The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-09
OUR FINANCIAL NEEDS
SPEECH BY IOWA's GOVERNOR TO
ROCHEsTER's BUSINESS MEN.
An Appeal for Sound-Money LegisIa-
tiOn-A Plan for Maintaining
the Gold d

ROCHESTER. N. Y, Dec. S.-The elev-
enth annual banquet of the Rochester
Chamber Of Commerce was held to-night in
the mirror room of Powers's art gallery,
nearly five hundred guests being present.
Gov. Leslie NJ. Shaw, of Iowa, responded to
the toast, THE Financial Need of To-day"
He said, in part:
THE whole question Of the future fnan-
cfal policy of this government remains UNI
settled. We have recently experienced a
nonpartisan panic, and we experienced 1t in
a nonpartisan degree. That this shall not
be repeated, either in the near or the distant
future, demand the best judgment and the
most heroic action of every patriotic citi-
zen. G~reenbacks were resorted to amid
much doubt and with serious misgivings,
and Iegal-tender notes were Intended 10
serve a temporary purpose only, ana were
Of doubtful validity even under these condi-
tionS. l do not urge that they shall be re-
tired, but 1 do insist that the future fnan-
cial policy of this government shall be made
certain and definite, and that our currency
system shall he placed for once beyond the
reach Of sudden and unexpected political
agitation.
Gold is needed in domestic commerce. and
1t is absolutely Indispensable in foreign
We should have therefore some
place where the merchant can exchange
paper currency at par for gold. In the alb
sence of such a revision he will be COM
PEELED to procure his gold where he OBJ
tanned 1t in the sixties, at the counter or
the gold broker. 1t follows that we must
a paper currency convertible, ex-
changeable on demand at par for gold, and
the burden of maintaining this exchange
ability must be made nIodn+ to- o. r Tes5;
those institutions most directly interested
and intimately connected with both domes-
tic and foreign commerce, the banks. There
are lust three places for the merchant TO
look for gold. First to the banks, SECOND 10
the government, third to the gold broker.
Foreign banks to-day. rather than fur
nish gold for shipment to America, prefer
to hold 1t and pay interest therefor. but II
the governments of Europe were furnishing
the gold of commerce., and did their cur
rency afford the opportunity, 1T Is falr 10
presume that the government ~eXchequers
would be sucked as dry as was the treasury
Of the United States in 1898 and following
years. Make it upon the banks
in consideration of their banking iran
chises, to hold the gold in this country or
furnish it for shipment, and they will sue
coed or perish in the attempt.
Let no one quote me as advocating the
issuance of bonds with which to retire the
greenbacks. This suggestion has had it's
origin among those who oppose each ana
every measure of currency reform ana an
legislation seeking to establish and make
the gold standard. SO FAR as l
know not a friend of currency reform urges
anything of the kind, and no proposed legis-
lation seeks any such relief. 1t Is for the eX-
press purpose of avoiding the future issu--
ance of bonds under any circumstances ana
the entailment of woes innumerable upon al
CIdSSCS, dIu CSOGCl0ny QDOil liz 1880
the producer, that the friends, of sound
money, with what power they have, urge
and insist that something shall be done to
avert a repetition of recent experiences.
Both the scope and details of such legis-
lation as may be necessary to accomplish
this must be LETT with that wise and patri-
otto body of men, the Congress of the United
States. There is patriotism enough, there IS
courage plenty, there is wisdom sufficient
in that body of experienced men to solve
these currency questions, and place our
dnanOiaI offa ire IN such q condition to invite
the Idle money from the banks, Where II
now lies dormant. j..
things. There is a relentless struggle now
on between the nations for commercial SUI
premacy. To-day, when the merchants OF
Mexico purchase in Brazil, they make set
on England. This condition prevails gen.
orally in foreign Why? Because
for a century there has been no question
that such a draft would be paid in gold, and
tina this would not be dependent upon the
political complexion of the British Parlia-
ment. This has made the Bank of England
in all commercial time the almost universal
depository of trade balances, to the lncalcu-
liable advantage of that country. GIVE our
structed as that which sustains their FOR
eign competitors, and they will write the
prices current of this round earth in United
States dollars, and our commercial centerS
shall become the clearing houses of the
DR.. David ]. Hill, assistant secretary of
state. spoke on 1.-THE Greater America In
concluding he said: "A giants task now
confronts the American people, but their
history gives the assurance that they VIII
not tremble before it. In the din of war
and the strife of nations. in the busy marts
of trade and among the distant islands or
the sea, dwells an unseen force slowly snap
ing the destinies Of the world. 1t speaks
alike in nature, in the human soul and In
the long drama of history. Witness a ma
ton rising to the full splendor OF ITS re-
snonsibiIities. and you will see there written
in letters of shining light the august and
Imperative law of universal development
iamin T. Wheeler, Of Cornell University, on