Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1898-02-03
MONETARY CONVENTION.
The Meeting at indianapolis Not Slow
In Dispatching Business,
Declares tho Time Ia Ripe to More Cons
pIetsly Pledge tho Country TO the
Gold stRndard-Co Commissions
Work Endorsed.

INDIANAPOLIS, Ind, Jan. 2Z-When
the national monetary convention re-
assembled at ten o'clock yesterday
the committee on resolutions was not
ready to report, and the secretary
read a number of kilograms from the
various commercial bodies of the coun'
try indorsing the plan of the commits
sion.
Il. j. Parker, of Illinois, presented a
resolution approving the efforts of the
National Business league to forward a
movement toward the establishment
of national department of commerce
and industries, the head of which
should be a member of the cabinet,
Charles S. Fairchild, eX-secretary of
the treasury, in an address on the mon
etary commission, of which he was a
member, said that it had done its work
under the inspiration of the conven-
ton Of 1897. He said u government
should try to learn facts and conform
its laws thereto. Men in the past
had standards of value and medi-
ums of exchange, or circulating me-
diums, or whatever name might be
given them, with no laws save the
custom of business. These they could
have in the future without stat
utes and they would have them in
spite of statues if statutes should
stand in the way of the irresistible
force of concurring habits of men.
Whatever might be the standard
named in law men would continue to
measure value by gold until, by the
concurrence of their habits, they
should evolve something that would
suit their purposes better. He said
that the commissions report was an
attempt to remove unnatural barriers
of law and make statute supplement
and assist the laws which the habits
of business men had evolved. He went
on:
Gentlemen, your right to meet, to have and
speak your opinion. to make your petition and
TO win to your cause the people OF our country
is older than our government, is declared in
the bill OF rights and lmbedded in the constitu
tion of the United States, The spirit which
brings you here Is that which makes possible
and is the condition precedent to q government
of the people. We claim no more than this
high and ancient right and no less. Your au-
thority is no more than that which can be given
by the combined character wisdom and patri-
otism of the voluntary organizations of the
men in all parts of our country who move and
direct its mighty business, whose brain and
energy give life to that, without which army,
navy, o nations glory, the government even,
cannot be- OF this you are the delegated rep
tftyag nt,f fty ic nd No
more ind no less
The resolutions set out the plan as
follows:
1. To remove at once and forever oil doubts
as to what the standard Of value in the United
States Is and is to be.
2 10 establish the credit OF the United
States at the highest point among the nations
Of the world.
q To eliminate from our currency system
those features which reason and experience
show to be elements Of weakness and danger.
4. TO provide paper currency convertible
into gold and equal to 1t In value at all times
and places In which. with volume made equal
to the general and usual needs Of business,
there shall be combined n quality of growth
and elasticity through which it will adjust it.
self automatically and promptly to all varia-
tions OF demand, whether sudden or gradual,
and which shall distribute itself throughout
the country as the wants Of different sections
may require
5, To so utilize the existing silver dollars as
to maintain their parity with gold without inn
posing undue burdens upon the treasury.
8. To avoid any injurious contraction Of the
currency.
2. To avoid the issue of interest bearing
bonds, except in case of unlocked for emer-
gency, but TO confer the power to istue bonds
Nuh or ba nra an ~ bo
credit Of the government
8. To accomplish these ends by plan which
would lead from our present confused and I'M
certain situation by gradual and progressive
steps without shock or violent change, to
monetary system which will be thoroughly safe
and good, and capable Of growth to any extent
that the country may require
The convention then adjourned SUBJ
ject to the call of the executive COM
mittee.