The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-11
Next Meeting Place Left to Executive
Council. and May he Either Ander-
son, Ft. Wayne or West Baden.
ADDRESS BY A. ]. BEvERIDGE
MAINTENANCE OF CREDIT ONLY
GREAT FINANCIAL QUESTION:.
The Senator Said. "and Credit IL Only
Another Name for Confidence"
He Added.


the Indiana Bankers Association. the Hon.
Charles n. Fowler, of New Jersey. chair
man of the House committee on banking
and currency, striking back at S. r. Flynn.
president of the National Live Stock Bank
of Chicago. who yesterday criticised his sys-
tenn OF asset currency.
In the presence of four hundred delegates
and visitors Mr.. Fowler to-day scored Mr..
Flynn and engaged in sharp tilt with
him. In defending his bill he said IL was
as near perfect as anything could be made
perfect. He was in favor of the banks OF
the country furnishing the gold for redeem
ing obligations, instead of the United States
government. He then directed his attention
to Mr.. Flynn. and exciting clash took
place. Mr.. Flynn was asked TO point out
wherein Mr.. Fowler had made misstate-
ments relative TO the currency Of the coun-
try and the asset system.
Amid great applause Mr.. Flynn arose and
said he did not make his remarks yesterday
personal, but was forced TO mention Mr..
Fowler's name because he was the author
of the bill he was discussing. Mr.. Flynn
further said he had always treated Mr..
Fowler and his asset currency system with
the utmost respect, and he had not made
any misstatements.
Mr.. Fowler replied that he was here tc
present truth and fact, and speeches of
false assumption needed attention. He chsl-
lenged Mr.. Flynn to quote any missta ted
facts and perverted theories and mention a
single instance where trouble had arisen
among nations using asset currency.
Mr. Flynn promptly arose and challenged
Mr.. Fowler to show where he has been dis
respectful. At this point Mr.. Flynn struck
straight from the shoulder and handled Mr..
Fowler without gloves, concluding with
the statement that Fowler would do more
good to the convention IL he will explain his
system and not bubble over personalities.
Mr.. Fowler replied by saying: II am ex-
oeedingly sorry, indeed, that delegate has
to be pilloried before an audience, but truth
and honor has been challenged in state
ment made i'm Mr.. Flynn's address, which
said that If l was honest / would never vote
for my own bill. He asked if that
Spectful and said IL was easy to breathe
out loud. This ended the incident, which
greatly entertained the delegates.
MR.. FOWLERS BILL.
The other features of the session was
an address by Senator Albert jeremiah
Beveridge and Mr.. Fowlers speech on
his asset currency bill, the scope OF
which is well known TO financiers.
the measure having been exploited by Mr..
Fowler in and out of Congress. He ex-
planned that he favored a departure from
his old measure by first calling for a retire
ment or impounding Of greenbacks in COM
pelling banks to hold 10 per cent. of re-
serves in United States notes. thus taking
from greenbacks their power to harm. Sec
ond, to deposit all public moneys in bsnks.
the government TO receive per cent. ins
h.. I'D Hwr han A.
posts TO be not over half the amount OF
the banks paid-up capital. Third, national
banks TO be allowed TO put out credit cur
rency, the banks to deposit per cent.
equivalent in gold coin in the United States
treasury which, with 2 per cent interest
in government deposits and i per cent. tax
on notes. would constitute a fund which.
when over ten millions. the surplus should
be diverted to the purchase of gold bullion
for converting greenbacks into gold certif-
Gates.
Mr. Beveridge was to have opened the
morning proceedings with his address but
he did not arrive until near noon. lie
spoke when Mr.. Fowler concluded Tho
senator's speech is given in full elsewhere.
ELECTION OF OFFICERS.
The officers elected to-day were as fol-
lows:
Walter w. Bonner, Greensburg. president.
A. @. Lupton, Hartford City, vice presi-
dent.
William c. Thomas. Logansport. treas
urer.
William +. Churchman, Indianap polls. and
Myron Campbell, South Bend. vice prcsi-
dents at large.
Henry G. Johnson Seymour; 5. A Fietch-
er, Indianapolis: r.. l.. O'Hair. Greencastle:
J. r. voris, Bedford, and f. l.. Holinss-
worth, Rensselaer,, executive committee.
Vice presidents for congressional dis
tricts-First district, Harry III. Ogden,
Evansville: Second. p. NJ. o'Donnell. VIM
Frank Griffith, Columbus: Fifth. Frank &.
White, Terre Haute; Sixth, l.. Link. Rush.
Vile; Seventh. Robert +. Morrison In
danapolis S,ntb ElsnSh' y,o1 oosts w
Tenth. A. Murray Turner, Hammond,
Eleventh. Frank II. Fowler, Logansport:
Thirteenth. f. g. Reynolds. South Bend.
The executive committee met after the
convention adjourned and organized C. ".
National Bank. of Muncie, was elected
chairman. and Andrew Smith. OF Indian
apolis. reelected secretary. The COM
mittee decided not 10 choose the next place
of meeting at this time. IL will hold a
session in the spring. in which the date and
place will be determined. Three points
are under consideration. They are Fort
Wayne Anderson and West Baden. Fort
Wayne is looked upon with considerable
favor
This forenoon was 10 have been occupied
by the visiting women and the South Bend
women. who are entertaining them in street
car rides to Niles. Mishawaka, Elkhart and
Goshen and about the city. but rain In
terfered with the plans This afternoon
the bankers took trolley ride TO Misha-
waka. followed by carriage drives TO Notre
Dame University and ST Mary's Academy.
A smoker was given this evening I'm the
Indiana Club by the South Bend bankers.
complimentary TO the visiting bankers.
While the bankers visitors were being en-
tertained at the Indiana Club the visiting
women were guests OF honor at a progress
sive pedro party given I'm the srand recep-
tion hall of the oliver Hotel by the Sonfh
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