Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-27
CURRENCY REFORM.
TIE CONVENTION AT INDIANAPo-
LIS ADJOURNs.
MONETARY COMMISSION ENDORSED.
It's Report as Embodied I'm the Bill
Before Congress Heartily Com
mended to the Acceptance of the
People.


| t"oh Two Gays, ana lnlS expectation WAS
realized. 1t settled down to work prompt
ly at 10 o'clock this morning. and adj
| journed at 2 o'clock, subject to the call
OF the chairman. Mr.. Hugh Hanna.
| 1t was a convention that was notable
for the prominence OF its delegates in
business circles. and for the large num-
Der who, ar the sacrifice OF their private
interests, made the long journey to In
| dianapolis to emphasize by their pres
ence their strong sympathy with the
movement for currency reform.
The number of bankers who attended
was limited to less than a dozen.
The business of the convention was
to endorse the report Of the Monetary
Commission, which is now before Con-
gress in the form of a bill. and when
this was done it promptly adjourned.
| Soon after the convention met this
| morning ex-Secretary of the Treasury
Fairchild a member OF the Monetary
Commission, delivered an address. The
next speaker was Congressman Jesse
| Overstreet, of the Indianapolis District,
who introduced the monetary bill into
| Congress- Mr.. Overstreet commended
the commissions work.
This is not the time for stopping this
movement" said he
Mr.. Overstreet thought the bill would
receive thorough attention from Congress,
and said that Speaker Reed would in no
way retafd its careful consideration. 'If
we are defeated" said he, 1--WE shall not
be conquered"
c. c. Homer. Of Baltimore. urged the
Importance of organization. and said that
Congress should understand that This
plan was the will Of the people.
Mr.. Peacock, of Minnesota, chairman
| of the Resolutions Committee, asked John
| c. Bulitt, of Philadelphia, to read the
| resolutions. The resolutions recognize
the conventions obligations to the Execu-
tive Committee. and cordially approve
| the plan of currency reform submitted
by the commission which is set out as
! follows
CURRENCY REFORM PLAN.
81. To remove, at once and forever all
| doubt as to what the standard of value
| in the United States is and is to be.
80 To establish the credit of the United
| States at the highest point among the
nations of the world.
80. To eliminate from our currency sys-
| tenn those features which reason and
| experience show to be elements of weak
| ness and danger.
II. To provide a paper currency con-
vertible into R"'1 and equal 10 1t in
value at all times and places, on which,
with a volume adequate to the general
| and usual needs of business, there shall
/ growth and
| elasticity, through which it will adjust
| itself automatically and promptly to all
variations of demand, whether sudden or
1 gradual. and which shall disburse itself
| throughout the country as the wants of
| the different sections may require.
IS. To so utilize the existing silver dol
| lars as to maintain their parity with gold,
without imposing undue burdens upon the
| Treasury
"6. To avoid any injurious contraction
| of the currency
~. To avoid the issue of interest-bear-
| ing bonds, except in case Of unlooked-for
| emergency: but to confer the power TO
! issue bonds, when necessary, for the pre-
| servation OF the credit of the government.
"S To accomplish these ends by az
plan which would lead from our present
| confused and uncertain situation, by
| gradual and progressive steps, without
| shock or violent change, TO a monetary
| system which will be thoroughly safe
| and good. and capable of growth to any
| extent that the country may require.
CORDIAL COMMENTATORS.
Approving of the expressed purposes
of the commission and of its plan, we do
most earnestly and cordially commend
| II to our llow-citizens as worthy of
| their approval and adoption, and we urge
| upon the Congress Of the United States
| that the principles embodied by the COM
| mission in their Tepart should be enacted
| into law. with the belief and expectation
| that the effect would be to secure a sohd'
| substantial and stable financial system
| that would rebound to the credit OF the
country. and insure a state OF prosperity
that cannot be achieved unless there Is
| q system Of finance, the integrity and
| adantability of which cannot be ques-
| toned or gainsaid
sThe time has now come when the
nrospects for the establishment OF the
gold standard upon a firm and enduring
| basis are Frightening and encouraging
The people want a note currency which
shall be as good as gold. rms move
ment proposes to bring about that result
'eThe people want a volume OF currency
| adequate to the general and usual needs
| of business. with a quality of growth
| and elasticity through which IL
will adjust itself automatically ana
PROMPTLY to all variations of demand,
whether sudden or gradual
THE WEST AND SOUTH.
"The people of the Western and South
| ern States wish the issues so distributed
| that the scarcity Of currency Will no
| longer hamper and distress them in their
| business operations. A method Is pro-
posed. whereby their wants can be sup
| nlied and their demands can be complied
! with.
| we appeal to them-we appeal TO Gil
natriotic citizens to unite with US III an
| earnest and determined effort TO secure
| from Congress such legislation as VIII
| wisely but surely eventuate in bringing
| about sound financial methods, and IN
| building up and establishing confidence
security. and safey in business transdc-
| lions and in the ownership and value or
",rhat the Executive Committee be
| continued with power and authority TO
| odd IN their number and to NIL any va
| concv which may occur, and also with
| mower and authority to adopt such mea-
| sures for procuring the needed legislation
| from Congress as they. in their Judgment,
NAV deem advisable and expedient.
| Mr. Bullitt spoke at length in favor or
| the resolutions and as gold Democrat
| urged continued effort looking TO cur
| rencv reform without regard 10 party
| ties.
| The resolutions were discussed In five
minute speeches by Rufus Bullock, OF At
lanta. Ga; General Simon b. Buckner. OF
Kentucky; John Harsen Rhoades' or New