Democratic Sentinel, Volume 15, Number 15, Rensselaer, Jasper County, 24 April 1891 — COMMERCIAL CONGRESS. [ARTICLE]

COMMERCIAL CONGRESS.

DELEGATES FROM TWENTYFOUR STATES MEET. Their Object la to Consider Means of Promoting Business Interests of Their States—Letter from President Harrison. The first Western States Commercial Convention convened at the Coates Opera House, in this city, says a Kansas City, Mo., dispatch, with delegations present from twenty-four states and territories. The convention was called to order by State Senator Kelly, of Kansas. He introduced Rev. Dr. Hayes, who offered a prayer. The convention then proceeded to temporary organizatien. On motion of Governor Francis, of Missouri, Senator Kelly was chosen temporary chairman. In a long speech of acceptance he explained the object of the congress to be the consideration of various questions of peculiar interest to the West and South. Mr. Kelly laid all the blame of agricultural depression upon a too small circulating medium. As a relief he suggested the recoinage of silver; the raising of silver money to the standard of gold. The Hon. John W. Springer, of Illinois, was elected Temporary Secretary. The Chairman then presented Gov. Francis, of Missouri, who welcomed the delegates on behalf of the State. He said that the congress marked a new era in agricultural, commercial and financial history. In the early history of the country such dissension and dissatisfaction as now exists resulted in revolution. The people of the West were now crying for relief, but the manner of relief was sought, not by arms, but by this deliberative congress. Different causes were assigned for the depression of Western interests. Let the cause be what it may, the effect was the same. There was deep-rooted dissatisfaction, and there was unanimous desire that the evil of depression be abolished, and that Western interests be stimulated. Heretofore Federal legislation has been in the interests of the East Congress has been favorable to the creditor class, and the West was a heavy debtor. It was necessary now for the West to stand together, and there were many things that the which should,, b® lunahimous, earnest and continued* Th® West wanted freer trade with Mexico, Canada and South America and ail the countries of the world. The West wanted the Mississippi connected with the grea.t lakes. It wanted improved railways, so that one could step on a vestibule train at. Kansas City and step off : it at 'Buenos Ayres. It wanted a fuller volume of currency. These were things that would relieve the distressfng condition of affairs; and these were things on which the West must act together. L'. D. Wight Thatcher welcomed the db egation bn behalf of the State of Kansas. An adjournment was then taken until 2 O’clock in the afternoon. Upon reassembling letters of regret were read from those who had been given special invitations to attend congress. Among the number was one" from Presidept Harrisdfr,' in which'he regretted his inabilityiotfei present in response to the invitation extended him. He also said: ■ A public dfs<xns*iot»«f M*e conditions affectg agricultural and business arosperity cannot >be helpful. it is oondbcted on broad lines lis hospitable to differences of opinion. The raordinary of production of agriculture Which has taken place in a recent period in by reason of the rapid enlargement' of the area of tillage under the favoring land laws of the United States, very naturally has called ittentfpn tpthe value and, indeed’the'riecesstty of larger ina&etil:l am one of those who believe that a home'market is necessarily .the bast market .fur therproducers, as it measurably anticipates hitil.-in proportion to its nearness, frem.thejßKautipps. of the transportation companies. It tfie MunSr could deliver his. surplus produce to the consumer out of his Wrm wagon, his and his profits would be larger and surer. It seeix s to ms quite pot sibleto<p*tat largely inpreased market for our staple farm products without impairing the home market .oy opening the manufacturing tradesuo ec competition in which foreign producers paying a lower scale of wages would have the advantage. A police that would reduce the number of our peopls engaged in me. chaniftal pur suits or diminisu their ability to purchase food products by reducing wages can not be helpful to those now engaged in agriculture. The farmers insist that the prices of farm products have been too low—below ths point of fair living and fair profits. 1 think so, too, but I venture to remind them that the plea they make involves the concession that things maybe too ChSan. A coat may be too eheap as well as corn. The farmer who claims a good living and .profits for his work should ooncede the same to every other man and women who toils. I look with great confidence to the completion of reciprocal arrangements, especially with the Central and South American states, as furnishing new and large markets for meats, breadstuffs, and an important line of manufactured probably nlbo.epabrape the Consideration of the question of tfie voluaie arid character of our currency. STf&ill not and would not be appropriate for me in-this letter to enter upon any elaborate discussion of these questions. Otie ot two tirtngs-I wilt say,-.and first, I Relieve that every person who thoughtfully considers the question will agree with me upon a proposition which is at the base of all consideration of the currency question: namely, that any dollar, paper or coin, that 1b issued by the United States, must be made and kept in its commercial uses as good as any other dollar. So long as any paper money issued or authorized by the United States Government is accepted in commercial use as the equivalent of the best coined dollar that we issue, and so long as every coined dollar, whether of silver or gold, is assured of an equal value in commercial use there need be no fear as to an excess of money. The more such money the better. But on the other hand, when auy issue of paper or coined dollars is, in buying or selling, rated at less value than other papers of coined dollars, we have passed the limit of safe experiment in finance. If we have dollars of different values, only the poorest will circulate. The farmer and the laborer who are not in hourly touch with the ticker or the telegraph will require, above all other classes of our community, a dollar of full value. Fluctuations and depreciations are always at the first cost of these classes of our community. The banker and the speculator anticipate, discount, and often profit by such fluctuations. It is very easy under the impulse of excitement or the stress of money stringency to fall into the slough of a depreciated or irredeemable currency. It is a very painful and slow business to get out when once in. I have always believed, and do now more than ever believe in bimetalism and favor the fullest use of silver in connection with our currency that is compatible with the maintenance of the parity of the gold and silver dollar in their commercial uses. Nothing, in my judgment, would so much retard the restoration of the free use of silver by the commercial nations of the world as legislation adopted by us that would result in placing thi» country upon a basis of silver monornetalism. The legislation adopted by the first session of the Fifty-first congress, I was assured by leading advocates of free coinage, representatives of the silver States, would promptly and permanently bring silver to 129 per ounce and keep it there. That anticipation has not been realized, and for reasons not yet agreed upon, diminished the demand for silver in China and India.