The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-27
They Strongly IpdOrse the Currency


They strongly Indorse the Currency
Commissions Report.
| Chairman Stanard announced at this point
| that the committee on resolutions was
ready to report and that the report would
be made by Mr.. Wheelock of Minnesota,
chairman of the committee on resolutions.
Mr.. wheelock stated to the convention that
all he would have to do with the reading OF
the resolutions would be to introduce Mr..
| Bullitt, of Philadelphia, who would read
them Mr. Bullitt read the following reso~
| lutions:
Resolved, That this convention recognizes
/ its obligations to the executive committee
! 1897, for the thorough and able manner Tn
/ which they have discharged the duties de-
They Yrs deserve serve the e highest comm commendation for
| their determined effort to obtain an act OF
| monetary commission TO which the duty
| should be intrusted of devising the best
means of securing a wise and stable cur
] rency system through legislative enactment
/ "As the Congress did not adopt law for
| the appointment of such commission, the
executive committee in pursuance OF the
| ceeded TO make such a selection consisting
of men from different sections of the coun-
| try, and from different walks of life, who
were we'll fitted by their ability, their ex-
| perience and their high character TO deal
| with this most important subject. The con-
vention recognizes with qualification the
! wise and able manner in which the none
| tary commission have dealt with the sub
/ ject, and find in their work the elements or
| a system calculated to be of inestimable
| benefit to the country.
I'VE most cordially approve OF the plan or
/ currency reform submitted by the monetary
| commission, in the belief that IL enacted
| into law it would accomplish as far as pos
| sible the results contemplated by the COM
| mission, as set out in the following propo-
u. TO remove, at once and forever, all
IorrlNf rbaf fbn Gfa r6
the United States is and is to be.
''2. TO establish the credit of the United
States at the highest point among the ma
s'S. To eliminate from our currency sys-
tenn those features which reason and ex-
| perience show to be elements OF weakness
and danger.
a TO provide paper currency converts
| BILE into gold, ana equal to it in value at all
| times and places, In which, with volume
| adequate to the general and usual needs or
business, there shall be combined quality
| of growth and elasticity, through which IL
| will adjust itself automatically and prompt
| ly to all variations of demand, whether sud-
| den or gradual; and which shall distribute
itself throughout the country as the wants
of different sections may require
To so utilize the existing SILVER th S,d d0
without imposing undue burdens on the
treasury.
u. To avoid the issue of interest-bearing
bonds. except in case of unlocked Ior
bonds when necessary for the preservation
of the credit of the government
IS. TO accomplish these ends by a plan
which would lead from our present con-
fused and uncertain situation by gradual
and progressive steps without snock OF
violent change, to monetary system which
will be thoroughly safe and good, and capa-
BILE of growth to any extent that the coun-
These declarations, and the plan which
follows, are honest in purpose, they are
sound in business principles they are
ada tod N
whole people, they are wisely safeguarded
against undue contraction OF the currency
on the one hand, or its perilous expansion
on the other. We believe their enactment
into law would stimulate hopefulness in
spire confidence and conduce to sense OF
safety that would be the forerunner or un-
exampled national growth and prosperity.
Approving of the expressed purposes OF
the commission and OF its plan, we do most
earnestly and cordially commend 1t to our
fellow-citizens as worthy OF taeir approval
% tb nd nha We tba HppH the snG nrne
pies embodied by the commission In their
report should be enacted into law: with the
be to secure a solid, substantial and stable
financial system that would rebound to the
credit of the country, and insure state OF
prosperity that cannot be achieved unless
there is a system of finance the integrity
and adaptabity of which cannot be ques-
'That. in the opinion of this convention, it
is the duty of every citizen to urge upon
his representatives in Congress the adop-
tion of such legal enactments as Will carry
into effect the recommendations of the mon
"Existing conditions are propitious for eff
fort in the direction of currency reform:
General and able discussion have INDUCED
earnest and sober thought and turned the
minds of men from fallacieS and deIuSiona
to that which was sound and wholesome.
The high prices of many Of our agricultural
| and manufacturing products, the intioWlng
| of gold and the Improvement IN business
have gone far toward allaying tnat Iee1ng
| of discomfort and unrest which were so dis
| turbing and so full of menace but short
time ago. Never before has public senti-
| ment been in healthy a state upon TINS
subject as is now becoming generally prev
''IThe time has now come when the pros
| poets for the establishment of the gold
| standard upon q firm and enduring basis
are Frightening and encouraging. The peo-
| good as gold. This movement proposes 10
| bring about that result. The people want
| "a volume of currency adequate to the gem
eral and usual needs of business, with a
| quality of growth and elasticity through
which it will adjust itself automatically ana
! promptly to all variations OF demand.
| whether sudden or gradual These ends are
not only within the scope of what is con-
tended to be gained by the plan of the mon
! etary commission. :,
ssThe people of the Western and Southern
| States wish the note issues so distributed
as that the scarcity of currency Will no
| longer hamper and distress them in their
| whereby their wants can be supplied, and
| their lust demands can be complied with
| We appeal to them-we appear 10 an dp,ual. pa.ls.
| and determined effort to secure from Con-
| eress such legislation as will wisely but
| surely eventuate in bringing about SOUND
| financial methods, and in building up ana
| establishing confidence, security and safety
| in business transactions 6nd in the owner-
| ship and value of property.
| '"rhat the executive committee be con-
tinued, with power and authority to add to
| their number and to fill any vacancies
| which may occur, and also with power and
| authority to adopt such measures for pro-
| curing the needed legislation from Congress
| as they, in their Judgment, may deem ad-
| vsable and eXpedient.
MIR. BULLITTS SPEECH.
| FOrcible Argument for the Heporr
and the Resolutions.