The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-03
Document That VIII BE Submitted to
the indianapolis Convention
When 1t Reconvenes Jan. %.
MANY REFORMS SUGGESTED
FOR REMEDYING DEFECTS IN CUR
RENCY AND BANKING SYSTEMS.
Elaborate Argument, Replete with
Statistics, Showing Necessity for
Proposed Changes.

WASHINGTON, Jan. 2.--The report of the
monetary commission to the executive COM
mittee of the Indianapolis monetary con-
vention was made public to-day The re-
port is a comprehensive document, and COW
ers all phases of the financial question.
Much space is devoted to argument and
statistics which seem to have been pre-
pared with great care. The feature is the
plan of currency reform, containing sug
gestions as to changes in the laws govern
ing our metallic currency, demand obliga-
tions and national banking system. There
are thirty-nine recommendations, or rather,
clauses, in the plan. The report, which will
be considered by the monetary convention
when it reconvenes in Indianapolis on Jan.
%. is given in full below:
To the Executive Committee of the Indianapolis
Monetary Commission:
The commission appointed by you under
the resolutions adopted by the Indianapolis
request ito make a thorough inVeStiga-
tion of the monetary affairs and needs of
the country in all relations and aspects, and
70 make proper suggestions as to the evils
found to exist and the remedies therefor"
respectfully reports that the members there
of met at Washington on the 22d day of
September, 1897, and organized by the cleo
ton of George +. Edmunds, as chairman,
and George e; Leighton, as vice chairman.
apolis monetary convention declare that it
has become absolutely necessary that
consistent, straightforward and deliberately
planned monetary system shall be inau-
gurated, the fundamental basis of which
should be: first that the present gold stand
ard should be maintained; second that steps
should be taken to insure the ultimate re-
tirement of all classes of United States
notes by gradual and steady process. and
so as to avoid injurious contraction of the
currency or disturbance of the business in
terests of the country, and that until such
separation of the revenue and note-issue de-
partments of the treasury: third that
banking system be provided which should
furnish credit facilities to every portion of
the country and safe and elastic circula-
ton, and especially with a view of securing
such distribution of the loanable capital
of the country as will. tend to equalize the
rates of interest in all parts thereof"
We have accepted those principles as the
are the instructions of the body of citizens
by whom we have been appointed, but also
because they meet the approval of our judg-
ment. We have also sought and received
the counsel of many of fellow-citizens
in all parts of the country. Their communi-
cations while differing in some respects
sented concurrence of opinion which has
been an Invaluable aid in the formation of
our conclusions.
RESULTS AIMED AT.
We submit, for the reasons hereinafter
stated. plan Of currency reform, in the
hope that it will, if enacted into law, accom-
plish, so far as possible, these RESULTS:
l. To remove, at once and forever, all
doubt as to what the standard of value in
the United States is, and is to be.
2. To establish the credit of the United
States at the highest point among the ma
tions of the world.
3. To eliminate from our currency reform
those features which reason and experience
show to be elements of weakness and dam
ger.
4. To provide paper currency convertible
into gold and equal to it in value at all
times and places, in which, with a volume
adequate to the general and usual peeis
of business, there shall be combined n quail
ity of growth and elasticity through which
1T will adjust itself automatically and
promptly TO all variations of demand.
whether sudden or gradual; and which shall
distribute itself throughout the country as
the wants of different sections may require
5. To so utilize the existing silver dollars
as to maintain their parity with gold with
out imposing burdens on the treasury
6. To avoid any injurious contraction of
the currency.
Z. To avoid the issue of interest-bearing
Doaus, except IN case or unlooked-for emer-
geney; but to confer the power to issue
bonds when necessary for the preservation
of the credit of the government.
y To accomplish these ends by a plan
which would lead from our present confused
and uncertain situation by gradual and pro-
gressive steps. without shock or violent
be thoroughly safe and good and capable
OF growth to any extent that the country
may require
We cannot within the limits of rhis ,ye-
lminary report, go at length into the rea-
sons which have led us to all the Ancln
si0ns here expressed. A statement Ct those
must suffice. Later fuller and final report
will be presented