Press enter after choosing selection

For Currency Reform

For Currency Reform image
Parent Issue
Public Domain
OCR Text

Indianapolis, Jan. 12.- The monetary convention was called to order at 2:37 p. m. by H. H. Hanna. The Rev. M. I... Haines, pastor of the First Presbyterian church offered prayer. Secretary Smith then read the convention cali. The hall was nearly filled with delegates and spectators. The temporary organization was concurred in as follows: Temporary chairman, exGovernor E. O. Stanard of Missouri; secretary, J. W. Smith; sergeant-atarms, W. F. C. Golt. Ex-Governor Stanard, upon taking the chair, addressed the delegates, briefiy outlining the causes leading to the calling of the convention. The programme, as outlined by the executive committee, is designed to expedite the real business as much as possible. The convention may conclude by Thursday evening. It is proposed to have a strong committee to which shall be referred all resolutions, many written speeches, and all of the individual plans for reforming the currency. This committee is to be instructed to report to the convention as often as necessary. It is 'expected to "indefiniteïy postpone" such speeches and plans as it thinks not worthy of consideration of the convention, and to report favorably on such plans as show mature thought. It is certain that there will be many plans and resolutions presented that, even with much weeding, there will be enough left to give the convention food for diseussion. Kesolution Favored by Villard. Mr. Henry Villard of New York, who is here to attend the convention, favors the resolution agreed upon by a number of eastern delegates, which is in part as follows: "Resolved, That the maintenance of the gold standard is demanded alike by the principies of common honesty and by considerations of business prosperity, to which end we invite the co-operation of all branches of the government, of all commercial bodies, and of all classes of our fellow citizens." E. V. Smalley of St. Paul said that the resolution to be introduced committing the conference to the single gold Standard had his unqualified support. Re said the work of the confernece would restore confldence to the people and bring a more lax condition of the money market, in that money will be easier. M. E. Ingalls, president of the Big Four railway campany, is opposed to the committee idea. He thinks the vention should agree on some general principies for the reformation of the general financial system. It can do that. Then, if deemed wise, a large committee should be appointed to bring about the necessary legislation. Sentiment in the -Kust. Charles S. Fairchild, ex-secretary of the United States treasury, said the sentiment in the east is strongly in favor of the convention appointing a committee to study the financial situation and recommend such measures as will better it. With a commission of nine members, Mr. Pairchild would favor reconvening- the convention for the purpose of accepting or rejecting the commission's report. George Foster Peabody of New York favors the idea of a commission. F. W. Taussig, professor of economics at Harvard, favors the ■retirement of greenbacks. He said: "It is possible for the United States to issue convertible paper, keep it at par with specie, and seoure some slight gain for the eommunity by the process, but the probabilities of good management are so small and the possibilities of evils so great, that it is not a safe way in which to furnish the country with paper money."


Ann Arbor Argus
Old News