The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-27
SOLID FOR A GOLD STANDARD.
MONETARY CONVENTION WINDS UP
IT'S WORK.

submitted by the Monetary Oom-
mission Cordially ApprOved-All
Patriotic Citizens Appealed TO to
Unite With the Members of the
Convention in an Effort to Secure
Legislation by Congress.
indianapolis, Ind, Jan. 26-It was not
expected that the monetary convention
would remain in session more than two
days, and this expectation was realized.
1t settled down to work promptly at 10
o'clock this morning and at o'clock ad-
| journed, subject to the call of the exec
utive committee.
The convention was notable for the
prominence of the business men in attend
ance many makong long journeys to In
dianapolis to emphasize by their presence
their strong sympathy with the movement
for currency reform. The number of bank
ers who attended was limited to less than
a dozen. The remainder of the 400 deie-
gates were representatives of the various
commercial bodies, with a sprinkling of
political economists, prominent among
whom was Taussig of Harvard University.
The proceedings of the convention We're
transacted with that business-like method
which is characteristic of the men engag-
| ed. There was about them snap and a
| vim and energy, combined with absence of
| superfiuities aud hair-spitting points or
! order that had a refreshing contrast to a
| purely political convention where prompt
action is less required than the advantage
| of this or that particular candidate. There
was no desire to shirk the work entrusted
| to the delegates nor was there on the 9TH
| or nndHlN [
compltion The business of the convention
! was to indorse the report of the monetary
commission, which is now before Congress
in the form of a bill, and when this was
done it promptly adjourned.
| Many of the delegates returned to their
! homes this afternoon.
! The convention convened at 10 a. m to-
day, and at the conclusion of Mr.. Fair
| chi!d's address a motion was made ana
! carried that when the convention adjourn
| il be subject 10 the call of the executive
| committee. Permanent Chairman Shaw
! de ,lared that this was agreed to and then
| M. Stannard of Missouri took the gavel
to preside.
The next speaker was Congressman
Jesse Overstreet of Ohio, who introduced
the monetary bill in the House. Mr.. Over
street commended the commissions work.
| Mr.. Wheeler of Minnesota, chairman OF
| the committee on resolutions, asked John
| olutions. The resolutions cordially ap-
prove the plan of monetary reform submit
ted by the commission, which is set out
as follows:
81 To remove at once and forever all
doubt as TO what the STANDARD of value
in the United States is and is to be.
''2. To establish the credit of the United
States at the highest point among the ma
| tions of the world.
So To eliminate from our currency sys-
tenn those features which a reason and
experience show to be elements of weak
| ness and danger
Il. To provide a paper currency con-
vertible into gold and equal to it in value
at all times and places which. with vol
! ume adequate to the general and usual
needs of business there shall be combined
a quality of growth and elasticity, through
which ii Will adjust itself automatically
and promptly to all variations of demand
whether sudden or gradual, and which
shall distribute itself throughout the coun-
try as the wants of each section may re-
| qulre.
"5. To so utilize the existing silver dol
lars as to maintain their parity with gold
without imposing undue burdens on the
| treasury
sc. To avoid any injurious contraction
| of the currency.
~. To avoid the issue of interest-bear
ing bonds, except in case of unlocked for
| emergency; but to confer the power to is
sue bonds when necessary for the preser-
walton of the credit of the government
''8. To accomplish these ends by a plan
which would lead from our present con-
| fused and uncertain situation by gradual
and progressive steps without shock OF
violent change, 10 a monetary system
which would be thoroughly safe and good
and capable of growth to any extent that
the country may require.
Approving of the expressed purpose OF
the commission and of its pan, we dc
most earnestly and cordially commend il
| to our fellow citizens as worthy of their
| approval and adoption, and we urge upon
the congress of the United States that
the principles embodied by the commission
i'm their reports be enacted into law. with
the belief and expectation that the effect
will be 10 secure a solid, substantial and
| stable financial system that would re-
dound to the credit Of the country and in
sure a state of prosperity that cannSt be
| achieved unless there is a system OF
| finance, the integrity and adaptability OF
which cannot be questioned or gainsaid
'"rhe time has now come when the pros
poets for the establishment Of the gold
standard upon a firm and enduring basis
are Frightening and encouraging. The
people want a note currency which shall
be as good as gold. This movement pro-
poses to bring about that result The peo-
'ple want a volume of currency adequate
to the general and usual needs of bust
ness, with a quality of growth and elias
ticity through which it will adjust itself
automa tically and promptly to all varia-
tions Of demand, whether sudden or grad
ual.
''The people Of the Western and South
| ern states wish the issues so distributed
that scarcity Of money will no longer
hamper and distress them in their business
operations. A method is proposed whereby
their wants can be supplied and their de-
mands can be complied with. We appeal
to them-we appeal to all patriotic citizens
to unite with us in an earnest and deter
mined effort to secure from Congress such
| legislation as will wisely but surely event
uate In bringing about sound financial
measures, which will build up and estab-
lish confidence, secure safety In business
transactions and the ownership and value
of property
THAT the executive committee be con-
| tinued with the power and authority to
add to their numbers, and to fill any va
cancies which may occur and also with
mower and authority 10 adopt such meas
| ures for procuring needed legislation from
| Congress, as they, in their judgment may
deem advisable and expedent."
Mr.. Bullitt spoke at length in favor Of
| the resolutions and as gold Democrat