The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
LET COINAGE LAWS STAND.
hut Revise Banking Statutes, Says DIR.
9. A. Robinson


DIR. Samuel A. Robinson representing the
New York Board of Trade and Transports
ton and the Staten Island Chamber of
Commerce, prepared g paper on 1.-THE Source
of the Demand for Gold Standard and a
Sound Currency" in which ne showed by
statistics the error OF a prevailing impress
sion that it is the banks alone who are de-
handing changes in the financial system.
His address in full, which he was prevented
from delivering by an early adjournment,
is as follows:
The New York Board of Trade and
transportation has, from the inception of
this monetary commission. felt a keen inter-
est IN It's proceedings. Our membership is
composed of about eight hundred fl. ms and
individuals, engaged almost exclusively in
mercantile and manufacturing pursuits To
them q stable standard of value is Of nara
mount Importance, and so far as | have
been able to ascertain our organization was
the first commercial body to present plan
FOR the formation OF monetary commits
sion. On Dec. IL, 1893, Mr.. Allen Ripley
Foote read a paper before our board en-
titled How Shall Sound American Cur
rency and Banking System be Estab-
lshed?" after which we unanimously passed
a preamble and resolutions containing the
following:
Whereas The formulation and adoption
Of a sound currency and banking system is
now one of the most important and urgent
requirements TO inducing an era of solid
prosperity for the whole people, be it
Resolved, That the New York Board of
Trade and Transportation will cooperate
with all other industrial, commercial and
financial organizations for the purpose of
securing the organization of a national
monetary commission to be composed Of
seven expert and nonpartisan members, for
the purpose of formulating sound cur
rency and banking system TO be reported to
Congress and the legislatures of the sew
eral States for adoption.
Resolved, That the paper read, together
with the preamble and these resolutions, be
printed and a copy forwarded to members
commercial organization with which this
board is in correspondence, with the request
that it take a similar action and report the
name of the representative it selects to this
board"
Mr. Foote'S paper and our resolution
were sent to industrial and commercial or
CARNATIONS above Indicated and we have
ever since endeaVored 10 secure the ends
therein set forth. We had hoped to secure
q commission including representatives OF
the leading labor organizations and of those
engaged in agriculture.
Men who have devoted their lives to the
study of finance upon broad and thorough
lines and have had large experience in
to formulate a financial system which
would promote the welfare of the people
of the United States than those without
such study and experience. In view of this
the business men of the United States will
heartily indorse the report of this monetary
commission Men of sound judgment and
business experience will do this just as they
would adopt the recommendations of thor
oughly qualified and experienced chemists.
engineers electricians or skilled mechanics
regarding matters pertaining TO their re-
spective callings.
So much has been done. hswever. to preju-
dice people against the advice OF those who