Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-08-06
CURRENCY REFOR N
TEXT OF AN ADDRESS BY CON-
GRESHAM FOWLER.
TALKS TO BANKERS OF TWO STATES
Author of Famous Fowler Bill Gives
His Views Upon the Needs of the
Money World at Present-RepIies to
Statement by Dawes.

4 Davenport, July 30.-One of the
strongest speeches in connection with
the sessions of the Bankers conven-
ton in this city was that delivered
yesterday morning before the bankers
: of Iowa and Illinois by Congressman
Fowler of New Jersey.
The sessions was opened by Presi-
dent Miller of the Iowa association
( and he called the president of the Hi
nois association, Andrew Russell, to
the platform, whom he introduced and
who presided from that time on. Con
gresham Fowler was the speaker and
he was introduced by Phil Mitchell of
Rock Island. The subject of the adj
dress was Essential Financial and
Currency Reform" He said in part:
Congressman FoWer's Address.
Mr.. Chairman, Ladies and Gentle
men-I wish to thank the committees
OF the joint association for the nigh
honor you have extended to me in ask.
ing me to address this convention. |
come to you not as a stronger for one
half a century ago across the Missis-
sippi on the plains of Illinois, by a
spring selected by New England emf
grants in a log cabin was born There
is no incident known to the farmers
with which am not familiar. The
population of these two states either
from the New England states or the
states farther west of the east is not
surpassed by the population of any
other state or states in the union.
Your citizenship is of higher order
than all the civilization of today and
this is unfortunate for our govern
ment of citizenship and intelligence
and wisdom. In the cause of the in
terest of mankind we established the
homestead law Our churches and
school reflect the interest of govern
ment. Our social system reflects, the
Influence of the schools and churches.
The object and the end of government
is not how much corn is produced,
but what is the citizenship; not qres-
ton of population but what are the
people and what do they accomplish.
We believe in aristocracy, but it should
be the aristocracy of character
when the call comes to arms and
you leave for the front, do not ask,
y
welfare of our people? You can't af-
ford TO ask Will it pay?'"
Replies to Dawes.
Mr.. Fowler took considerable time in
replying to some statements recently
made by Charles w. Dawes, in
speech at st. Paul on the financial
question. Mr. Fowler continued:
My friend, Mr.. Dawes, said that
have changed my views from the first
speech that / made in favor of a single
gold standard, to this hour. If l have
changed it has been along favorable
propositions. / still stand for those
propositions. My bill provided for a
single gold standard, funding of the,
national debt and branch banking, not
one of the propositions for which do
not stand today. He said was partic-
nlarly changing in regard to to credit
currency. He said that the shortage of
revenue in 1892 promoted the panic of
1893. But there was no deficit in 1897,
for it was in 1904"
The speaker then read portions of
speech made in congress about year
ago which showed that the deficits in
the years Of prosperity 1S97-8-9 were
very large and were steadily increas-
ing and that in those years the deficit
was S143, 100000.
Dawes also said that a note which
is the first lien on the assets of bank
s Is a moral wrong. I say if the note is
not first lien it is a mortgage on the
. bank and if this is a wrong then it is
equally wrong for man to mortgage
his own house."
Dawes also says that We have today
qualified lien of the assets of bank
propose that you have the right to
use a cashiers check or credit cur
rency." Other statements made by
Dawes were mentioned and disputed
by Mr.. Fowler which need not be men
toned here.
Answers the Statements.
In answering the statements of Chas.
Nv. Dawes Congressman Fowler divid-
ed his speech into seven divisions
which he called mile stones.
The first point was that it was neces-
sary to have a gold standard which
shall be the standard of the civilized
world. 1t is absolutely necessary to
maintain 35 cent silver dollar in gold
and that all redeemable money be
measured in gold.
The second mile stone showed that
1T Is immaterial to the government
whether the gold of the country is OBJ
tanned from the mines of whether it
is gained by selling the nations pro-
ducts. The production of gold in this
!, country has nothing to do with it.
! In the third place it was shown that
! the balance of trade in favor of the
United States does not determine how
! much gold we have and in order to
support this statement figures were
quoted
Mr.. Fowler then said:
The question then arises, What
must be done? We say. buy it,but how?
Not like other things the price on gold
for commercial prices is the price you
put on it over night. You cannot de-
pend on the fluctuations. 1t must be
thrown on the banks of the country
and trust them to protect your credit"
The statement. "Our bank notes have
no relation to the prosperity of the
country was expanded On to great
length in which the credit system was
fully explained and made clear. "This
is question whether we shall opnaal