New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-01-26
CURRENCY REFORM THE CRY
OPENING OF THE MONETARY CONVEN-
TION IN INDIANAPOLIS.
FOUR HUNDRED DELEGATES IN ATTENDANCE
THEY ARE MEN OF WEIGHT AND STAND
NG-GovERNoR SHAW. OF IOWA.
THE PRESIDING OFFICER.

were present at the Grand Opera House to-u"y
when Chairman Hanna, Of the Executive COM
mittee. called the Monetary Convention TO or
der This was an increase Of one hundred over
the Number Of delegates who attended the first
! indianapolis convention Of year ago. ana IL
was regarded rs indicative OF the interest which
| the business mon feel in the movement Tor
reform of the currency laws. The hall present
/ ed the appearance Of National Convention OF
ono OF the great political parties. the various
: delegates being indicated by standards bear
! ing the names Of the States. The private boxes
! and loegias were filed with handsomely dressed
women. representing the wealth and culture
/ Of indianapolis, and the hall was tasteruHy
/ decorated with National colors.
Two Governors Mount Of Indiana ana Sha"
/ Of Iowa-wcre the speakers at the afternoon
session. Governor Mount delivered the ADDRESS
Of welcome ard Governor Shaw spoke for more
/ than an hour on the gold standard and the re-
tirement Of tho ereenbacks His homely ana
forcible comparison Of financial system
with the gradual growth Of a pioneers nome
by the addition Of "ean-tos' and thatch roors'
which ought to be replaced In our more
advanced position by new structure upon
firm foundations and Of harmonious archi-
lecture caught the audience with great erect
and brought forth round after round or ap-
plause. He spoke to audience OF suostah
tial business men, who thoroughly appreciateu
his argument for an elastic currency based Oh
commercial assets The delegates, as Governor
Shaw suggested, did not include many bankers
but consisted Of many men Of large aHars anu
some of National prominence
Among those who arrived just before the
convention met this afternoon was General
Simon g. Buckner Of Kentucky the Gold Dem
ocrat candidate for Vice-Presdent in 1910
General Charles Tracey Of Albany, ~ T., also
came Iowa We'd with Indiana for the honor Oh
the largest delegation on the floor. and the
delegates made an impressive appearance wheh
they arose en- masse to cheer Governor Snaw'
There were about sixty in the Iowa delegation'
There were also strong delegations from WIS
consin Michigan Illinois and Ohio. Franklin
MacVeagh who was a Democratic candidate
for United States Senator a year or two ago.
was among the Chicago delegates, with II. H.
Kohlsaat Of THE Chicago Times Herald ana
Professor J. Laurence Laughn one OF the
members of the Monetary Commission. In the
New York delegation were William II. Dodge
Henry Hentz, expresident Of the Cotton Ex-
change: Gustav H. Schwab and j. Harsen
Rhoades
CORDIAL SUPPORT PROMISED.
MANY dispatches came from Boards OF Trade
in New York and New Jersey which were not
able to send delegates, promising their cordia'
support. Jacob l.. Greene, president or the Coh-
necticut Mutual Life Insurance Company, was
one OF the Connecticut delegates. Delegations
were present from Virginia, North Carolina
Arkansas. Georgia, Tennessee Kentucky, Mis-
souri, and Maryland.
II was 3 o'clock when Mr.. Hanna called
the convention to order He introduced the
Rev NJ L. Haines Of this city who offered
brief prayer at the close OF which MT hanna
Introduced Governor Mount Of Indiana. who de-
livered the address Of welcome. AS Mr. Hanna
stepped forward to the front OF the platform he
was greeted by a burst of applause, which con-
tlnued for a full minute, and which ceased only
when IL was obvious that the recipient was
embarrassed by this cordial tribute to his per-
sonal popularity.
Governor Mount spoke briefly. His speech was
an earnest plea for the maintenance Of the gold
standard He showed that Thomas Jefferson,
the founder Of the Democratic party had held
stoutly to the belief that the coinage should
conform to the mercantile ratio of the metals,
and he asked in this relation how this attitude
would compare with modern Organism, when
insists upon l6 to l as the legal ratio While the
commercial ratio is 33 to l. He quoted eX-Sec-
retary Carlisle contending that there was
not a free-coinage country OF the world that
was on a sound basis; not a silver country in
the world that used any gold along with silver:
not a gold-standard country In the world that
did not use both gold and silver and not
sllver-standard country to-day that had more
than one-third much money In circulation
per capita as the United States.
He pictured the disastrous results which would
follow from the free coinage Of silver In this
country. and asserted that capital would seek
investment in this country only when assured
OF the soundness Of our money system
ADDRESS OF GOVERNOR SHAW.
A. the conclusion Of Governor Monts ad-
dress. Chairman Hanna presented Governor
cbaw Of Iowa to the convention as It's perma-
nent chairman. Governor Shaw spoke J." par
as follows: ,,u,,,, ~.
cnytrv in isa6 declared even amid the most d.i
count,S 'nondtions that neither total nor partial
piesSiihSS, ~ So,nd audience H. the American heart /
aund mind our people are honest anu Nc ~
,rnrrnt ,,.r was never so clearly demonstrated
as on November B. 1896 kithef me h be'ueh yaIue ~
tse I-nited States dollar shall be and remain III
dcbtpaying and ppiS or that eec-
alent of 25S grains oirs of s'a"'i'' e''' u
This being settled what remains sn,oe,5ing Thcy
r.n to the extreme limit OF their opportunity III
M 'iisl Upheavals and industrial agitation IN
view OF the Oftrepeated ue '"i t'T'a ioi - ayay,.
/ and the payment anu 'AHNi''lf, -
,iiDa,tan nnhiIc and private, IN currency equiv
9ient TO gold It remains for the aw-nakine pow pow
svdlrcrt In ascor dance herewith ana 10 idh0
{; Sc decree perpetual 4 failure TO do so wiz en- en-
everv Interest every industry, every cil"t-
misc and make possible panic OF sucn cycionis
ord vvtdcspread extent as to render "hat We
- e'.n IN comparson. but summers zephyr
we must have paper currency. DeleDe 9 tn9
ooun,rv m large, without regard 10 party agrees
90 ,hls nroDosltion We must have "A paper cur
rcrcy a nd of sufficient volume for the needs ot
- 30 urosnerous people with many and yarlod
,oress fhose no bclcv" in the principles lidorsed
A. the polls in 1876. together with tnose VINO Aeeep.
,o ,.rbict tnrn rendered OF binding iorce agree
that every dollar Of paper currency must br re- re-
snnnrotfa directly or Indirectly, eNchangeable OF
,,,,".,itie IL al par for gold. The value or every
SoIa- ~ Tho United States ley whether or coin
-. .In.nl. IN