The herald., 1898-01-27
WORK is DONE
The Monetary Convention
AdjOurns
NevlNG RECEIVED ORDERS
DELEGATES OBEYED WITHOUT
COMMENT
AavlNG RECEIVED ORDERS
Pretty Compliments Paid the Philan-
thropists Who Composed the
Monetary Commission
Associated Press Special Wire

o'clock today. Pending the report OF
the Committee on Resolutions, the Sec
retary read a number of kilograms from
the various commercial bodies of the
country, indorsing the plan of the COM
mission.
L. j. Parker, of Illinois, presented q
resolution approving the efforts of the
National Business League to forward
a movement towards the establishment
of a National Department of Commerce
and Industries. the head of which shall
be member of the Cabinet.
Chas. S. Farchild, exSecretary of the
Treasury, delivered a speech upon the
measure of value by gold.
In the afternoon the resolutions pre-
sented by the committee We're read and
the following plan submitted by the
Merchants association of New York:
First-The legal tender note, common
1y called the greenback, should be re-
tired by the use of money in the treas
ury and by the issue of long time, low
interest bearing bonds. Bullion hereto
fore held as basis for treasury notes
will, by their retirement become avail
able as additional security for silver
still outstanding.
Second-National banks should be
allowed to purchase these bonds and use
them at par as the basis for circulating
notes no notes to he issued for less de-
nomination than 10. The features of the
present law relative to the tax on cir
culation and the ) per cent redemption
funds to remain unchanged. except that
the tax be reduced to one-half of one
per cent, which will be ample to provide
for the expenses of the office of Comp
troller of the Currency
Third-All national banks shall be re-
qured to redeem their notes at their
own counters and at the office of the
Treasurer of the United States or any
assistant treasurer, in gold coin, and all
deposits for the five per cent redemption
fund shall be in gold coin.
Fourth-National banks shall be al
lowed to establish branches in any part
of the country BY means of these
branches the surplus money now in the
money centers can be utilized for the
moving of crops and the prosecution Of
general business. This system has been
thoroughly tried for many years by the
Canadian banks, and in very small towns
in the Dominion by means of these
branch banks the same financial ad-
vantages are enjoyed by the business
men of the locality as by the citizens of
the largest cities. BY this means also
merchants and other borrowers in the
interior are enabled to discount their
paper at home instead of being obliged,
as at present in the United States, to
20, 4,
note brokers. This system of branch
banks will inevitably cause specific re-
ductions and tend to equalization of
rates of the interest throughout the
country, and this is the scientific answer
to the demands of the South and West
for more currency. 1t will also furnish
facilities for borrowing money on mort
cages or otherwise and will bring the
borrower and lender together at tho
borrowers home
Alvah Trowbridge, President Of
the First National Bank of North Amer
lea; James McCreery, of James Nc
Creery & Co.; Richard ]. Cross, of Nor
ton, Bliss & Co.; Ulysses ID. Eddy, of
Flint. Eddy & Co.. James b. Dill, of Dill
Seymour & Kellogg, delegation of the
Merchants Association of New York.
The resolutions recognize the cOnven-
tion's obligations to the executive COM
mittee. and cordially approve the plan
of currency reform submitted by the
commission.
Mr.. Bullitt spoke at length in favor of
the resolution, and, as a gold Democrat
urged concentrated effort looking to
currency reform, without regard 10
party ties.
Gen. Simon Buckner of Kentucky ex-
pressed himself as pleased with the
committees plans
John Harsen Rhoads of New York
spoke in favor Of the plan of the com
mission.
Other prominent speakers were VIM
T. Dodge of New York. ex-Gov. O. V.
Coffin of Connecticut and ]. G.. Crawford
Of Texas
A resolution was adopted requiring
that copies of the conventions proceed
ings be furnished to members of con-
gress.
a long resolution. prepared and sub
mitted by the executive committee, was
enthusiastically adopted by the con-
Vention ana expressed hearty apprecia-
tion of the monetary commissions re-
B'l anu "a tine recommendations OF en-
bodied
The resolution recites the fact that
the eleven members of the commission
who are seVerally named gave to their
work without any compensation or re-
ward except the consciousness Of duty
well and faithfully done many months
of arduous work at great sacrifice by
each of them i'm absence from home and
invaluable time needed for their own
serious and important duties. " and de-
clares it TO be the earnest conviction of
the convention that there has nevel
been in the history of our country
body of men more truly representative
of all that is best in American life. man
hood, patriotism and intelligence. nor.
one that undertook and fulfilled srca,
task for tho general welfare i'm spirit
of more unselfish devotion to our coun-
try.
The resolution and the report Of tn"
commission were unanimously adopted
by the convention.
The proceedings Of the convention
were transacted with that business-lika
method which was characteristic Of the
meu engaged. There was about them
snap. vim and energy, combined with IN
absence of superfiuities and hair-spiit-