Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1898-01-27
MONEY REFORM.
The Convention for Currency Reform
Opens at indianapolis.
POINTS IN SHAW'S SPEECH.
The Governor OF Iowa Says We Must Have
Paper Currency OF Sufficient Vol
ume for the Needs Of the
People.

INDIANAPOLIS, Ind, Jan. 25.-Hun-
dreds of delegates from all parts of
the country arrived here last night
and this morning for the national
monetary convention, which was called
to order this afternoon in the Grand
opera house by Ii. II. Hanna, chairman
OF the executive committee. The con-
vention was welcomed to the state by
Gov. Mount. Gov. Leslie M. Shaw, of
Iowa, was named for president and in
taking the chair said he believed that
his hearers represented the non-par-
tisan purpose as well as the financial
sentiment of large majority of the
American people. Every time the
question had been voted on, the people
had declared for sound money. The
greenback and the silver movements
were then compared, both being char
acLerized as abortive attempts at re-
pudiation.
I'VE must have paper currency"
continued Gov Shaw. II believe the
country at large, without regard to
party, agrees to this proposition. We
must have a paper currency, and OF
sufficient volume for the needs of q
great and prosperous people, with
many and varied interests. Those
VINO believe in the principles indorsed
at the polls in 1896, together with
those who accept the verdict then
rendered as of binding force, agree
that every dollar of paper currency
must be redeemable, directly or indi'
rectly, exchangeable or convertible, at
par for gold
The governor declared that the
paper currency should be issued by the
government or by the banks, but that
the time had passed when the govern
ment should issue part, coin certif-
Gates excepted, and the banks the rest.
The government and banks were con-
tracted in regard to their currency-is-
suing functions, and the governor de-
clared that the government could sus-
pend specie payments any day and no.
body would be heard to complain, but
that it would be manifestly iniquitous
for the banks to redeem their issue
otherwise than in the best money
known to man. The government
might repudiate its debts, change the
value of It's money or provide for an
irredeemable currency and only for
eign power, by war or arbitration,
could demand an accounting.
Gov. Shaw combatted the theory
that the volume of money had any
thing to do with the price of colnmodi-
ties. The argument rested on the
fallacious assumption that the volume
OF money was intended to balance all
properly. AS matter of fact 1T was
only necessary to have enough for the
accommodation Of every man, woman
"The currency must be elastic" de-
clared the speaker. There will
be more half bushels needed in
the south on threshing day than
will be needed seeding day. The
same thing is true of the east and the
west and the Pacific slope. The none
tary system that shall stand the test of
all time must be automatic in its opera
tons. Wherever the demand exists
there the currency must spring up in
volume sufficient to meet the require
ments of trade and commerce. This
can lie accomplished only by clothing
the banks with power to issue. Then
a small tax should be levied upon the
circulation to protect against danger
GUS initiation beyond the needs of the
country, and to insure contraction
when the demand ceases"
Tomorrow morning ex-Acretary c.
S. Fairchild and Congressman Over
street will speak on the monetary com
MISSIONS bill and in the afternoon the
committee on resolutions will report.
This will cordially indorse the plan Of
the commission for currency in its en-
tirety. Ten-minute speeches are eX-
pected from delegates from a great
many states, reporting the strength Of
the currency reform movement in their
states and the measures which they
have taken to promote it. 1t is expect
ed that the executive committee will
be authorized to proceed with the dis
tribution of copies of the report and
other documents and with an active
canvass to secure action by congress.
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AT LEAST FIVE DEAD.