Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1898-02-01

the retirement of the greenbacks. His
homely and forcible comparison of one
financial system with the gradual
growth Of pioneers home, gradual adj
dition of "lean-tos" and thatch roofs,
which ought to be replaced in our more
advanced condition by new structure
upon firm foundation and of harmoni-
Gus architecture, caught the audience
with great effect and brought forth
round after round of applause. He
spoke to an audience of substantial
business men who thoroughly appre-
clated his argument for an elastic cur
rency based upon commercial assets.
The delegates, as Gov. Shaw suggested,
did not include many bankers, but in
Guided many men of large affairs and
some of national prominence.
Iowa wed with Indiana for the hon.
or of the largest delegation on the floor,
and they made an impressive appear
ance when they arose en- masse to cheer
Gov. Shaw. There were about 60 Of the
Iowa delegation, and there were also
strong delegations from Wisconsin,
Michigan, Illinois and Ohio. New York
was represented altogether by score
of its most prominent business men,
and many dispatches came from boards
of trade in New York and New Jersey,
which were not able to send delegates,
promising their cordial support. Dele
gates were present from Virginia, North
Carolina, Arkansas, Georgia, Tennessee,
kentucky, Missouri and Maryland.
Called to Order.
1t was three o'clock when H. II. Ham
ma, of indianapolis, the chairman of the
executive committee, called the con-
vention to order. He introduced Rev.
NJ. L. Haines, of this city, who offered a
brief prayer, at the conclusion of which
Mr. Hanna rose to introduce Gov. Mount,
of Indiana, who was to deliver the ad-
dress of welcome. Gov. Mount spoke
briefly. His speech was appropriate to
the occasion, and was an earnest plea
for the maintenance of the gold stand
ard.
Gov. shaw's Address.
AT the conclusion of Gov. Mounts ad-
dress, Chairman Hanna presented Gov.
Shaw, of Iowa, to the convention as it's
permanent chairman. Gov. Shaw spoke
as follows:
I believe. gentlemen. you represent to-
DAY the non-partisan purpose as we'll as the
financial sentiment of very large major
lty o. the American people. Every time the
question has been voted upon they have de-
clared for sound money and national
honor: They went to the extreme linn
" OF their opportunity in demanding secur-
aty against financial depression, CONNER
cial upheavals and Industrial agitation.
IN view OF the oft-repeated declaration for
national honor and the payment and dis
charge of every obligation, public and pri-
vate, In currency equivalent to gold, II
remains for the law-making power 10
spread the verdict Of 1896 of record, to rem
der judgment In accordance Herewith, and
TO make the decree perpetual. A failure 10
TO 90 Will endanger every interest, every in
dustry every enterprise, and make posi-
BILE panic of such cyclonic force and wide
spread extent as to render what we have
seen. In comparison, but summers
zephyr.
Must Have Paper Currency.
eve must have paper currency. be-
lieve the country at large, without regard
to party, agrees to this proposition. We
must have a paper currency, and of sufd-
Client volume for the needs Of great and
prosperous people, with many and varied
interests. Those who believe In the prin-
ciples Endorsed at the polls In 1896 to-
then rendered as Of binding force, agree
that every dollar Of paper currency must
be redeemable, directly or indirectly, ex-
changeable or convertible, at par for gold.
The value of every dollar of the United
States money, whether Of coin or paper cur
rency, must be the equivalent Of 25.S grains
Of standard gold The gold coin must be
the touch stone, the test, the measure Of
value Of every dollar, by whomsoeyer is
SUED or hoWsoeyer expressed. This paper
extensive with the needs of the country,
should all be issued by the government or
by the banks. The time has passed by
when the government should issue part
of the paper currency (others than coin GER
tificates). and the banks part.
Must BE Elastic.
This currency must be elastic. There
will be no more half bushels needed in the
south on thrashing day than will be need
ed seeding day. The same thing Is true Of
the east and the west and the Pacific
slope. The monetary system that shall
stand the test of all time must be automatic
In its operations. Wherever the demand
exists there the currency must spring up in
volume sufficient to meet the requirements
of trade and commerce. This can be &C.
complished only by clothing the banks with
power to issue. Then small tax should lie
levied upon the circulation to protect
against dangerous imitation beyond tho
needs of the country, and to insure contrac.
ton when the demand ceases.
Upon the conclusion of the speech OF
Gov. Shaw, Chairman Hanna requested
the state delegations to select vice pres
idents and members of the committee
on resolutions, to be reported before the
evening session. The convention then
adjourned until seven o'clock, when adj
dresses were delivered to a large !au-