The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-16
END OF FINANCE DISCUSSION.
NATIONAL CURRENCY CONVENTION
AT OMAHA ADJOURNS.

of Irredeemuble currency Dy the
observation-disclosures FOyv-
Icr. in Reply, Advocates Bank Cur
rency-AIi Reed of Iowa Charges
Cold standard Advocates With Be
tnr HireIinGs of Bankers and Mon
ev POwer-Mr. McCIeary ON an
Ideal Banking System.
omaha. Neb., Sept 15.-The third and
last day of the national currency conven-
,ion began with a paper in support of an
unlimited issue of irredeemable currency
nv The government, by A. j. Warner, pres
,dent of the American Bimeteilic Union.
Charles S. Hartman of Montana presided.
The debate would be divided into first,
The advocacy of bank currency; second,
nlea for a governmental currency to cir
cp,ate concurrently with the metals and,
third an affirmation of an irredeemable
government paper currency or absolute
datism.
A reply to Gen. Warner was made by
Congressman C. N. Fowler of New Jer-
sey. VINO supported the bank currency.
President Wills of the Kansas Agricul-
,nral College led off this afternoon, ar
euing for public control of money.
II was intended that Congressman Nc
Cleary of Minnesota should explain the
provisions of his currency bill introduced
at the last Congress, but the paper money
champions fired questions at him so fast
that his entire forty-five minutes was
taken up in answering them, and his pa
per went over to the evening session.
paper by William c. Cornwall of Buff
falo on Deposit Currency was read by
National
Sound Money League.
Two of the middle-of-the-rodd editors
of the Reform Press Association, N. H.
Motzinger of Indiana and Ali Reed of
Iowa, managed to be heard on their the
DRY of absolute fiatism.
Mr.. Reed created a scene by charging
the gold standard advocates with being
paid hirelings of the bankers and the
money power.
AT the evening session time was allow
ed Congressman McCleary to give his rea-
sons for an ideal banking system. Mr..
McCleary said, in part:
1--WE are told, and told truly, that the
United States never had so much money
as it has now. We are told and told truly,
that every dollar of that money is to-day
as good as gold. Why, then, should there
be any talk of currency reform?
1T is true that as nation we have
thousand blessings to be thankful for,
But progress is the law of life. Every one
believes in progress, but the questions re-
ours: What is the necessity of any special
effort in this particular line? What is
there TO reform?
Two great facts stand out impressive
ly. First is the fact that in 1896 more
than 6, O00 900 American citizens voted for a
change in our monetary system. To those
of US who have faith in and respect for
American citizenship, this fact is in itself
suggestive. After the monetary battle
had been fought out and the verdict of the
ballot had been rendered, a notable con-
vention of business men from all sections
of the country assembled at Indianapolis
TO devise ways and means for the reform
of our currency. In that convention were
representatives. of about 200 boards of
trade The men composing the convention
were, almost without exception, opposed
to the change voted for by the 100000
above referred to. Thus we see that not
only among those who oppose, but also
among those who defend the gold stand
ard is recognized, the necessity for re-
form of our currency.
Briefly stated, the problem of currency
reform is to furnish to every community
in the United States a currency whose
quality is beyond question, ample in guam
THY, but not redundant, responsive to the
demands of business in each community;
throughout the country; to make bank
failures almost unknown; to minimize the
severity of commercial crises and Danish
the possibility of a financial panic.
is it possible to bring about this con-
dition of affairs? Is it possible to equal
lie interest rates throughout our vast do
main? Most emphatically, yes In France
to-day the interest rate at the foot of the
Pyrenees as the same as that at Paris.
What France has done, America can do
But some will say and not without 'ea-
son, France is an Old country of COM
paratively small area, with practically uni
form conditions throughout it's extent
while In the United States there is such
a diversity of conditions in the different
sections that we can not expect anything
Ike uniformity of interest rates To
these l answer by pointing northward TO
a country of much less wealth than ours
but of a territory almost as vast having
ike u.s. thickly settled communities in
certain sections and sparsely settled COM
munties in others. And yet in Canada
the interest rate is only from one to two
per cent. higher in the village at the foot
OF the Rocky Mountains than it is in the
city of Montreal. What Canadians have
done Americans can do.
rs it possible to lower very materially
the interest rate in the United States? 1
answer that a commercial rate approXi-
mating per cent. is for this
nation entirely practicable within
the comparatively near future.
Two per cent. is the usual
commercial rate of France and England
today Indeed, here in the market re-
port of the Minneapolis Tribune for Sept.
Z, under the head of London Money, L
read the following: Rate discount, open
market, for three-months' BILL "a to 49,
our recent national loan is full of
suggestion as to the possibilities of in
terest rates. The government wanted to
borrow S2O0,000,0O0 at per cent, issuing
It's bonds at par. We are told by the
Secretary of the Treasury that 81, 400 900, 900
We're offered Several railroads have re-
Gently refunded their bonds at per cent
To those acquainted with monetary sci
enee 1t is familiar principle that the
temporary or bank rate of interest should
ne lower than the permanent investment
rate, ana it is lower in nearly all civilized
countries, except our own. For example,
IN france the government loan bears 3
per cent. interest. 1t sells in the market
al a premium sufficient to make it bear
about pa per cent; but the commercial
rate nj Sc o TDrsAf -h