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For Currency Reform

For Currency Reform image
Parent Issue
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Inciianapolis, Dec. 1.- AH the cities nvited to thé preliminary conference in this city, eailed by the local board of trade. looking toward a national monetary convention, responded excepting two. These were Louisville and Kansas City. When J. C. Adams. president of the board of trade of this city, cailed the conference to order, the following organizations were represented: Cincinnati chamber of commerce, Chicago board of trade, Cleveland chamber f commerce, Columbus board of trade, Detroit board of trade, Des Moines commercial exchange, Grand Rapids board of trade, Indianapolis board of trade, Indianapolis Commercial club, Milwaukee chamber of commerce, Minneapolis board of trade, Omaha board of trade and Peoria board of trade. Mr. Adams said in part: "The Indianapolis board of trade in common with the business interests of the country, believe that the result of the recent election was an earnest protest against the debasement of our monetary system as well as a positive declaration in favor of a sound, stable and unfluctuating currency. In furtherance of these views the board issued a cali to the boards of trade and commercial bodies of what is known as the central west, inviting them to send delegates to a preliminary conference which convenes today. Work of the Conference. "This conference wlll consider the advisability of issuing a more extended cali for a larger convention of the commercial bodies of the principal cities, to discuss the question of what ought to be done to cure the radical defects in our monetary system, and if deemed practicable, and for the best interests of all, to créate a non-partisan commission composed of able, experienced and fair-minded business men, whose duty shall be to formúlate a plan, which will remove existing weak spots in our present cumbersome and defective system; place the finances of the nation on a sound and adequate basis and prevent the possibility of frequent monetary disturbances. fermit me to say, gentlemen, that behind this cali, in answer to which you have convened today, there lurks no plan, scheme or system by which it is proposed to alter, or change our present system on any particular plan or on a special line.' "Within the last thirty days the people of this country have shown that they are unalterably opposed to a cheap and fluctuating dollar of uncertain1 value. We must not take this overwhelming expression of the people as a final and complete settlement of "the issues involvéd, nor as an unquestioned acceptance of our present monetary system, but rather as a protest against a step backward. Currency Reform Favored. "Between the lines of the returns of the recent election, there is shown a pronounced public sentiment favoring currency reform, with an evident purpose on the part of the conservitive and reflective men to examine into our national finances and remove with the least possible delay whatever weakness or defects may appear. "Different views are entertained as to methods of proceedure and details of plans in the matter of currency revisión, but after our grievious and costly experience, we are forced to the conclusión that the time has now arrived when the government must either discontinue the banking business, with its expensive and complicated system, or go into it on a broad, better defined and more comprehensive scale. The game is not worth the candle. The burden is too heavy to be safely borne and no individual, corporation, or government can conduct business on a safe and sound basis, who has demand notes calling for ions of dollars in existence and eirculation, which notes are counter for redemption, and when so redeemed, are re-issued. thus acting as a standing menace to the government reserve and a continual threat to the trade and business of the country, causing disturbance and unsettled values of every character. Not Difficult to Lócate. 'The cause of our trouble is not difficult to lócate; to determine the best course to pursue and apply remedia legislation that will provide the greai nation with a sound, uniform and elastic currency, whether it be gold silver or paper, is the intelligent purpose and paramount question which will claim the best thought and business judgment of the conference, which you are about to consider the propriety of calling. Politicians are proverbially timid even to the verge of cowardice, but when sentiment is crystal lized and given definite shape by the commercial bodies and business men of the nation, it becomes a moral forcé and recognized power which our lawmakers will not ignore or refuse to head. The attention of the country is centered on this gathering, and wel it may be, for no movement or recen years has embodied so much thought êarnestness of purpose and exalted aim, or has given promise of such f ruit ful results as the action you are abou to take."


Ann Arbor Argus
Old News