The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
KEEP UP THE FIGHT.



self as being dissatisfied with the indorse-
ment of the full plan prepared by the COM
mission. Ulysses D. Eddy. one of the most
substantial members of the delegation, be-
ing of the firm of Flint, Eddy q Co., known
all over the world as one OF the largest
houses engaged in internatlona trade, was
several provisions in the report. But be-
fore he returned to New York he said: Il
am thoroughly delighted at the result of
the conference. The unanimity of senti-
ment particularly pleases me. Though ]
have had some individual convictions, l
wouldn't have raised finger to put
ment of the report as a whole. From in
divldual differences of opinion on minor
points we have arrived at harmonious
ayr cement on large scale.
Mr.. Eddy was inclined to the opinion that
branch banks instead of small banks are
preferable. He said that if for any reason
money became scarce in a community re-
mote from the large cities, the relief could
only come from the small local bank, which
would thus be enabled to raise the rate of
interest as it pleased, but the branch bank
system. he said, would act as a pipeline
from the money centers. conveying curren-
cy to the points where it was most needed
and supplying borrowers, no matter how
remote, with money at rate of interest
only slightly in excess OF the rates current
In the large cities, the excess being merely
sufficient to cover the expense of transport
ing it. Mr.. Eddy. as we'll as his colleagues,
was opposed to the limit or capital neces-
sary to start a bank being placed as low
as SIS Geo. and held to the idea that the
controller of the currency. should be given
some discretionary authority as to the To-
cahipTD Of these small banks.
sF.Yhese are minor points. however" said
Mr.. Eddy, "and the members of my dele
cation are pleased to state that they are
very much gratife0 by the course pursued
by the conference, and that they are willing
to have these points discussed ana settled
by the banking committee OF Congress. The
logic of events can be trusted to adjust all
these minor points of variance.
WHY TRADE is HAMPERED
Mr. Eddy was asked to say something
about the money question in its relation TO
foreign trade. He said:
THE United States has taken a leading
place among manufacturing nations IT IS
fully equipped to compete for large share
of the trade of the neutral markets. On
many kinds of goods cheaper than our ri
walls. On their side they are more favor
ably inclined to Americans than Europeans.
and enter gladly into commercial relations
with US. Moreover, in those countries min
ing, agriculture and the raising of cattle
or sheep are .rsued in preference to fin
ished manufacture, and a commerce with
them is more profitable than with the man.
ufacturng nations.
There is one consideration that ham
pers us in the development of our trade
with the neutral markets. In those coun-
tries the movements of trade are absolutely
dependent ON credit. this is due to the fart
that the merchants who buy imported goods
have. as a rule, to sell them on credit, IN
asmuch as many crops are marketed but
once q year or only in the dry or wet
seasons. The merchant must carry the
planter or lumberman. the miner or the
sheep farmer until their products can be
turned into money Selling in this way ON
credit, the merchant must buy on credit; !
he is compelled by the necessities Of the
case to ask not OH. low prices, but long