The times. [volume] (Richmond, Va.) 1890-1903, 1898-01-27
AN ELASTIC CURRENCY.
WHICH WIZ ADJUST ITSELF TO
the NEEDS or TRADE.
II Demanded BY the N onctary Cenve ntion
Resolutions Adopted Few Bankers
Attend the Meeting.

10 O'Clock this morning and adjourned
at 2 o'clock. subject to tho call OF the
chairman Mr.. Hugh Hanna.
IL was a convention that was notable
for the prominence OF its delegates IN
business circles. and for the large num-
Der. who, at the sacrifice OF their private
interests. made the long journey TO In
dis1apoiis 10 emphi size by their presence
their strong sympathy with the move
me II for currency reform.
FEW BANKERS.
The number OF bankers who attended
was limited TO less than dozen. The
business OF the convention was TO endorse
the report OF the Monetary Commission.
which is now before Congress in the form
Of a bill, and when TINS was done. 1t
promptly adjourned.
Soon after the convention met this
morning ex-Secretsry OF the Treasury
Faifchlld. member OF the Monetary
Commission, delivered an address.
The next speaker was Congressman
Jesse Overstreet. OF the Indianapolis dis
trict, who introduced the monetary bill
into the Congress. Mr. Overstreet COM
rnended the commissions work. This Is
not the time for stopping this movement,
said he.
Mr. Overstreet thought the bill would
receive thorough attention from Congress,
and said that Speaker Reed would in no
way. retard its careful consideration. III
we arc defeated" said he. I'VE shall not
be conquered
G. c. Homer. OF Baltimore. urged the
Importance OF organization and said that
Congress should understand that this plan
was the will Of the people. Mr.. Peacock,
Of Minnesota. OF the Resolutions Commit
tee. asked John c. Built. Of Philadelphia.
10 read the resolutions.
The resolutions recognize the conven-
tons obligations 20 the Executive Com
rnittee. and cordially approved the plan
Of currency reform submitted by the COM
mission. which is set out as follows:
THE PLAN.
''T-irst-To remove, at once and for
ever. all doubts as 10 what the standard
Of value in the United States is and is to
be.
"Second-To establish the credit Of the
United States at the highest point among
the nations of the world.
"Third-To eliminate from our currency
system those features which reason and
experience show 10 be elements of weak
ness and danger.
"Fourth-To provide a paper currency
convertible into gold and equal TO 1t IN
value at all times and places, on which,
with volume adequate TO the gene
raj and usual needs of business,
there shall be combined a qtal-
fly of growth and elasticity through
which Il will adjust itself automatically
and promptly to all variations of demand
whether sudden or gradual and which
shalI disburse itself throughout the coun-
try as the wants Of the different sections
may require.
''Fifth-To so utilize the existing sill
yer dollars as to maintain their parity
with gold without imposing undue bur-
dens upon the treasury.
"Sixth-To avoid any injurious contrac-
ton of the currency.
"Ssyenth-To avoid the issue of inter-
est-bearing bonds except in case of UNI
looked for emergency; but TO confer the
power TO issue bonds when necessary for
the preservation of the credit Of the
government.
"Eighth-To accomplish these ends by
a plan which would lead from our pres
emit confused and uncertain situation ~
gradual and progressive steps without
shock or violent change, 10 monetary
system which will be thoroughly safe
and good and capable OF growth TO any
extent that the country may require.
STABLE SYSTEM
Approving Of TIE expressed purposes
OF the commission and of its plan, we do
most earnestly and cordially commend II
10 ,ur fellow citizens as wOrtny of their
approval and adoption, and we urge upon
the Congress of the United states that
the principles embodied by the commits
sion I'm their report should be enacted
into law with the belief and expectation
that the effect would he to secure solid
substantial. and stable financial SYST"
that would rebound to the credit or the
country and insure a state OF prosperity
tE "a
system of finarce the integrity and adap-
tibllty Of which cannot he questioned or
gainsaid
The time has now come when the pros
pe-.s for the establishment of the gold
standard upon a firm and enduring basis
are Frightening and encouraging Inc
people want a note currency when shah
be as good as gold This movement pro-
poses to bring about that result.
1.-The people want a volume Of currency
adequate to the general and usual needs
of business. with a quality of growth ana
elasticity through which it will adjust it
self automatically and promptly TO all
variations of demand. whether sudden or
gradual"
THE SOUTH AND WEST.
''rhe people of the Western and South
ern states wish the issues So distributed
that the scarcity of currency will no long
er hammer and distress them in their bus
mess operations. A method is proposed
whereby their wants can be supplied and
their demands can be complied with.
we appeal TO them, we appeal TO all
patriotic citizens 10 unite with us In an
earnest and determined effort to secure
from Congress such legislation as will
wisely but surely eventuate in bringing
about sound financial methods and I'm
building up and establishing confidence
security and safety In business transac-
tions and In the ownership and value of
property.
THAT the Executive Committee be
continued with power and authority to
add TO their number and TO ill any Va
cancy which may occur. and also with
power and authority 10 adopt such meas
ures for procuring the needed legislation
from Congress as they in their judgment
may deem advisable and expedent.
Mr.. Bulitt spoke at length in favor OF
the resolutions ard as a gold Democrat
urged continued effort looking TO cur
rency reform without regard 10 party
ties
The resolutions were discussed In I'VE
minutes speeches by Rufus Bullock. At
liant. Ga: General Simon Buckner. Ken
lucky: John Harsen Rhoades. New York
William r. Dodge. New York. eX-Govcr-
nor o. V. Coffin. Connecticut; Judge
Crawford. Texas.
Al o'clock. after two hours of fav-
orable debate. the resolutions were unani-
mously adopted.
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