The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-24
THE INDIANAPOLIS JOURNAL MONDAY JANUARY "a 1875

minor details of the plan may rightly be
expected in such large convention, but
anticipate a practically unanimous senti-
ment in the body on the main propositions.
Inc purpose of the conference, | believe, IS
to show the country that the work Of the
commission has the solid support or the
business world and thereby to give an inn
petus TO the education of the public on this
great subject
IN THE SILVER COUNTRIES.
Henry w. Peabody, who is the head of
firm of Henry w. Peabody & Co., exporters
and importers, of Boston and New York is
close student of finance, and his business
relations with silver countries give addi-
tional weight to his views He says that
there are very few countries now on sill
yer basis, which he described a fools
paradise" Those that are in this undesir-
able kind of paradise are there because they
cannot get out, and not because they do not
want to get out. II consider the commits
sion as having accomplished something
tnat has not been done before. The report
evidences complete grasp of the financial
problem, a dlScernment OF the defects or
the present system and a wise perception
OF the remedy. The fundamental decla-
ration that the existing gold standard
must be maintained is rendered possible by
the plan for the separation of the treasury
into a fiscal department and one of is
sue and redemption. There is now $780, 00,
goo of free gold in the treasury. and the
transfer can be made without any bond is
sue and would doubtless suffice for all re-
uemptions without recourse to the author
Ivy provided for replenishing by bond sales
II needed. Although / have heretofore pro-
tested against the admission of silver dol
lars TO redemption in gold, now favor this
part or the plan, inasmuch as the volume
or the silver dollars is fixed and the silver
certificates are defined TO be only obliga-
lions TO pay the promised silver dollars.
l have also not before advocated the re-
tirement of the greenbacks, but in connee-
tion with the provision for silver certificates
ana the plan for bank issues, I believe that
IL Is practicable to gradually displace them
Dny national bank notes. Taken as whole,
the plan is a complete one and If enacted
as 1t stands we should have no more finan-
cial troubles in this country. and prosperity
should continue uninterruptedly."
MT PEABODY also said that the sentiment
in Boston is almost wholly commendatory
OF the commissions report. Continuing, he
said that he thought the Teller resolution
TO pay the interest of the government bonds
In silver, which was introduced with the
that its bill could not pass the Senate was
having an effect not anticipated by its adj
Vocates Since it's Introduction. Mr.. Pea
body says that decidedly aggressive spir-
II has been aroused among the friends of
monetary reform all over the country.
This aggreSSiveneSS," said Mr. Peabody,
has not made itself manifest before and
| thing its existence is a very healthy
sign
]. w. jerks. of Ithaca, the first delegate
to arrive at the Denison, said last night
that he came early on the scene in order to
visit friends in the city. 1.-THE whole East"
he said, is in favor of the commissions
work | am the representative of the Bus
mess Mems Association of my city,.