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


John F. irish. Oakland. Cal.
goe I, A; w sperry, New Haven Conn.
Rufus B. Bullock, Atlanta, Ga.
Edwin A. Temple, Des Moines Ia.
Franklin MacVeigh, Chicago. Ill.
II. II. Hanna, Indianapolis, Ind.
Logan G. hurry, Louisville, Ky.
Charles Libby, Portland, Me.
John NJ. Nelson, Baltimore, Md
Henry Il. HigginsOn Boston, Mass.
n. A. Fletcher, Grand Rapids, Mich.
w. b. Dean, st. Paul, Mimi.
George ~ Leighton, St Louis, no.
G. w. Robinson, Meridian, Miss.
I. G. Power. Helena, Mont
BENJAMIN. Atha, Newark N. j.
William f. Dodge, New York, N. Y.
M. E. ingalls,, Cincinnati, 0.
John c. Bullitt, Philadelphia. Pa.
j. G. Reynolds Nashville, Tenn.
Rowland Hazard Providence, r. I.
NJ. L. Crawford Dallas. Tex.
S. w. Travers, Richmond Va.
f. III. Magdeburg, Milwaukee, Wis.
The work of the committee was we'll de-
scribed by Mr.. John c. Bullitt, of Philadel-
phia, who, in a brief speech supporting the
resolutions presented by the committee
said: This is the first movement | have
ever seen within my history in which the
men of business, without reference to party
utilization, have come together on a matter
OF such moment and of such Importance,
and with such a determination TO assert
their rights and to call on their represent
ativeS in Congress to perform their duty
to the business men of this country.
Now let me say to you something about
the report which has been made by the
members of the conference to whom it was
deputed, the committee on resolutions; and,
having been one of them. l can say this
much with reference to their action: We
met together, some twenty-five or thirty of
us. We differed in our views. We conferred
together, we consulted, we discussed, we
differed; we finally adopted that which to
us seemed to be the most judicious and
most expedient method of carrying out the
purpose. And because of this conference
we all know. gentlemen that the subject
which you are dealing with, so far as rem
edy by congressional legislation is con-
cerned. is almost the most complex and
d1fncult problem that has ever been pre-
scented. You have nine different kinds of
circulating medium. They are of different
are not; some can be used for reserve by
banks and some cannot; some can be used
in one way and some in another. And rec
OBJECT another thing: that whenever you
begin to legislate upon the subject of your
currency you are treading upon dangerous
ground, for you must take care to avoid
contraction. upon the one hand and re-
dundancy, upon the other. You need there
fore to have the wisest, the most careful,
the most thoughtful men that can be found
in this country, to take up those questions;
to call before them the ablest. the most ex-
perienced and the most learned men in the
whole country to express their views; and
only after weeks and months of study upon
this subject, after they have fully saturated
themselves with it and informed themselves
as to all its bearings and all its relations,
then. and then only. can they present
scheme which is worthy to be adopted by
the Congress of the United States for the
purpose of the reformation of the evils un-
der which you are suffering.
A COMPREHENSIVE REPORT.
Therefore, it is that we report. as was
embraced in the resolutions of Mr.. Hanna
that in case Congress does not appoint a
commission, then a commission OF that class
of men should be selected who should pro-
coed to DO this work, and should present
scheme for the people throughout the land,
from one end to the other, to see and be-
hold and express their opinion, in order that
Congress might have before them an inteli-
gent and comprehensive scheme upon which
they could act and which would conduce
to the end which we all believe to be so
desirable"
Resolutions reported by the committee
proved such a happy combination of the
various lines of thought that had appeared
in the convention that they were adopted
with enthusiasm and practical unanimty.
The platform laid down was this:
This convention declares that it has be-
come absolutely necessary that a consistent,
straightforward and deliberately-plann
monetary system shall be 1naugGrated, the
fundamental basis of which should be:
''First-That the present gold standard
should be maintained.
Second-That steps should be taken to
insure the ultimate retirement of all classes
of United States notes by a gradual and
steady process, and so as to avoid injurious
contraction of the currency or disturbance
of the business interests of the country
and that until such retirements provision
should be made for q separation Of the rev.
enue II note--1sue departments of the
treasury.
''Third-That banking system be provid-
ed which should furnish credit facilities to
every portion of the country and safe
and elastic circulation and especially with
a view of securing such u distribution of
the loanable capital of the country as will
pnUaliZp a
parts thereof"
Those who have since been actively en-
gagged in the effort to devise a plan of RAJ
tional currency and banking reform have
marveled greatly at the comprehensiveness
of this platform. 1t contains within itself
the features of nearly all the plans that
have been submitted by financial experts
and men of affairs. The platform was not
the work of a few minutes, nor of one man.
1t was the composite suggestion of a num-
Der of the best minds in the country, finally
reduced to this shape after long hours of
very earnest discussion by the committee
on resolutions.
The appointment of an executive commit
tee TO carry forward the work started by
the convention was left to the president
exercised great care in the matter of selec-
ton; and ten days after the adjournment
of the convention announced the following
members of the committee:
H. II. Hanna, Indianapolis. Ind. chair
man.
M L. Crawford. Dallas, Tex.
]. w. Fries, Salem, N. &.
]. T. Hanson, Macon Ga.
G. c.. Harrison, Philadelphia, Pa.
Rowland Hazard, Peacedale, r. l.
j. p Irish Oakland. Cal
II. II. Kohlsaat, Chicago.
j. j. Mitchell. Chicago.
A. r. Orr, New York.
G. F. Peabody. New York.
r. c. Power, Helena Mont
+. O. Stanard, st. Louis. Mo.
A, T. Wilson. Louisville, Ky.
This committee proceeded at once to
dent. the secretary of the treasury and
leading members of Congress. They found
a general disposition To encourage the
movement, but they also found many and
great obstacles in the way. In the first
place. the extra session of Congress was
tariff bill that would be protective in
principle and afford sufficient revenue for
the government To this effort the whole
energies OF the administration and the Re-
publican leaders in both houses We're bent.
They felt that to bring this subject up for
endanger the fate of the tariff bill in the
Senate. The administration and members
of Congress thoroughly realized the fact
that this question of currency reform was
the most important and most difficult prob
lem the government had undertaken to deal
with since slavery days. and they were in
clined TO approach the subject with extreme
caution. Neither the President, the MEM
bers of the Cabinet nor the potent leaders
of Congress have at any period wavered
in their intention TO take this matter up
courageously and intelligently and they
have at all times given to the executive
committee, and later to the commission,
every facility they could command toward
the accomplishment of the work.
THE PRESIDENTS ATTITUDE.