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

love and respect. (Applause) There has
been all element or common sense about this
whole movement which has delighted me.
All of those who are business men have had
times Of depression and perpexity, when
our affairs. however valuable our resources
were. seemed to be complicated and tangled
and troubled and we have always been
glad in such time to go TO wise friends
and get advice, often which has cleared the
way for us. They have looked with UNI
prejudiced eyes upon the matter and have
been able to help US by their suggestions.
We came here year ago vastly troubled
with chaotic condition of our financial sys-
tenn.
QUAGMIRE OF BIMETALLISM.
eve have a great and splendid country
with magnificent resources, yet we have
been using so many makeshifts. we have
been acting so strangely in our want of
method and order that we were in a very
bad shape. ] was very much amused in
reading the life of the Master of Ballot,
who was a great friend of Balfour, the BIZ
metallist, who says over and over again, /
am very sorry for our poor friend Balfour;
he is in the hopeless quagmire of bimetal-
lism.' We were in a good many quagmires
and as wise and sensible men, put the
matter in the hands of experts just as If
we had been connected with corporations
or railroads or large business interests that
needed care and cleaning up, and they have
brought us in a report better than we could
have expected, hopeful report, and hope
that it will be Endorsed most heartily by
all who are here.
I'VE were most fortunate in the selection
of the commission. Its members were well
known as men of high character and large
experience, representing all sections OF the
country and without partisan or sectional
bias. They have given long months of ex-
and advice from financial experts represent
ing many views, and have come to prac-
tcally unanimous conclusion.
Their report is reasonable, wise and
practical their suggestions.
ed, will restore confidence, give promise
of stability to all business affairs, and be
country
with a clear vision they understand
that the changed conditions of the world,
the close connection of all countries, and
the almost universal use of checks, drafts
and bills of exchange make one standard
of value absolutely necessary. They know
that gold has become, and will continue TO
be, the basis of the commerce Of the world,
in spite of all legislation and restrictions:
And they have had the courage and good
sense to base their conclusions upon this
conviction.
GOVERNMENT DEMAND OBLIGA-
TIONS.
Their suggestions as to gradual with
drawal of the demand obligations of the
government are clear simple and eff
fective. No reduction of circulating me-
dunn will be needed or any disturbance
to the business of the country.
Providing for a gold standard, they
at the same time suggest large in
crease of needed subsidiary coins of quarter
and half dollars, which are easily handled,
and the withdrawal of all bank and gov
eminent bills under $40, the place of small
bills to be given to an issue of silver certifi-
Gates sufficient to cover the silver bullion in
the treasury, which will naturally be so dis
trlbuted as not to be a menace, and which
will give a larger use to that metal than
ever before, and this without evasion of
the priciple of gold standard.
Their suggestions as to banking are
equally wise and in the line of the thought
of all experience in this and other coun-
tries. They would give, l believe, an abso-
lutely safe and stable currency, which could
be increased or diminished with the varying
wants of the country. which would tend to
relieve all sections and to safely take money
from congested centers and distribute 1t
where needed.
tails of the proposed plan, but as whole
1t is admirable, efficient and worthy of
our hearty support.
1T WILL [ think, appeal to large sec
tions of the West and South as generous.
broad-mnded and fair. and If the men of
business and affairs all over the country.
instead of divided and timid counsels, will
only cordially unite and press this or like
feasible plans, we can soon have an end of
the strain to which we have all been sub
jected
II want to emphasize that we must gen.
erousy consider the wants and the condi-
tions of the agricultural and sparsely settled
parts of our country where real financial
privations exist, and gladly join hands with
our brothers in those sections in urging such
legislation as the experience of other coun-
tries, which have overcome like difficulties,
has proved effective.
I'VE must use our perhaps, better knowl-
edge and larger experience for the further
ance of their interests and of our own. In
this way only can we win their confidence
and persuade them to join with us in COM
batting what we believe to be false hereales
in finance. which, if adopted, could only lead
to great danger and to the ruin of their in
terests and ours.
Such results of mutual benefit would,
J believe come from the adoption of the
| plans proposed by this commission