The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-24


high honors and served there for several
years as instructor in political economy.
health to relinquish his position at Har-
ward in 1878, and spent a few years IN pusl-
ness enterprises. being connected with the
Philadelphia Manufacturers Mutual Fire
Insurance Company, one of the factory
mutuals' which have been made so famous
by Edward Atkinson, of Boston. lie vis-
tied San Domingo while seeking the re-
covery of his health and few years later
was invited by the government there 10 put
their financial system upon a sound foot
ing. He prepared a plan which accom-
plished what was desired by linking the
silver currency TO the gold standard through
redemption in gold at the banks and the re-
ceipt of silver for custom house dues He
was called to Chicago in 1882 to take the
principal chair of political economy, which
position he still occupies. Professor Laugh
lin has written number of important
economic works, among those which have
attracted the most attention being his edi-
ton of John Stuart Mills Principles Of
Bmetallism in the United States" Mr..
Laughlin took strong ground in the lat
ter work in favor of the gold standard, and
thereby made himself the butt of the fool
lsh questions put in the mouths of sound
Financial School" Professor Laughlins
edition of Mill was something more than
a mere reprint of the text. He discussed
all the leading questions raised by the bril-
liant English author in elaborate notes, and
endeavored to bring his political economy
down to date by simplifying subjects imper-
fectly developed and adding results of mod
ern industrial development and economic
thought.
c. Stuart Patterson, of Philadelphia. rep
reSentS in q large measure the conservative
of the East. He was born in the Quaker
City on June "a, 1912, and has held promi-
nent positions there during all of his ma
ture life He graduated from the Univer-
sity of Pennsylvania in 1860, and served
with distinction in the First Philadelphia
Battery during the civil war. He was wound
Tell lR1aff tod
to the Philadelphia bar at the close of the
war and remained for many years in active
practice He became professor of constitu-
tional law in the University of Pennsyl-
vania in 1887, which position he still fills.
He was elected president of the Western
Savings Fund Society of Philadelphia in
1893, which has deposits of nearly 81 Co.,
600 and thirty thousand depOSitorS. He has
been for the past two years one of the
directors of the Pennsylvania Railroad Mr..
Patterson has long given close study to
financial subjects and was the permanent
chairman of the Indianapolis monetary con-
vention which authorized the creation OF
president of the Union League in 1896, and
still holds that position. He is a Repub-
lican in politics and has for many years
taken an active part as speaker in po-
litical campaigns He was especially active
last year on behalf of President Mckinley
and the maintenance of a sound currency.
Robert s. Taylor, of Fort Wayne, Ind,
q lawyer of national repute, a farmer or
practical ability and a thinker who has de-
voted InuCn Tune ana a SLrOnE' lnIellecI 10
the problem of harmoniZing the interests
of labor and capital. No better representa-
tive of the people of the Central West could
have been chosen. He was born in Chilli
Gothic, O.. May ~. 1885, but has been resi-
dent Of the State of Indiana from childhood,
and of the city of Fort Wayne since 1859;
He has served two terms on the bench and
one in the Legislature of Indiana, where
he was a recognized leader. He was APP
pointed member of the mississippi River
Commission by President Garfield in 1881,
has held that n0GiflOn since. being
now second in seniority of service in that
body. Judge Taylor is a Republican in poll
tics and has on several occasions consented
to carry the banner of the party when he
was confident that a hostile political ma
iority would prevent his election. He was
the Republican candidate for Congress in
1S74-the year Of the first great Democratic
tidal wave after the war-but he reversed
the current in his district and reduced the
usual Democratic majority of 5000 to 1900.
He was again persuaded to accept the Re
publican nomination in 1880, and was beaten
by only 40 votes. Judge Taylor has always
avoided taking part in internal strifes with
in the party, but he has been ready to speak
and contribute to secure it's success at the
polls. He was prominently mentioned as a
compromise candidate for United States
senator when Senator Fairbanks was elect
ed. but did not make any serious effort to
control the Republican caucus.
THE COMMISSION AT WORK
The commission began it's session at the
Arlington Hotel. in Washington on Sept. %
organizing by selecting Senator Edmunds
as president Colonel Leighton as vice presi-
dent, Jules Guthridge as general secretary
and l.: Carroll Root and II. Parker Willis
assistants to the commission. The com
mission divided itself into the following
On Metallic Currency - G. Stuart Patter-
son, of Pennsylvania: Louis A. Garnett. of
California; j. Laurence Laughlin, of ILL
nois
On Demand Obligations of the Govern
ment-Robert s. Taylor of Indiana; Stuy-
North Carolina; George F. Edmunds, of
Vermont.
on the Banking System-Charles S. Fair
child. of New York; r. G.. Bush of Ala
bama w. 3. Dean. of Minnesota; George
b. Leighton, of Missouri
Through these committees the commission
went about it's work systematically and
most diligently. The fact that the members
were thoroughly informed on the various
phases of the question before they were
chosen did not prevent them from making
further study and giving careful attention
to the thousands of suggestions that poured
in upon the commission from various parts
of the country. All these suggestions were
classified and presented in convenient shape
by the clerical force and referred to the
proper committees. AT the beginning of
the work the executive committee extended
a very general invitation through the press
of the country to the people to forward
their views and suggestions, and this invi-
tatlon met with a very general response.
Thus the people participated in the discus
sion more directly than they have in the
the history of the Republic. In addition to
this the commission sent out a list of in
terrOgatorieS to financial experts, writer's
on economic subjects and men of large af-
fairs and financial experience all over the
country. The replies to these interroga-
tories were very general. Probably not more
than twenty of the men to whom they were
addressed failed to respond with carefully
prepared replies, and very many of them
submitted fully worked-out plans of curren-
cy reform. This is regarded as somewhat
remarkable. in view of the fact that all of
these men have imperative and continuous
demands upon their time that make it ex-
tremely valuable. The commission found
that in a general way there was very little
difference of opOinion among the people as
to the general lines upon which a reform
of the currency should be made. While diff
fering in details, they almost invariably fol-
lowed the lines suggested i'll the platform of
the indianapolis convention. The commits
sion devoted almost three months time to
the work, and every line of the report that it
finally prepared was the result of earnest
and thoughtful discussion in the commission
The result of this work speaks for itself
The plan submitted by the commission is;
generally regarded throughout the world as
the simplest, the most comprehensive and
the most intelligent scheme of currency and
banking that the world has known admir-
ably fitted to the large extent Of territory
and widely diversified industries and com
1t is safe, elastic, automatic In the regila-
ton of its volume and is calculated to make
money easy to get on safe security in an
agricultural community as in a great center
of population.
Can a Woman BE President.
The Pen Magazine 0ndianapolis)
The ambition Of Kentucky woman to
become President of the United States