case
of panic.
Time was allowed Congressman Nc
Cleary to give his reasons for an ideal
banking system.
The closing argument for iatism was
made by General Warner. He said the
other side a practically admitted the
Quantitative theory Of money by con
tending for a large bank issue.
Edwards Turned Down.
Special Dispatch 10 the Standard.