The record-union., 1898-01-26
An Important Conference Now in
Progress at indianapolis
To Discuss Plans to Solve the Problem Be-
Iating to the Currency.
Governor Shaw of Iowa Delivers
an Extended Address on Taking
the Chair as Presiding Officer,
Upon the Purposes of the Con-
yeution.

vention.
INDIANAPOLIS. Jan. 25.-The Mon
etary Conference, which opened in this
city to-day. is the result of a movement
started by the indianapolis Board of
Trade little more than one year ago.
This body took upon itself the inaug-
tration of a movement whose primary
purpose was monetary reform. With
out any assurance that the object of its
endeavors would be realized in ma
tional sense, the Board of Trade is
sued invitations to commercial organ
izations Of the Central West which
brought together the nucleus on which
to-day's national convention rests
The cities sending representatives to
the first conference were Cincinnati,
Chicago, Cleveland, Columbus, Grand
Rapids, st. Louis, Indianapolis Louis
VILE Milwaukee, Minneapolis, st. Paul
and Toledo. This conference deter
mined TO call a general convention OF
the trade and commercial organizations
of the country to meet in Indianapolis
January II, 1897, to consider the cur
rency question in a non partisan man
ner.
In response to the call there assem-
bled in Indianapolis on the date named
800 delegates, representing the business
interests of 10S cities in twenty-seven
States.
Following the instructions of this con-
ference, a committee of eleven was Sc
Tected to formulate a currency reform
plan.
After months of discussion in Wash
ington, this committee completed its
report, which was made public jan
uary 3D. This committee was as fol-
lows:
Ex-senator George F. Edmunds of
Vermont, Charles A. Fairchild of New
York; ex-Secretary of the Treasury Z.
Stuart Patterson of Philadelphia, who
was President of the Monetary Con-
vention last January; n. G. Fries of Sa-
lem, n c.. T. G.. Bush of Admission,
Ala George E. Leighton of st. Louis,
w. B. Dean of St Paul, r. s. Taylor
of Fort Wayne, Louis Garnett of san
Francisco, Professor j. L. Laughlln OF
Chicago. and Stuyvesant Fish of New
York.
To-day's convention is much larger
than the first, which was called for the
purpose of submitting the plan and Sc
curing it's adoption
The convention was welcomed to the
State by Governor Mount. Governor
Leslie A Shaw of Iowa presided, and
c. Stuart Patterson submitted the re-
port Of the Committee on Election.
In taking charge of the convention
Governor Shaw spoke with much force
and eloquence upon the purposes for
which it had been called together. He
said in part:
l believe gentlemen, you represent to-
day the non-partisan purpose as well as as
the financial sentiment of a very large
majority of the American people. Every
time the question has been voted upon
they have declared for sound money ana
national honor. Back in the seventies the
reputation of both public and private
debts was proposed and openly advocated
Those who espoused the cause insisted
that the most sacred Obligations coulG De
honestly discharged by the unlimited is
suee of an irredeemahie paper currency
faS Zach Chandler expressed 1t IN the
last speech OF his lfe), currency pay
able TO no one, at no place ana never;
The issue was taken TO the polls: ana
by an overwhelming majority reputation
was repndiated-
tt is worthy Of note that the greenback
movement was pressed with greatest Ylg-
or between 1873 and 1878, while the silver
dollar was omitted from our coinage laws,
but its adherents We're never VICTORIOUS
in a single State or Congressional district,
except as the result of fusion with one
or the other of the leading parties. The
reople favored resumption of specie pay
inent even pending the enactment there
for of 1875 and after the demonstration o.
silver. A people that fndorsed the pros
pective return TO specie basis WneA
such return meant the adoption OF the
gold standard, and while the possible
dangers therefrom were being urged and
exaggerated and when none OF the good
efTecfs thereof were being realized, and
in the face of a plan for the liquidation
of national obligations by the Tree use
of an irredeemable paper currency must
be presumed to have been. at tnat time
at least, well centered in sound hnancial
principles Have we since been unwlseiy
educated? II doth not so appear.
Twenty years later. in yet more sub
tie form and at q time when self -preser-
walton appealed to many TO join the hosts
arrayed for the purpose paftiai Iepuula-
ton was proposed. I do not wish TO be
understood as charging those VINO adXo-
Gated the free coinage OF silver at the
ratio with gold Of Is to !, with dishonesty
/ prefer to regard them as entitled to for
giveness. for certainly. they knew not
what they did. Nevertheless, in no un-
mistakable terms il was their avowed
Intention to provide for the discharge OF
all existing liabilities. public and private
with n silver dollar, or its equiNaient, IN
frinscally worth but % per cent OF the
dollar Of the money current al the time
the obligations were incurred. 1t was
~ boast Of the advocates of the measure
that this inferior coin should be in no
manner or form redeemable exchange
able, or cOnNtfLiDle 1T PAL iiilo etttN oAtat 1
coin or form of money intrinsically worth
more A cheap dollar was the battle cry
of the allied forces
The elementary principles that the
standard coin Of all countries Is worth the
material of which il is composed. and
never more was ridiculed by the pro
INDICATORS of the new movement. they
refused to consider the provisions of the
statute which makes the present gold
coin legal tender at its nominal value only
when Of fun weight and within the limit
OF tolerance provided by law: and which
provides that the same coin shall possess
legal tender qualities in proportion 10 its
weight when below the limit OF tolerance
They failed to note the common trans
actions of every day life, when the for
eign gold is exchanged for the gold coir
OF this country and the gold coin of this
for that OF foreign lands, absolutely in
proportion to the material of which they
are composed. They would not heed the
demonstration of this same principle III
the fact that the standard silver dollar ol
Mexico circulates, both at home and
abroad as compared with gold in proper
fion to its bullion value.
n IL