Indianapolis Journal, Indianapolis, Marion County, 13 January 1897 — Page 4

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THE INDIANAPOLIS JOURNAL, WEDNESDAY, JANUARY 13, 1897.

THE DAILY JOURNAL JjVEDNKSDA V. JANUARY 13, 1S'.7. Wishinxton Office 1533 Pennsylvania Aveau: Telephone Cull. Lusine office ZZS r.."l..rb.l rooms. ...A fd rnir.is or M nM itinio.N. I'AILY 11Y MAIL Daily f-nly. on month $ .7') Pdily rnly, thrfe month 2.'-" lily only. one year - Iatly. im lu-Unic S'tin.Iay. onr year lo.i Sunday only, vnr jt.ir 2 00 when fii-nishkd v auknts. Xaily. j- r vek. by currpr cts Sunday, Jinjle copy..... ' cts Dally nj SuruUy. i-er week, by caitier - eta WEiJKLY. Per year $1.00 Itrtlaml ll.tlrn t lul. ir'ul'stribe with any of our .wnierous agcnt3 or cn-i rubscriiitlon to the Jot a ix i: ws pa rnit com pan v, IndiaunpoIIn, Ind, Person fn-Jin the Journi.! through U mail In the l"nite,i state shoul I nut on an elK&t-;a;e pair ONH-CKNT k stas utanip: on a twelve or lt-n-page pMi-r a TWO-t'ENT postage tamp. Foreign jetiKe is usually double these rates.

All rommurlratifmn intemle.t for publication In thla i-apr murl. In onlT to wive attention. b iccornbanij by the name ani ailress of the writer. Till; INDIANAPOLIS JOlRNAL Can found at the following place: NEW YORK Windsor Hotel ani Astor Houv?. CHICAGO Palmer House an i r. O. News Co.. 217 Learbein meet. CINCIXNATX-J. II. Ha-vley & Co.. VA Vine street. LOL'IHVILLE C. T. Ijeerlni?. northwest corner of Third and Jefferson streets, and Louisville IJook Co.. 206 Fourth aver.ue. ST. LOUIS L'n Ion News Comiany. Union Depot. WASHINGTON. l. C-nU'Sst Hous. Kbbltt Houw, Wlilard'a Hotel arvl the Washington News Exchange. Fourteenth street, between I'enn. avenue and F street. It looks very much as if Congress proposed to tent the question whether the Pacific railroads are bigger than the government. This city has given away too many franchise?, charters and streets in the past. Hereafter Its rule should be the people first and corporations afterward?, if at all. It must ho a bad year for the lobbyists when it Is asserted that the fact that the Huntington lobby in Washington killed the funding- bill by being- in favor of it. ! No sympathy need bo wasted on ex-Governor Altgeld for the snubbing he got from the Illinois Legislature. On general principles nobody ever deserved a snubbing more. If any lobby organized for tho purpose of putting an unworthy measure through the Legislature contemplates trying to utilize Governor Mount, the Journal's advice is, 'Don'L' If the Republican party is to be; better than tho Democratic, some men in it should cease to urge certain lines of action because tho Democrats had made them a precedent. Resolutions In cither branch of the Statu Legislature relating to Cuban affairs are entirely out of plaee. Their only result can bo to waste time and retard business. Tlitf'presiding officers should decide them out of order. The sjreakcr of the Michigan House of Representatives, in bis speech on assuming office, suggested that in order to waste no time members should be in their places at least live days in tho week. What Is tho matter with six? The statement made by a representative in tho monetary convention yesterday to the effect that Congress never passes bills presented by those outside of that body may explain why so few good measures have been considered by the present Senate. Tho Prussian government is about to require that Polish residents shall speak only th German language whllo they are on German soli. In the "United States it. is different. Here the German citizens speak their own language vhen they please and insist upon having it taught at great expense in the public schools. The present Legislature can do a great work for tho Republican party in Indiana by attending closely to business, wasting no timo in junkets or unnecessary adjournments and making a. record for economy, retrenchment and reform. It Is as true in State as in national politics that he serves his party best who serves his country best. Washington dispatches state that the Russian embassador at Washington Is quite earnest in his efforts to bring about a conference of delegates from wheat-growing nations for tho purpose of fixing a permanent price for wheat by international agreement. Of course, the idea is visionary, hut how would it do to forestall it by an international anti-trust law? Th Pacific Railroad funding bill had some strong and legitimate support, based on good business reasons, but it was defeated on account of the powerful lobby that was working for it. This is a good sign. Time was when the stronger the lobby the greater the chance of getting a measure through Congress. The fact that a strong and open lobby now prejudices a measure shows an improvement of congressional morals, duo no doubt to an advance of public sentiment. It should be the same in State legislatures. It has been evident for some days that Mr. Charles W. Fairbanks would be the nominee? of the Republican majority of the Legislature to succeed Mr. Voorhees in tho United States Senate. This expectation was made a certainty last night, when the Republican caucus, tho entire eighty-five members being present, cast sixty votes for Mr. Fairbanks, nominating him on the first Fallot, the nomination subsequently being made unanimous. The nomination Is one which the Journal believes will meet the approval of the great mass of the Republican party of the State. Mr. Fairbanks Is a gentleman of culture, tine abilities and unquestioned Integrity, and is earnestly devoted to Republican principle. For many years he has been active, zealous and efficient In party service in Indiana, devoting much of his time in campaign years to the causo of his party and constantly aiding its committees by his counsel. Wherever the Republican party has had work to do Mr. FdrUinks has always ben a willing laborer, ai:d few have been more. useful or effective. He Is in the prime of vigorous physical and mental manhood, and Indiana Republicans can rest secure in tho certainty that he will discharge. libs duties as senator in a manner that will reflect honor upon himself and credit on the men whose votes have placed a Republican in the seat o long occupied by a reactionary Democrat. One of the best features of the monetary conference, and a result already apparent. U that It stirs the commercial

classes to their duty. When organized and mobilized, the great conservative business element of the country is an irresistible power, but as a general rule it holds too much aloof not only from practical politics but from participation in public affairs. In this it does Itself, as well as the country. Injustice. In a republic it Is the duty cf every individual and every class to participate actively in governmental affairs and do all in their power to give a right direction to legislation. A notable feature of the last presidential election was that it brought the conservative business clement of the country into action, and the monetary conference ir a continuation of tho samp idea. It is a gcod sign. WHAT KIM) OF A COMMISSION f If the convention now sitting in this city should decide to appoint a commission to investigate and report a plan of monetary and banking reform, as the Journal believes should be done, great care should be exercised in constructing it. It will, of course, be selected without reference to the views of Individual members or to promoting any particular plan of action or coercing public opinion in any way. Its object should and dcubtless will be to bring the best intelligence of the country to bear on the problems of the financial situation and to bring about a solution which will bear the test of scrutiny by financial experts of this and other countries. To this end the Journal Is of opinion that the commission should not be composed exclusively of practical business men, but should have some representatives of the politico-economical sides of the question. While a majority of the commission should consist of pratical business men, preferably those who have made a study of applied finance, the academic side of the question should not be ignored. This should be represented on the commission by a group of members who are able to deal with the historic aspect of the question anil to point out the probable consequences of history repeating itself through wrong financial principles. It is possible for a man to be eminently successful as a business man, manufacturer or banker, and to be many times a millionaire without knowing much of anything about political economy, the principles of finance or the history of banks and banking, yet such a man's practical knowledge and experience might be very valuable In framing a sound monetary system. On the other hand, a professor of political economy or a doctrinaire might be greatly lacking In knowleelge of practical finance, and yet be able to give very valuable information on scientific and technical points. For these reasons it would seem that the commission should represent the academic side of the question as well as the practical, in order that the best trained intellects of the country may work together from different points of view to a common end. A FORECAST. The administration of Governor Mount having been auspiciously begun, it seems appropriate to say that present circumstances justify a belief that it will be. in all essential respects, a very successful one. Among the factors justifying this expectation are the iersonallty and character of the Governor himself and tho decisive majority by which he was elected'. Governor Mount is distinctly a man of the people, and, besides an excellent equipment for the duties of the ofllce, he possesses popular confidence to an unusual degree. No candidate for Governor ever made as thorough a. canvass of the State, coming into personal contact with' as many of its people, as did Governor Mount, and the result was that he received the largest majority ever given for the gubernatorial candidate of cither party in ihe Slate. In 1S) Henry S. Lane received a. majority of ?,757; in ll Oliver P. Morton received 2,SS3; in 1WS Conrad Raker received 061; in 1S72 Thomas A. Hendricks received 1,143; in James D. "Williams received ZMt; in 18S0 Albert G. Porter received 6.953; in 1SS4 Isaac P. Gray received 7,X)2; in 1SS8 Alvln P. Hovey received 2.200; in 1S92 Claude Matthews received 6.976, and in the last election Governor Mount received 26,077. Since 1S72 the figures indicate pluralities. They show that no Governor of Indiana has ever gone Into office with as strong popular approval as does Governor Mount. It is fortunate that he has Republican state officers associated with him. and. at the beginning of his administration, a Legislature Republican in both branches with which he can cordially co-operate and which will do all in its power to make his administration successful. Another consideration of some im'rortance is that he, in common with the State at large, will have the advantage, too rare In recent year-, of an able Republican United States senator to represent Indiana's interests in that fielJ, with every prospect of another one two years hence. To all these fortunate circumstances may Ik? added that there are indications that party feeling will not run as high during the next few years as it has done in former years, and that there will be less friction between the majority party and the opposition. Perhaps it is too much to expect an era of good feeling, as the administration of James Monroe, from 1S17 to 1S23, was called, but there Is reason to hope that the Democracy of the State will not follow the destructive tactics which they have at some periods In the State's history. Altogether, the outlook is promising for the success of the new administration and for the advancement of the best interests of the State during Governor Mount's term. It is to be hoped that the Republicans in the present Legislature will realize to the full extent the responsible part that devolves on them In contributing to this result. jiisleaijing ami injiiuois STATKMKXTS. It is somewhat surprising to find th.it Governor Matthews should have made, in his closing message, the statement that "We have over K0.0M children of school ago in Indiana not availing themseiws of the means provided by the taxpayers of the State for their education." but it is stid more surprising to find that the statement is based on figures drawn from the last report of the superintendent of public Instruction. The superintendent gives the enumeration of school children in the State for 1S0J as 734.610; number enrolled. M3.6&. and. deducting from this 20.00") as the estimated number of children la private or parochial schools, leaves 160.973 as not enrolled. To this the Governor adds 100.000 for children enrolled but r.ot attending schools, making a totnl of more than 260.000 children of schcol age who are alleged to be growing up In Ignorance. The I census of ISO gives the total number of illiterates in Indiana of ten years of age and over as 105.S23. This includes adults beyond the school age, blacks as well as whites, yet it is much less than half the number of children of school age who are recorted by these blundering statements to

be "growing up in ignorance." The figures ! are utterly misleading and do great injus- j tice to the State. The superintendent of public Instruction should not have put them forth without explanation, and ; neither Governor Matthews nor anybody else should have used them without such explanation. It Is true that tho legal school age in this State Is from six to twenty-one years, and that a very large proportion of j the children of "school age" who arc not j in school have either finished or have not yet begun their school education. In both city and country schools thousands of young persons have completed their education and engaged in business before the age of twenty-one years, and other thousands over th age of six years have not yet entered schools. To class these as illiterates is "a gross blunder, and particularly so for a State official. The figures ! quoted wouIJ make the percentage of illiteracy in Indiana much above the average in the entire country, whereas it is much below. There is a good deal to be said In favor of compulsory education, but it cannot be advanced by misleading figures which do the greatest possible injustice to the State. People who use statistics should learn that they are often loaded. CO ST IT 11 1 0 X A L MOi: ASD LKGAL TEXDUK. A correspondent of the Journal asks whether we can have a permanent monetary system without amending the Constitution, and implies that we cannot. He argues that as the Constitution practically recognized gold and silver as the only legal tender and standard of value, and as Congress has, with the approval of the Supreme Court, made greenbacks legal tender, we have broken away from the Constitution and are on an open and limitless sea where Congress mr.y make anything legal tender. If we have no constitutional standard of value our correspondent wants to know what the consequences will be. He says: Plainly, our monetary system will become the football of contending partisans; one Congress may make gold the standard of value, and the next may discard gold and substitute silver, and a succeeding Congress may demonetize both gold and silver and Issue greenbacks ad libitum, and make them the only standard of value. Are the moneyed men of the country the bondholders, bankers and money lenders ready for such a monetary system as this? Are they ready to abandon Mr. Webster's theory and throw away a constitutional shield they may never recover? Are they ready to put into the hands of Congress the power to provide for the payment of all debts with depreciated paper money? Are they ready to pull down the constitutional breastworks which now protect them from all serious herm. and to light an army, twenty times their own number, in an open field? If so. I can only say they would make' poor generals. This seems to cover an ambushed argument in favor of the remonetization ' of silver, the inference being that the so-calle-d demonetization of silver has destroyed the constitutional standard and left us without auy basis. The reply to this is easy. Silver has not been demonetized. All that has been done is to stop the free coinage of silver. The legal-tender quality has not been removed from a single dollar. It follows that there has been no abolition of the constitutional standard. It is the same that it ever was. As a matter of fact, the Constitution did not establish any standard at all and did not make gold and silver legal tender. It simply declared that no State should make anything but gold and silver coin legal tender. After the Constitution was adopted it took an act of Congress to make them legal tender. The Constitution docs not authorize and never contemplated the issuing of notes by Congress and making them legal tender, and in doing so the government departed from sound financial methods. The fact might be justified as a war measure, but never on financial grounds. Yet while it was a departure from the constitutional Idea of money it did not abolish" the sd-ealled constitutional standard, and the country is not at sea on that phase of the question. It is still competent for Congress to establish the free coinage of silver if it sees fit to do so. and it is still unconstitutional for any State to make anything but gold and silver coin legal tender. The pro-, visions of the Constitution remain unchanged, though the maintenance in circulation of a large volume of legal-tender notes is a plain violation of its spirit. The retirement of all outstanding government legal-tender notes would leave gold and silver the only legal-tender money In circulation, of which we have about $630,000,000 of the former and $4.71,000,000 of the latter, full legal tender. There can be no doubt that one of the weakest features of our present monetary system and a real elanger point is the outstanding mass of government paper money, of which a large proportion Is legal tender and must at all hazards be. maintained at par with gold. Legal tender is not a necessary quality of money, and is only enacted for the convenience of the public or to give artificial credit and forced circulation to paper money. The gold coins of the United States would have the same value and would circulate as freely if they were deprived of the legal-tender quality altogether. Our legal-tender notes are the only ones In the world issueel directly by a govi ernment or legislative body. Great Britain, France and Germany have banks of issue under government control, but the idea woulel not be tolerated in those countries of havbig legal-tentler paper money issued by a parliamentary body. The first step towarels restoring "a constitutional standard of money" is the retirement of legal-tender notes. This .would contribute to the safety of our monetary system and add to the dignity of gold and silver. No constitutional amendment would be necessary, because the act itself would be a return to constitutional principles and methods. THOMPSON'S VIKW OF DICK12SS. Mr. Maurice Thompson ha3 been talking about Dickens, and is disturbed because of the waste of genius shown in his books a "waste made distressingly obvious when we think what a novelist Dickens would have maile co-J'd he have written good Kngllsh!" Mr. Thompson goes on to say: "Dickens must pass out of the list of permanent fames-he is already gone, he was so Ignorant and slovenly while De Qulncey will stay. Dickens had not the vast reserve of culture, the serene dignity of one who is' a perfect master of his craft; nor had he Shakspeare's diine accuracy of artistic apprehension touching even the simplest of human moods. Where Shakspeare sighed inwardly, silently. Dickens blubbered and wailed, and, alas! in the most slovenly literature ever penned." It is too bad that Mr. Thompson does not like Dickens. lecause by the inability to enjoy his work he misses a pleasure that a host of novel readers consider. In retrospect, one of the greatest of thvlr lives. It Is evident that this severe Indiana critic estimates tho standing of the English writer by his own exacting literary taste and not by the matter of book sales and library statistics. He Ignores the fact that something more than mere flcijnce and

purity of style is necessary in the making of novels that are read. A fine style is desirable, but It is not essential to the populartale, as Dickens and others have proved, w hile, everyone -eaSi' nam v.ovels written in tho most unexceptionable English wh'ch no one willingly reads, and which never got past their first editions. No one ever classed Dickens as a master of literary style, but he did have the faculty of telling a story In a way to hold the attention of the multitude and of making his characters, grotesque and overdrawn though they might be. more lifelike than real people moving through the pages of history as real as the people met with in daily life. As for the permanency of his fame, that is not a matter to decide while bookdealers continue to have a steady sale for his books and while library records show, a constant demand for them. It is to be feared that Mr. Thompson permits bis personal prejudices to interfere with his fairness as a critic. A year or so ago he condemned Jane Austen's novels in unmeasurccl terms, and yet her stories rank almost as classics both as to style and matter, in the estimation of numbers of persons far more discriminat'ng than the mass 'of people who persist in reading Dickens. Sho, like Dickens, put a vivid human quality into her books, and the power to do this. Mr. Thompson should realize, is more essential to the. life of a novel than well-rounded periods of. the choicest verbiage. It is a power that is born in the writer, not art to Iks acquired. Only think of it: when Congress assembled in December, 1S91. Senator Mills, of Texas, was an aspirant for the speakership, supported by those who were regarded as the best element of the party In the House. He was supported by the Eastern States solidly as an ultra free-trader and a leader. He was defeate-d in the Democratic caucus, and sulked because he was not made chairman of the ways and means committee. Now he is assailing the Democratic President and asking Congress to vote a salary of $10,000 a year to a minister for Cuba. The annual report of Wrarden Hert, of the State Prison South, shows that he has brought to the discharge of his duties a rare degree of zeal and intelligence. It is a matter of common report that the condition, discipline and morals of the prison have greatly improveel under his administration, and the report shows that he contemplates further Improvements. Warden Hert comes fully up to the public demand of the right man In tho right place. lUIIIILKS IX 'THE AIH. Solemn Truth. "Perhaps," said the elderly gentleman with the shiny coat. . "perhaps if 1 had not had such a circus in my youth I would have more of a show now." Quid Pro Uuo. The Junior Partner Did you see Grinder about extending that note? The Senior Partner Yes. Ho said he was willing to extend the time if we would extend the size. . Ills KxciiKe. Mrs. Figg Tommy, I am ashamed of you. I thought you knew better than to talk at th? same time with Mrs. Hrown. Tommy I thought she .was so busy, ma, that she wouldn't notice it. Mie "Wan a Daughter Herself. "Might I ask." said. the lady from. South America, "why that plain person at the far side of the room arrogates unto herself so many airs?" "She is a Daughter 'of the Revolution." said the. one interrogated, in awed tones. "Her ancestor fought'in the revolution. " "Oh." said the ladyfrom South America. "I myself am a daughter of seventeen of them."

INDIANA NEWSPAPER OPINION. Governor Matthews ,1s right In urging the passage of a compulsory education law. The perpetuity of free government depends upon the intelligence as well as the honesty of the people, and the logic of a compulsory tax to support public schools is the logic of compulsory attendance thereat for a period stithcient to make intelligent citizens. Richmond Item. - M' Goverror Matthews'" recommends an increase of the Governor's salary from Ij.OO'I to $7."0 a year. However inadequate the present salary may be, the time for increasing it is not. opportune. The people will expect the Legislature to exercise the utmost prudence and economy. And, remember, there is another senator to elect in 1SW. New Castle Courier.-, The country road is to the farmer what the railroad is to the city. It Is his medium of transportation to -and from the markets. Ths towns should be as much interested In gocd roads as are the country districts, as it enables" them to draw upon the farms for needed supplies, and witn good roads towns and farms are brought into closer communication' and with less effort than by any other medium. Montpeller Leader. The people, as a rule, regard the men they elect to office as honest and honorable, and, with but few exceptions, they are. Even this is no argument-that such officers as handle public funds should not occasionally make an exhibit of their receipts and elisbursements. A largo per cent, of the taxes paid go into the hands of the township trustee, f.nd it is but right that he, of all others, should make an explicit annual showing cf the township's financial condition. Middletown News. Tho election of the Hon. Henry C. Pcttit, of Wabash, as speaker of the House of Representatives means a, recognition of merit that will be gratefully appreciated by every Republican in this part of the State. Mr. Pettit established his Claim to leadership in the last session, when, as a first termer, he was one of the most intluential in council and one of the strongest members In debate. He has coolness and discrimination, is admirably paised. and his experience will suggest to him methods for the confusion of the gang of cormorants who hang about the committee rooms of every lawmaking assembly. Marion Chronicle. The Governor's recommendations for an intermediate prison are timely and are in keeping with the Ideas of all those people interestetl in prison- reforms. He asks for some half-way prison or reformatory which will allow of a separation of the prisoners. Bringing the question home, it does not appear right that the several boys just sent to the penitentiary from this city, who are not hardened criminals, should be thrown in with older men, adepts in crime, from w hom the boys can learn lessons in wrongdoing. There should be some place provided where those not hardene-d can have extended to them all the opportunities of reformation. Lafayette Courier. There is a demand from all parts of the State that tho Legislature pass a law to prevent building ami loan associations from passing into the hands of receivers and the business being at once closed up. thus foreclosing on the loans which cannot be collecteel at ence and robbing the borrower of his home. It is likely that there will be a bill introduced providing for the appointment cf a trustee Instead of a receiver and for the continuation of the business of the associations, so that the. borrower may not suffer the loss of all his little earnings which have been put. into the little home ami which represents all the property he has got. Such a law is badly needed. Elwood Call-Leader. The matter of compulsory education will doubtless receive the attention of the Legislature this winter. It is for our own safety that we should have every one of school age grounded In a fair English education. Everyone in whose hands the conduct of affairs is placed, us gtneratlem succeeds generation, should be able to read and write tho English language, should know something of the Constitution of the State antl of - the Nation. and should have a ;i. decent acquaintance with the history ii the country and a fair knowledge of arithmetic und geography. Other States have feund compulsory education to be necessary. It is becoming necessary for Indiana. There is no greater hardship in compelling children to go to school than there is in compelling people to pay school taxes. Goshen Times.

MUST CEASE BASKING ADVICE MO X ETA II V CONVEXTIOX WILL GIVE THE GO VEHXMENT. Muny Pin ns SngKeMcd nt I.nst Night's SeiMiiott, lut Xenrly All I!nel on This One Conclusiem. ; PROJECT FOR Jl COMMISSION PLAX SL'HMITTED 11V Mil. HIGH IIAXXA WARMLY APPLAUDED. HcHoItitioiiM Committee in Session nt the Denlnon lolui II. It lion ties, u Savings Dank 31 an, Speaks. 4 The day before yesterday it would have been difficult to have scare-rt up three plans from the Inside pockets of incoming delegates to the monetary convention, but at the session last night it seemed that every delegation had a resolution or a plan of some kind to o'.Ter, although most of them were of similar tenor. With hte exception of an address by John H. Rnoades, of New York, who Is prominent in savings bank circles of the metropolis, the entire evening was given to the reception of resolutions, to each of which the author was given five minutes' for reading or explaining. The convention at its afternoon session had cleared the decks for this part of the convention. The attendance at the night session was somewhat larger both in numbers of delegates and spectators, the stage, which was almost entirely unoccupied during the afternoon, being well taken up by a number of prominent people. Six arcs and the numerous incandescents furnished a brilliant glare of light. After Mr. Rhoades concluded speaking, his remarks having been frequently punctuated by applause. Chairman Patterson calleei for resolutions and fusgestions. The resolutions committee had retired from the hr.ll and gone Into session at the Century Club rooms in the Denison, where all resolutions were sent as fast as they were read by Secretary Woollen. Much of the interest of the evening centered in the resolution onVre-d by Mr. Hanna of the executive committee, calling for tho appointment of a commission of eleven members to thoroughly investigate the currency troubles of the present system by which the government handles its finances. It was proposcel that this committee should make suggestions to Congress. The resolution evoked considerable applause. Another resolution came from Indianapolis, being introduced by Mr. Tanner. It set forth certain principles for which he believed the convention should tlcclare with unanimity. That part of it providing for severe penalties where directors of a bank were negligent of their duties or permitted gross irregularities, was made the subject of unusual applause. Eugene Levering, a Baltimore delegate, attracted attention as he submittcel a resolution, for the delegates hael in mind the celebrated Baltimore plan which the banking world was discussing not long ago. He very proudly recalled that Baltimore was renowned for her conservative banking, not a single bank failure having occurred in that city w ithin the' last sixty years. Tho delegates gave this creditable showing a testimonial in the way of applause. Mr. Chadwick, of Brooklyn, who was the first one on the lloor In submitting resolutions, proposed the adoption of a system similar to that in Scotland, where there are ten principal banks, with branches, each bank being permitted to issue money redeemable at its central bank. This system had evidently come uneler the notice of many of the business men present, for the suggestion was warmly applauded, although Mr. Chadwick did not have time to give it more than a cursory description. S. C. Scudder, of Texas, made a plea for the postal savings bank, uging that a system embodying the idea would bring out of hoarding a great deal of money and would induce the great mass of people to take an interest in their government's financial system. Mr. Irish, of California, explained a set of resolutions that had been adopted by the bankers of California and which he submitted at the request of these bankers. The resolutions calleel for a gold-dollar standard, and advocated the use of only such quantities of paper and silver as could with safety be absorbetl by the people. At 10 o'clock the convention adjourned, but the committee on resolutions was In session until a late hour, considering the various plans before !t. A SAVINGS HANK .MAN'S VIEWS. John II. Ithondcs, of New York. Muke Some Pertinent Iteninrkn. It was 8:20 o'clock when the gavel sounded and the night session came to order. The chair anr.ouced that it would be glad if the vice presidents would come forward and take seats on the platform, and quite a number responded to the invitation. Mr. Ingalls, president of the Big Four, was recognized by the chair. "The question of when this convention shall adjourn." said he, "depends very much on the work of the committee on resolutions, and it would seem to be that the sooner they get to work the better. I cannot see why it is necessary for them to wait this evening to listen to the reading of the various plans that are presented, especially as they will go to the committee. Therefore, I make the motion that the committee on resolutions shall have authority to sit during the hours this convention is in se'sslon, and that as soon as Mr. Rhoades. whom we all wish to hear, has finished his address to the convention the committee on resolutions will be permitted to nW't for organization and work." The motion was unanimously agreed to, and the chairman presented to the convention Mr. John II. Rhoades, of New York, who spoke as follows: The members of the Chamber of Commerce of the city of New York are thoroughly in accom with the objects of this convention and hall with delight this htst organized moveme-nt to secure uniformity of action, looking towaras the solution of the vexed problem as to what shall constitute a proper monetary system tor tne country; a problem, which, for tho past eighteen years, has disturbed the Nation and brought tiistrust and loss to every branch ot business. They do not ask to lead, but they do ask that you shall open a path, which, overcoming the perplexities of the way, shall point to a solution, permanent in its character and founded upon the natural laws of trade and finance. Along such a path you will find no more enthusiiitlc followers than the merchants and bankers ot the city we represent. The situation which confronts the country is most grave. Years of bad method, unwise legislation and unsound theory have brougnt us to the verge of repudiation, injured our credit and paralyzed our commerce, if the evil tendencies of the day are not checked, if the unsound methods of finance now in operation are not stopped. If the country Is allowed much longer to Hold its course at variance with every known law of trade and finance, in our judgment the day is not far distant when the penalty must be paid with disaster and ruin, both before and after we have been tossed upon a wild sea of repudiation and speculation. It is sher madness to suppose that we can overthrow those methods of finance which the experience of the civilized world has proved to be the best and most secure J for the purpose of commerce and the use

of the people, and set u: for ourselves a standard at variance witt that which has proved the best and in direct conflict with the moral law which governs the universe. To-day the rapid exchange of commodities between nation and nation compels each and all to so arrange their monetary systems as to work In harmony one with the other, or to force those, who. from cjiolce or necessity, adopt Inferior standards to deal at a disadvantage and serious loss with their competing neighbors. STABILITY IN SEVERAL THINGS. What the country needs and must have, if it is to continue to enjoy the marvelous prosperity which has crowned its efforts in the past, is stability of all kinds a stable government, stable revenues, stab'e currency, stable law. stable justice, credit of the best, power to trade with all nations of the world on an equality. We need expanding markets for our produe-ts at home and abroad, power to create, build up and maintain ever widening industries within ourselves, power to find and make a market for these industries everywhere and the foundation stone on which must rest this structure of national wealth and prosperity, and. indeed, upon which must rest the safety of tho state itself. Is a broad, wisely conceived and solid monetary system, which, while securing facility for the interchange of commerce within ourselves and giving to all property, real and iK-rsonal. a. lixed and substantial value, shall also give to us unlimited credit among the nations of the earth and attract to us for the purposes of trade ami development the surplus capital of the world. If the foundation for such a structure be laid by this convention then, inde-d. have the people of the land cause to rejoice; then will it come to pass that the -wheels of commerce will move with renewed energy the credit to which wo are entitled be speedily re-established, prosperity will dawn afresh and comfort and thrift find their way into the humble home of every honest toiler in the land. But, gentlemen, the perplexities of the solution are many and grave. When the Supreme Court of the United States gave to Copjeress a right, under tb Constitution, lo isiue fiat money our troubles began, and H oKi iliac v.uy iu t;na.. Uitwugii gteelibacK craze and free coinage of silver, we have been sowing the seeds of dishonor and repudiation, building castles in the air and chasing the false lights which ignorance, selfishness and greed have placed upon every highway in the country to urge us to destruction. AMPLE REVENUE FIRST. Either the government must retire from the issue of currency obligations, which it should do, by a slow process to be sure, so vas to avoid the shock which speedy change would bring, or, first providing ample revenue for its current expenses, it should, at least for the time being, apply the rules of banking to such issues in reality and be prepared at all times to protect them at any and every cost. It has no right to force Its promises to pay upon the country and then leave these obligations to drift without anchor or compass. It has no right to disturb the laws of trade and paralyze our commerce, through failure to provide a currency which shall be thoroughly stable in character and equal to the best In the civilized world. If it proposes to do this portion of the banking lor the Nation, it must do it thoroughly and well and provide means to make and keep its currency obligations at all times on a parity with and equal to gold. If the banks of the country, given th,e power to supply currency for circulation In place of the government, followed any other course than this, the government would have the right to Intervene and compel such obligations as might le issued by them to be kept safe and sound and redeemable at all t nu in gold: and if it is the duty of the government to-do this (which it, umloubtedlv. Is) what moral or legal right has the government itself to surround its own obligations with less security? Nay! How much more incumlent It' is upon those who govern the nation to make the obligations of the government as solki as a rock ami as good as the best. If, therefore, they are to provide the currency then let it be done properly and securely, and on no other basis. 1 see no reason and I cannot understand why any of the government Issues, including the silver certificates, should le redeemable on any other basis than a gold basis, or why there should be in circulation legal tender and treasury note, gold and silver certificate, when, in place of the same there could be issued one uniform coin certificate, which certificate, if properly protected by at least a 2T. per cent, gold reserve in the treasury, with power given to the officers of the government to Piaint.aln such reserve by purchase of gold, either with cah or short-time obligations, whenever it was threatened or became depleted, would give to the Nation a currency circulation at least consistent and sound. . The dignity of the .Nation demands that all government issues should be kept at this high standard, holding both silver and gold in' the treasury as a reserve to maintain such standard. Establish this prlnclplo and you bring back at once the credit of the Nation to its hichest and best level, and not only this, but you give the keynote to all credit on the part of the people and make it easy for the government to always maintain its etin tire issue of currency obligations upon a gold standard. BANK GOLD RESERVE. Supplement some such action as this with a carefully drawn, wisely conceived banking law, which will give elasticity to the volume of bank currency in circulation, making such circulation redeemable in gold, or its full equivalent, and compelling a portion of the bank reserve to be held in gold and, in my judgment, time will so prove the absolute safety of bank circulation as to make the people not only willing and anxious to have the government issues replaced by bank issues, but lead them to insist upon a return of the government to its proper functions of coining gold and silver, thus removing forever the danger which will always surround the exercise, on the part of the government, of its socalled right to issue credit obligations in the name of money. The sooner the fact is recognized throughout the entire country that gold and silver are merchandise and nothing more, and that by the naltfVnl laws of trade thev will flow easily and quickly to that market where they are wanted and will command the highest price, the better it will be for our currency and the better it will be for our prosperity. You cannot force or make two' articles of merchandise of a different value sell at a parity, when the market price of either is constantly fluctuating, and when these articles of merchandise are used to represent the standard of value upon which all trade obligations and all real property rest, in order to have stability you must adjust the use of the baser to that which has the greater value. As the needle points to the pole and guides the ships of commerce as they sail from port to port, so that the standard of value by which the barter of the world is adjusted, from tho beggar who buys a crust of bread with a coin given in charity, to the richest nation which spends its thousand millions annually to supiort its government, be made as nearly unchangeable as possible, always pointing true, as points the needle to the pole. Gold has its uses, and so has silver, and siUer will continue to have its uses, not only in arts, but in the coinage of the world; but the civilized world will never consent that it shall be so used as to destroy the equilibrium of he balance or to give a false weight by which al' value shall be weighed. LIMITING INTEREST ON DEPOSITS. But. sir, I am treading on dangerous ground, and am ill-fitted to solve so serious a monetary problem as now confronts the Nation. So far as I. personally, am concerned, as representing, in a measure, the interests of the saving banks in the State of New York, I feel deeply moved and seriously disturbed over the monetary conditions now existing. There are now on deposit in the savings banks of the State of New York a trout $7."V0.0v,00O. and. bear In mind that in this State and throughout the Eastern States the institutions for the savings of the people are purely eleemosynary in their character. They have no capital. The whole of their profits accrue to the benefit of their depositors. They have no interests to serve but the interests of the people at large. They are under the close supervision of the State authorities. while their investments are strictly limited in character to the most secure which can be found: In fact the moneys so deposited const it ue a sacred trust, being largely the savings of the thrifty working classes. The laws of nearly all the Eastern States forbid the paying of interest on deposits in excess of $3.'0. and in some cases make the llmlt nt $1,.VJ.. This system. In my Judgment. shou!d be extended to every State in the Union, and. If so extended, it would form a nucleus for the gathering together of Uie thrift of the Nation, which, in time, would add enormously to the wealth of the people and aid largely in the development of the "OOntry. But the people who make thef'der posits are often Ignorant, easily ala; ned. and. when frightened, act on the Impulses of the moment in withdrawing Ihclr tierosits; therefore, it becomes of the greatest Importance that the currency of -the country should be of the best, thoroughly stable in Its character. The Interests of the working classes demand this, their security rtsts vpon this, their prosperity requires it.. ami

they are. above nil others, entitled to it. Break down the barriers of security, dilute your curr-ncy with fiat !sus. or lower its standard of value below that recognized by the civilized -rations of the world and vou will strike it the producers of all wealth, impoverish the Nation and Injure the sources from which all wealth springs. This is why we, who are the guardian of the savings of the people, ask. In their name, that the currency which Is given to them in payment for homst toil, honestly rendered Hnd honest 1 cared lor. shall the best, end, at all times, equal in valu to the best coined by any nation in tho world. That this convention will, by its ac'ion taken here, succeed in suggesting remedies and formulate plan to which e ran all agree I have great confidence; therefore. I take courr.ge and indulge in Ihe hoie and expectation that, having found the way. Congress and the people will give it a ready ear and prompt anil speedy action. EAST NOT HOSTILE. . But, sir. there Is another matter, in respect to which I think the time has eonio when the Chamber of Commerce of New York may. with dignity to itself, venture to refer. Much has been said In the past about the hostility of the East toward other sections of the country, especially in connection with the monetary problems of the day. and our action has been ascribed to selfishness, greed, lack of patriotism and a desire to profit at the cost of our fellow-countrymen. I desire now, and "here, to state, with all the emphasis I can command, that such usorsions upon New York and her sister cities of the East re erroneous In, their character, unsubstantiated by evidence, and false in every respect. Not a selfish motive, not an improper desire, not an unkind thought, not a suspicion of dislike has ever been entertained by either the bankers, the merchants -of the people of the Eastern Sates towards their fellow-countrymen anywhere. What cause for hostility can exist? Are we not all citizens of one country, lovers of one flag, brothers bound together by the closest ties of race and kindred, with one common aim and on common interest, and that to create, develop, maintain and periretuate a civilization which will bring comfort and happiness to our homes and honor and dignity to our Nation? If you suffer, we suffer. If you are prosperous, we are prosperous. If disaster befalls us. it reaches your homes, and every loss you sustain affects us. Has New York not elone her part to sustain the credit of the Nation and help you in the day of mercantile depression and disaster? Have you ever called uion her when she did not heed the call? Do you forget the days of 1873 or 1ST3 aye! the days of 1SJ;? What has she done for which she should be Judged at lault? She tried, and trieel successfully, once, twice nay! thrice to prevent the country drifting upon a silver basis. Was it selfishness, or wan it self-preservation, in which you were the sharers? The East beliews in honest money and sound curency. Do you rot believe the same? Her prosperity rests upon the prosperity of the Nation. Will you not have It so? Trust her. as she is willing to trust you. Heed not the voice of the demagogue and the destroyer of the peace of the Nation, but heed the voice of those, who have the welfare of the Nation as deeply at heart as you have, and those whose hearts beat true to every interest which best serves the Interest of all. and those who do not know, and never havo known any North, or South, or East, or West, but do know, and have known, and will help with you to maintain one country, one flag, one destiny.

FIRST PLANS PROPOSED. Scnttlnli Banking; System Mr. Hanna'a ComtiilMKlon Snggenllon. Mr. Smalley, of Minnesota, called for the regular order of business, the Introduction of resolutions and papers for reference to the committee on resolutions, at the conclusion of Mr. Rhoades's speech. H.. M. Douseman being revognlzed. presented a plan which was read by the pevreLury. This plan embodied a bill to be presented to Congress. It called for the appointment of a commission of nine persons to constitute a monetary' commission, to be appointed by the President; one member from the Senate committee on finance, one from the committee on banking and currency of tho House of Representatives, the other members to be selected from particular sections of the country, not more than five members to be. of one political party; no member, except the senator and representative specified, lo be an officeholder under the United States; this commission to enter, as soon as possible, upon ' the-cftnsid-eratlon of the. currency and banking affairs of the United States, and the laws relating thereto, and their relation to the business affairs and industrial conditions of tho country; to report to the Congress not later than Jan. 1, 1S?S. a concise and exact report of their deliberations, conclusions and recommendations covering the subject. The plan further provided that the commission should meet In Washington and that Its members, excepting the senator and representative on the commission, should be paid a proper amount for their services. Mr.. Martindale-. of Indianapolis, presented a plan prepared by E. F. Claypool, which was read in part by the secretary. The five minutes allowed expiring lefore the conclusion had been reached, the papr was referred without further reading to the committee on resolutions. This plan in the opening gave a resume of the banking laws of the United States, beginning with K.2 down to the present time, together with some account of the panics and monetary disturbances of that period. SCOTTISH BANK SYSTEM. Mr. Chadwick, of Brooklyn. N. Y., offend a resolution asking the committee on resolutions to consider the advisability of adopting the principles of the Scottish Branch Banks in the country's national bank system. "I will state, said Mr. Chadwick. "that the Scottish bank system, embodies ten principal banks, with a large number of branches. Each bank has the power to issue money redeemable In tho central bank. This system Is found to work admirably. At any time when thre Is any special call for money in any particular section, all the money needed can be drawn in from the other banks of the system. Another feature is the credit system. A young man. known to possess the proper business and moral qualifications, with the indorsement of himself anu two responsible i-r-sons. can secure a line of credits. Tne money of the community was thus used wisely to develop a particular Industry. "We must take Into consideration the fact that when Mr. Bryan wept into view on a platform of 16 to 1 he promls-d to solve the great problem, and many ireople Indorsed Mm all ever the country; but. although they soon found the fallacy of his proposition, the feling of unrest and dissatisfaction that existed then exists to-day. and wt? must meet It fairly and squarely. The farmer In the Northeast and the Houth. in the Northwest and in Texas should lw able to borrow money at the ?nmc rate of Interest as the business man In Brooklyn or New York." (Applause.) Mr. Peet. of St. Paul I desire to offer a resolution passed by the St. Paul Chamber of Commerce, and will ask to have it read by the secretary. On of the features of this plan was the reduction of the required capital of national banks to $2.1.000 or less In small communities. It also indorsed the issuing of bank note-s up to the par value of the ironds which secured them. The resolution was referred to the committee on resolutions. Mr. Tanntr,-of Indianapolis In order to relieve the apprehension of some of the gentlemen present. I will state that 1 have no plan, but that I v.-1 1 1 l very happy to Indorse any plan which will be for the interest of the country. I "have, drawn up a resolution which embodies not the oints upon which weT-nall certainly differ, but fundamental principle upon which we will. I think, agree. The .people of this country an waiting to hear from this convention, and if this convention shall adopt the resolution by unanimous vote, or nearly so, it will go to Congress with a force that will command repct. Mr. Tanner read his resolution as fol'ows: "Whereas. Our currency and banking system is such that business is seriously disturbed by frequent agitations of the question in which the stability of our present system is involved, therefore le it "Resolved. That it' I the sense of this convention that aTevMon of our currency and banking system Is necesearr." and that It should le placed upou a sound and I r-mam-nt basis. "That wo Ixdieve the government rhouM abandon the banking business and cor ure its monetary operations to the receipt of money contributed by the people for Its support and the expenditure of such mon-y for their benefit. "That the bonded debt of the government should be refunded as rapid ly as possible by the issue, of gold bonds,-on long time .at a low rate of interest, thus saving millions of dollars annually by the difference in rate of interest paid. "That the greenback and treasury' notes be retired as rapidly us they cn lx replaced by a corresponding increase in national liank otes or other sound currency. "Th&t we need a more elastic form of national bank currency. "That h more thorough examination of national banks be required, and thut tha