The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-26
TnE Committees REPORT.
G. Stuart Patterson's Address in Pre-.
sentfng 1t.

&, Stuart Patters0n's Address in Pre-
senting 1t.
In presenting the report of the monetary
commission to the convention which has
been called for the important duty of re-
eeiving and passing upon it. Mr.. Patterson
said:
Mr. Claimant have been charged by
the chairman of the monetary commission
with the duty of presenting to this conven-
ton the report of that commission. 1t is
only fair to say that II that report has
merited and shall receive your approval,
that result will be in large measure due to
the wise counsel and skllful guidance of
Senator EdmundS. the honored chairman of
the commission. regret, for your sakes,
that imperative professional engagements
have forbidden Mr.. Edmunds to make the
journey TO this meeting, and that you must
hear me when you ought to have the pleas
ure Of hearing him.
Our report sets forth. with as much
bfeNity as we could find possible, our con-
clusions, and our reasons for these conclu-
Sions, but there is somewhat more to be
said as to our manner of work.
At the outset we unanimously resolved
that We had nothing to do with questions of
expediency, and that it was our only duty
70 report to you that plan for the remedy of
existing financial evils which. to us, seemed
best. without reference to the possibility of
Its enactment into law this year or next
year. We all have faith in our free inStitu-
tons; we all believe in popular government
BY representation. and. so believing, we
have an assured confidence that sooner or
later, that cause which is founded on the
eternal principles of justice will triumph.
We then accurately informed ourselves
as TO the exact facts with regard to the
nature and amounts of our various forms
OF currency. We next endeaVored to dis
cover what the people regarded the
evils OF the existing system, and what the
people recommended as the remedies for
these evils. To that end we scattered
broadcast throughout the land carefully
drawn interrogatories. which were so
framed as to invite the fullest possible sug-
gestions from men of every shade of opn-
ION. When those voluminous, If not always
luminous. replies came in. we carefully put
10 one side all our preconceived views and
pfeJudlces, and we set ourselves with inn
partial minds TO the careful study of those
replies, and to the patient consideration of
the great subject you had committed to us.
When we came to the formulation of our
final conclusions. we subordinated so far
IS possible, all differences of opinion. for
each one of us recognized the fact that.
given equal opportunities of knowledge and
reflection the verdict of ten men is more
likely to be right than the verdict of one
man, and the only recorded dissent from
the conclusions of the majority of the COM
mission are dissents upon two several
points by two of our colleagues, who. after
honest efforts could not conscientiously
modify their views upon the points sever
ally dissented from.
We have not spared ourselves, either in
time or pains or effort, in the discharge of
the duty you committed to Us, and we pre-
sent to you, as the result of our labors.
plan of currency reform which. while sus-
Ceptible OF modification in details, is based
upon principles which are fundamental
and Interchangeable and which never have
been and never can be departed from with
out disaster.
WHY THE GOLD STANDARD
I'VE advise the continued adherence to
the gold standard, because it is the stand
ard of civilization, because no legislation
can overthrow it, because il means that
every dollar of currency shall continue to
be as good as gold. and because only under
that standard can public and private faith
be kept and labor receive the full reward
of its toll We advise the utilization of the
silver currency in subsidiary silver coins,
~ silver dollars and in silver certificates
IN denominations Of 81, 81 and 49, as the
only small note currency, for in that way
the demands of the country for a change
IN retail trade will keep the silver currency
in circulation.
But we also recognize the fact that the
silver coins and their representative notes
were issued by the government for full face
value received, and that every considera-
ton of honor and honesty requires that the
silver dollars should be redeemed in gold.
We advise the gradual retirement of the
United States notes and treasury notes of
1880: for they are a constant menace to the
national credit and source of weakness
70 the government in its international rea-
lions We advise the establishment and
maintenance of a gold reserve adequate for
that redemption.
We advise the separation of the always
distinct and sometimes conflicting fiscal
and currency functions of the treasury.
tlonal bank system as will bring into its
membership the strong state banks, will
saiote currency which shall be as adequately
secured as the existing bank-note cur
xency, which shall possess expansiveness
within the limits of safety and which shall
furnish TO the States of the West and the
south those needed facilities of credit
which the existing system denies to them.
And, lastly, We advise system of bank
issues by which temporary deficiencies of
revenue can be supplied and under which it
VIII be possible to place government loans
by real popular subscription, and thereby
TO furnish the only safe system of govern
ment saving funds.
Such is our plan 1t isNfor you to pass
our work is DONE Your work has but
begun. An appeal must now be taken from
the servants at Washington to the masters
in their homes on the hills. in the valleys
on the plains and in the towns of this great
land, and you must prosecute that appeal.
IL IS no time for cowardice 1t is the
time for courage. II is no time to retreat
1t IS the time to advance. Then bring up
the coors to the front and march forward
IN the assured confidence that our cause is
right and that the final victory must be
But there must be leaders, you say.
God give us men' A time like this demands
Strong minds great hearts, true faith and ready
hands:
Men. whom the lust of office does not kill;
Men, whom the spells OF office cannot buy;
Men. who possess opinions and a wills
tden' who have honor; men who viii not lie.
.rall men, sun crowned, who live above the fog
IN public duty and in private thinking:
For while the rabble, with their thumb-worn
Their large professions and their little deeds,
Mngle in selfish strife 10. freedom weeps.
Wrong rules the land and waiting Justice sleeps"
AN INSURANCE PRESIDENT.