The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-26

varied interests. Those who believe In
the principles have endorsed at the polls
in 1895. together with those who accept
the verdict then rendered as Of binding
force, agree that every dollar or paper
currency must be redeemable. directly or
Indirectly. exchangeable or convertible.
at par for gold The value Of every dollar
Of the United States money whether OF
coin or paper currency. must be the
equivalent Of 25s grains OF standard gold.
The gold coin must be the touchstone, the
test. the measure of value Of every dol
lar. by whomsoever is ed or howsoever
expressed This paper currency. the vol
ume of which must be co-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 (other than coin certih-
cates) and the banks part.
This currency must be elastic. There
will be no more half bushels needed in
the South on threshing day han will be
needed 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 it's operations. Wherever
the demand exists there the currency
must spring up in volume sufficient to
meet the requirements OF trade and COM
mere. This can be only accom-
plshed By clothing the banks with
power 10 ISSUE. Then a small
tax should oe levi.d upon the cir
culation to protect AGAINST dangerous in
haticn beyond the needs Of the country
and 10 insure contraction when the de-
mand ceases.
MANIA FOR BOARDING.
"The government cannot provide any
such automatic safety valves 10 regulate
its own issue. Every nnancial-pontical
as..auCn engenders mania on the part
Of the people for boarding, and every
manifestation or disposition 10 hoard
produces a political agitation along imam
cial lines. Every such agitation IN turn
paralyZes commerce ana tends TO throw
the balance Of trade against us. This in
turn depletes our stock of gold, and this
again intensnfes all other evils. All these
tendencies are likely TO become Epidemic
and are seldom understood or attributed
to the melting cause. The most unIortu-
nate phase of it all is the fact that the gov
ernment is poweriess to /<leve. 1t can
not replenish it's treasury, as We have
seen. except by loan and an increase OF
the interest bearing debt. The govern
ment is like the individual. IL cannot
raise money except on assets, and having
none on hand. it issues bonds extending
over a long period of years and thus inn
poses new burdens on the people. This
is given widest publicity and intens!hes
the evils rendering the eXpedient neces-
sary.
The fact that the interests at stake in
this movement are financial, Industrial
and commercial will justify no less care
than IL they were political. The country
has learned that capital cannot be coerced
into activity. Ii can be invited, but II is
extremely shy When it does venture
forth it is only when the coasts are clear
and the agitator is at rest.
THAT YOU represent something besides
the names your parents gave you will not
initiate against such recommendations
as YOU may be pleased to submit What
ever the country may think Of thn
banker. 1t thinks we'll Of you. Your in
terests are in common with those Of the
people generally. The fact that you have
more involvefthan some will only insure
greater care think It was Colonel In
gersoll who said 1t requires great de-
gree OF patriotism TO induce man "a
shoulder a musket in defense of board
ing house I would only urge that you
be thoughtful, bravo and true, and the
people will be with you"
I'pon The conclusion of the speech o
Governor Shaw. the convention adjourn
ed until Z o'clock when addresses wer'
delivered by Hon. c. Stuart Patterson
of Philadelphia, and Colonel Jacob l.
Greene. OF Connecticut.
Mr. Patterson spoke on behalf Of th'
Monetary Commission as one OF It's mem
bors.
The delegates are being royalty enter
tained by the people OF Indianapolis.
The Executive Committee was continue
by unanimous vote of the convention TO
day and will be given power to add Z
their numbers. They held a meeting II
the morning and resolved to prosecute
the fight for currency reform to the Ut
most.
The following is the Committee oil
Resolutions selected by States tonight
Arkansas. II. l.. Remmel: Connecticut
Joel 4. Sperry; Georgia. Rufus B. Bul
lock: Indiana. II. II. Hanna; Illinois
Franklin McVeagh Iowa. c. C. Nourse
Kansas. c. V Ferguson; Kentucky
Thomas w. Bullitt: Maryland, John NJ
Nelson: Michigan. William III. Anderson
Minnesota, Joseph a. Wheeler, Montana
II. y. Palmer; Massachusetts,, Henry l.
Higginson; Missouri. c. ]. Hubbard: Ne
hraska. c. IL. Dietrich; New York, w. f
Dodge; North Carolina. c. II. Fogle
Ohio. Dennison p. Smith: PENNSYLVANIA
John c. Bullitt; Rhode Island. Rowlan'
g. Hazard Texas. VI. l.. Crawford: Ten
nessee. A. s. Caldwell; Virginia. William
r. Trigg; Wisconsin. F. II. Magdenburg