Rensselaer Semi-Weekly Republican, Volume 19, Number 43, Rensselaer, Jasper County, 1 February 1898 — Page 8

t> uivu •UC n u t UUiCiil iUCUid In Hie organization and supervision of the banka, the care of funds deposited, the redemption of notes and all other details of the business. At the present time this la provided by a tax of 1 per cent per annum on the circulation. That Is not a fair tax, because It operates unequally upon the banks, and moat heavily on those which assume the burden of issuing circulation. A considerable part of the great banks In the large cities issue very 'few notes, for the reason that they can make more profit out of their money otherwise. ; The First National Bank of Chicago baa a capital of $3,000,000 and a surplus 6f $3,000,000, and issues, I believe, only $45,000 of notes. Consequently It has to pay a tax on only $45,000. A ■mailer bank, such as we have in Indiana, with a capital of $200,000 and SIBO,OOO issued in notes, pays four times aa much tax as the First National 6ank of Chicago, with its $6,000,000. j The function of Issuing bank notes is an important one to the community, and ought not to be. unnecessarily burdened by taxation. The capital and surplus of the bank represent the property of the stockholders on which the burden ought to rest. It is therefore recommended by the commission that Instead of the present tax on circulation there be imposed a tax of oneeighth of 1 per cent, on the capital, surplus and undivided profits, as a compensation to the government for the franchise bestow r ed, sufficient to cover all the expenses incurred by the government in connection with the system. In addition to this the banks are turned over to the States fpr such taxation as they see fit to impose upon them in common with other propertyowners. A word may be added in regard to the amount of this tax. It may be thought that It ought to be larger—enough not only to cover the expense to which the government is put by the system, but also to produce revenue to the Treasury. And pqssinly it could be somewhat increased, and some revenue obtained in that waj r . That is a detail for further consideration when the question comes before Congress. But there la this to be observed on that point. Any heavy tax of this sort would de- . feat its own purpose by driving the banks out of the national system. A - bank can carry on all of its business except the issue notes as well under State laws as national laws, and also escape some conditions which are more or less burdensome. l%ere Is an Impression In many minds that the issue of notes is a very profitable business for the national banks. But this is not the case. It is so far otherwise that many national banks do not issue notes at all; and many others issue them only to the extent of the bonds which they are required to hold, whether they Issue notes or not. I have just mentioned the case of the First National qf Chicago. The total capital of all the national banks is about $600,000,000. They are entitled by law to issue 00 per cent, of that amount, or $540,000,000. The total amount of their notes at the present time Is less than $200,000,000. There Is no reason why they do not issue more except that they can make more profitable use of their money in the ordinary course of business than to invest it in bonds and Asauc notes on the bonds. There are In the neighborhood of 5,000 banks and tanking institutions organized under the laws of the various States. It is desirable to attract these into the national system as far as possible. To tax the national banks heavily would not ♦nly prevent this increase in the system, but tend to drive national banks into the State system. And Inasmuch as every requisite of equality in taxation can be secured by leaving the national banks to be taxed by the States and municipalities upon the same terms which State banks and other Institutions are taxed, \t seemed to the commission to be wisest to fix the amount of the national tax at such sum as was believed to be ample to •cover the expenses of the system. FROM THE BANKER’S SIDE. It is necessary that the proposed plan shall meet the approval of bankers as well as of the rest of us. The banking

business Is os free as merchandising. Nobody can be compelled to go Into It; and uobody will go Into It unless he can see In It the prospect of a safe and profitable 'business. There are some bankers to whom the Idea of thus going Into partnership with all the banks of the oountry In responsibility for the note circulation Is rather startling at first blush, llut l believe that every such man who will suspend his Judgment until he has carefully and dispassionately considered the question will that the commission plan proposes a better system for the bankers as well aa the people than our present one. It differs from the present one In no Important particular which affects the business tCS a business, except In the mutual guaranty for notes Issued. It Is very natural for a

banker to sAy to himself, “Is such , a sdhome a sa Se one for me? j Can I, as a prudent and care- 1 ful man. afford to become responsible j for Tom, Dick and Hurry, all over the , Country who may see fit to go Into the bustness and Issue notes?” And when 1 you put the question In that bald way It does seem u little brash. But here are the facts to l>e considered. In the first place, each bank lias to put up its whole capital In cash before It can Issue nuy uotes, and Its notes can never exceed the amount of that capital. In the next place, each stockholder Is liable In addition to the money which he pays for Ills stock to an equal additional amount by way of assessment. If necessary to pay the debts of tbs bank. In this respect, by

tiie w tt>, liie cuiituti&sjou iiiu* recoinmended a change in the law. By the present law each stockholder Is liable only for his pro rata share of any deficiency which may exist in the assets of the bank to pay its debts. By the plan proposed each stockholder will be liable to an amount equal to his stock as long as any debts remain unpaid. So that If some of the stockholders prove to be Insolvent the solvent stockholders continue liable, not only for their pro rata, but for all the debts up to an amount equal to'their stock. So that to begin with, the stockholders have to put up in cash and personal re sponsibility $2 for every $1 of notes which they put out. In addition to this, all the surplus which they make and accumulate, and all deposits are liable for their notes. / The new system will he simply a com tlnuation of the ol(}. That system .during the thirty-five years of Its history has developed within itself a trained and educated body of bankers, who are, I suppose, without their equal in the world in number and ability combined. There will be additions of new banks, but these will come in gradually, and mostly by the incorporation of existing State banks into the national system. Hence the system will be managed In the main by the same men who have so i successfully managed the system which we have. Moreover, the system will have the benefit of that admirable oversight and inspection by the government which exists now, with such further develapmeirt and improvement as will be stimulated by the conditions of the new system. The report contains suggestions for some of these improvements, and others will be developed by the quickened interest which the mutual responsibility of the banks will inspire. While the notes of a failed bank are to be paid at once out of the guaranty fund, that fund is to be-immedi-ately indemnified out of the assets of the failed bank, so that the other banks are finally liable only for the deficiency which remains after all those assets have been applied. In such a matter as this we can rely with confidence upon experience provided it has been long enough and upon a widely enough extended scale. There is a wonderful law of average running through all human conduct and affairs which, when ascertained, is almost as reliable as the law of gravitation. Nothing is more uncertain than the time when any one of us will die; yet nothing iftmore certain than that out of ten thousand of us a certain number will die within a year. On this foundation the whole business of life insurance rests. The same law of average runs through all business. A wholesale merchant with a thousand customers knows that some of them will fall to pay for the goods which they buy. At the same time he knows, if he has selected his customers with care, that the percentage of those failures will not vary much from a predetermined sum; and the larger the number of his customers, and the more widely distributed they ate over the country, the more certainly can he rely upon the operation of the law of average. The whole business of banking in all its departments rests on this law. A blinker receives the deposits of 500 customers. Each one of them Is entitled to come back next day and call for his mouey. But the banker knows that they will not do it. He knows that not a quarter of them will do it. He is so certain of this that he sets aside a reserve of 25 or 30 per cent, of his deposits to meet their checks and lends all the rest of the money, and does it safely. Precisely the same law applies to the banks themselves. They reflect as nearly as anything possibly can the great average of the business of the country, its prosperity and its disasters. Our present system did not get fairly under way until 1870, when the number of theih reached 1,526. It is now 3,659. The average for the twen-ty-eight years is 2.607. We have a record of the history of every bank in the system, Including every failure, with the amount of capital, circulation and deposits of the failed bank, and the sum realized out of its assets, so far as the proceedings bare been closed up. That record shows that if the system

had rested ou a guaranty fund basis from the beginning, with no bonds deposited at all. and the hanks had held In their place other assets no better than the average of those they had, and the same failures had taken place, the burden upon the solvent Iwnks of redeeming the notes of the failed banks would have been only a fraction of 1 per cent, per annum. I am prepared to say from my own examination that It would not have exceeded one-half of 1 per cent. A friend who Is more competent than I am to make the investigation tells me that It would be about one-fortieth of 1 per cent. At that rate, if the banks had stnrted in with a guaranty fund of 5 per cent., there would be enough left of It now to last a hundred years. The largest number of

bank failures In one year was In IWVt, when sixty-five bauks failed. If those banks and all the other banks of the country had been doing business on the guaranty fuud phin nnd had had outstanding 80 per cent, of their capital in notes, the amount of assessment necessary to make good the deficiencies of that year would have been only a frac- | tlon of 1 per cent. The proposed plan Is not only safe I to the people and safe to the bankers, but It Is by far the most-economical i way of securing that safety. I’nlusl States bonds, while they, remain as good ns they are now, will necessarily, be high-priced nnd produce a very low return in interest. The most a man can get out of'them now is about 2% per cent. As between the expense of securing a given amount of circulation by buying and depositing such bonds, and putting up a guaranty fund, she latter Is altogether the cheaper. Aside from the assessments which It may

nave to pay, the cost of the guaranty fund to the bank Is simply the interest of the 5 per cent, deposit; for when it goes out of business and retires its notes, It getfc back whatever may remain unimpaired of its deposit in the , guaranty fund. SMALL BANKS AND BRANCHES. ' Under our present law the minimum j of capital permitted Is $50,000. By j the proposed plan this is reduced to authority be given for the establishment of branch banks under regulations to be prescribed by the Comptroller and Secretary of the Treasury. Both of these suggestions are for the -purpose o£ extending the advantages of jthe system to parts of the country where the local capital Is limited. This system appears to me to appeal with great force to those parts of the country where banking facilities are very much needed, but where banks will not organize and issue notes under existing conditions. At the present time the organization of a bank and the issue of notes in a remote locality

takes money out of the place instead of bringing It in. A bank with $50,000 capital is authorized to issue $45,000 in notes. to do that it must buy $50,000 of bonds at a cost of not less than $60,000, and put up $2,250 at Washington for the current redemption of its notes, leaving $42,750 to go Into circulation. But to get that It is necessary to send $60,000 to New York to buy the bonds, leaving $17,250 less money In that towm than there was before. Under the system the bank would have to put up $12,500 in bonds and could take out $30,000 in notes without circulation tax, and SIO,OOO more at its election upon paying the 2 per cent, restraining tax, and so increase the amount of money in that locality by $27,500. The facilities offered by this plan for the organization of small banks are quite as favorable as it would be possible to offer to banks organized under feuate laws and provide a reasonable security for their circulating notes; while it will give to such banks the advantage of membership in the national system and a guaranty of their notes by the whole strength of that system. If it were adopted I should confidently expect to see a large accession to the national system of small State banks already organized, with capital, business and experience already accumulated, which would add a large sum to the currency of the country, and add it in those places where it is most needed and would be most useful. Some persons may apprehend that the banks might not issue notes enough for the convenience of business. To this it may be said that there Is no danger that banks will not Issue notes when they have a fair opportunity to do so. There Is more possibility of danger that they would issue too many for the public good. It is to prevent that, that the restraining tax is provided. Our national banks have now an aggregate capital of about $600,000,000. On that capital they could issue $360,000,000 without Circulation tax and $120,000,000 at 2 per cent., making a total of $480,000,000, which Is more than our whole present government note circulation. But that is by no meanaall. It is certain that with such a system as is proposed, and the greenbacks in process of retirement, there would be a large increase of national banks, both by the coming In of existing State banks and the organization of new ones. I should confidently expect the total capitalization of the national banks to reaclj $1,000,000,000 within the ten .years assigned for the transition, from the present system to the Aew one. Such .a system would have capacity for the issue of $600,000,000 in notes without circulation tax, and $200,000,000 more under the sn\all burdent of 2 per cent. Moreover, the proposed system will come into operation very slowly, and the government notes go out very slowly. There will be ample opportunity to remedy any defects which may appear. But the least of all dangers is that there will not be notes enough.

My fellow Republicans, I submit this plan to you for your thoughtful and patient consideration. Do not pronounce upon it hastily. I)o not pick out a point here and a point there for off-lmnd condemnation. You cannot judge it fairly except as a whole. .It has been put together with much painstaking. Evefy feature of it has a distinct relation to every other one. If it is what it seems to be; If It would lead Us out of our present unsettled, Illogical and dangerous situation, by a gradual and practicable process of transition to one where we would have peace and security, an established standard, and a sound and elastic currency, It would be of infinite advantage to the American people to adopt the plan. We shall hove to come to It, or something sometime, If there Is any truth In those fundamental principles of finance which the Republican party has been defending for a third of a cen-

tury. The thing which concerns me most at tills time Is that RepubPcans shall Interest themselves in.the subject. The people are apt to say, “These ave questions for bur statesmen —our Senators nnd Representatives In Congress; we will let them decide." The Senators nnd Representatives say, “These are pretty delicate que*Uous;nve will wait until we hoar from thP people.” And so we Walt on each other until the crisis comes and we are on the ’eve of disaster. Both are wrong. In n conn try where every man Is a sovereign by -divine right in Ids own person, every man ought to do th£ duty of a sovereign. He ought toxfead, think, have opinions and declare them. Thought Is the force that governs the world. When all the people think the Country

Is safe, We, the people, can afford to think and talk with more freedom than our representatives in .Congress. Everything they do is under the blazing .light of public observation. They must, of necessity move cautiously. They cannot afford to make blunders. We can. If I have advanced views which further discussion and consideration shall show to be erroneous, no harm will be dose. A Senator, speaking from his place in the capitol, could hardly afford to take that risk. In that spirit let us as Republicans take up this subject. Our great captalq, the President, has spoken. He has not undertaken to lay down any detailed plan. That function does not belong to his office. But he has sounded the bugle. He has pointed out the danger. He has said to Congress and us in his recent message, that while we may feel no immediate harm from our present currency while prosperity continues, danger still exists and will be ever present menacing us so long as the existing system continues.” He has reminded us that “it is in times of adequate revenues and business

tranquility that the government should prepare for the worst.” He has told us that “we cannot avoid, without serious consequences, the wise consideration and prompt solution of this question.” Those are his words. The Secretary of the Treasury, as belongs to his office, has dealt with the subject more specifically. In his report to Congress he has outlined a plan which is in its most, fundamental features similar to that proposed by the commission; the principal difference being that the plan of the commission provides for a complete reorganization on a permanent basis, while that of the Secretary does not go so far. The difference is not one of principle, but one of scope. He says himself, “The recommendations which I make must be considered as being in themselves final measures, but rather as tentative steps in a direction which, consistently pursued, will lead to conditions utimately desirable.” The commission’s plan Is Intended to be a final measure. If it were enacted as law to-day It would set on foot a process of transition which would go on silently and quietly until we had passed from our present system to a new one which would have in Itself such possibilities of growth and expansion that, so far as can now be foreseen, there would not need to be any other law passed upon the subject for fifty years to come. Of course, I am not so extravagant as to say that that would be the case. It is not to be expected that any such work can be done so perfectly that time will not disclose imperfections in It. But In its design and scope the commission’s plan is a complete, symmetrical and permanent one, dealing with the whole subject on consistent principles, and leading up at last to a permanent and settled system. THE PLAN DIVISIBLE. At the sam’6 time it can be embodied in independent and successive enactments, each of which would give us its good results at once. It would .be worth a great deal to stick a stopper in the mouths of the free silverlsts who quibble about the meaning of the law simply to declare in unmistakable words' that the United States will keep Its faith and maintain the gold standard In the payment of all Its own obligations. That can be done In ten lines of type. It would be more to provide a division of Issue and redemption ‘and equip it with such plenary power that we shall all know for a certainty that the Treasurer of the United States will at all times be ready to keep that promise. A deficit In the revenue would no longer mean a fit of ague to the country. It would be worth something simply to make logical and sure provision for the silver dollars, so that the simplest minded man could understand what they are and why "they are good. It would be his best defense against thfe misleading sophistry of free silver

arguments. It would mean a great deal simply to reorganize the bank system, so that It could serve the country as a banking system ougbt and extend its usefulness to all parts of the country. The plan proposed by the commission Is complete in itself in each of these departments, and each part Is capable of enactment Independently of tho others. THE GREENBACKS. The point which will arrest most instant attention and probably encounter most objection Is the proposed retirement of the greenback currency. On that subject I want earnestly to bespeak the serious consideration of Republicans. Do not dismiss It with the remark that It will never do; that It would be unpopular among the people. If every Republican dodges the investigation upon the ground that other Republicans, who have also made no investigation, will not approve It, the question will go by without Investigation by anybody. If every Republican wIU patiently and thoughtfully Investigate the subject for himself, then we shall have at the end that consensus of judgment which 1b the highest guaranty of truth. What do YOU think j about it? The question is one which, in Its re- ; lntlon to the ordinary, every-day life of ! the citizen, has very little practical Inil>ortanee. It Is of no consequence to a ! man whether the paj>er money In his pocket bears the signature of the United States 'Treasurer or some bank president, so It Is good. Tbe national bnDk notes have served tbe wants of

the people for thirty-five years Just a* well as greenbacks. If the greenbacks were to pass out of circulation and national bank notes take their place by a smooth and gradual process, no ..one | would miss them In his ordinary use of money. In fact, tie greenbacks have . nearly passed out of circulation *al- J ready, so far as everyday use of them j by the people Is concerned. If you will t lodk In your pockets you will, find that you have bank notes and silver certificates, when you have anything, with rarely a greenback or a Sherman note. The greenbacks are held In the vaults of the banks instead of gold. Very few are in the hands of the people, or ever will be. The retirement of the greenbacks means mostly the substitution of gold in their place In the vaults of tbe banks. There Is no practical difference to us in tbe mere use of money between a government note and a good bank note. The difference lies in considerations which reach beyond our pockets and our every-day use of the small amounts which pass through our hands. It lies In the operation of forces which tend to undermine the foundations of the system and weaken the whole structre. We do not see nor realize those forces in our dally life. No farmer in Indiana thought any less of a $lO greenback in 1893 than in 1883. And

yet there was a world-wide difference. In 1883 we had Just fought the first great battle for sound money and carried the day In the resumption of specie payment. The silver question was agitating the country, but had not yet reached an alarming stage. The silver dollar was worth 86 cents. We were hoping that It would go up instead of down. There was a situation of general confidence. Only two national banks failed In the United States during that year. In 1893 we were in disaster. Sixty-five banks failed. The United States Treasury reached a point where it could not pay gold for greenbacks a week longer. The Secretary of the Treasury went to New York and called a meeting of the strong men of that city. He wanted $50,000,000 in gold to save the government from bankruptcy. They were so profoundly discouraged that they gave it up and the meeting ended without any result. Three of the gentlemen present, however, could not quite consent to see the United States take the place of a defaulting debtor. They asked the Secretary to wait over the next day. They met in the morning and drew up a subscription paper, and putting their own names down for as much as they dared, spent the day circulating that paper, and were barely able to raise the required amount, and that by adding a little more to tbedr own subscriptions. The credit of the government was saved by the circulation of a subscription paper. One of those gentlemen was Charles S. Fairchild, of the Monetary Commission. If those three men had failed In the work of that day the Indiana farmer would have found the $lO greebackAn his pocket worth $5 It Is In these far-reaching causes and Influences that the weakness of the greenback currency consists; not because It is not good enough, so far as we can judge from our every-day use of it It is good enough in that sense. We must believe that when the people come to see and understand these facts they will be entirely willing to give up the greenback, with all Its historical and patriotic associations. If an experi€mce.of a lifetime has demonstrated that It carries In it a concealed but ineradicable element of danger, we shall do It the highest honor by giving It credit for the good It has done and retiring It on full pay.

So, with the courage that belongs to mem, with earnestness and zeal, let us take up this great question. Let us first sepk to Inform ourselves, and then to teach others the truths which we have learned. We need not be afraid of the people. They only need to see the right clearly to do it with courage, and they respect candor and courage In others. The Republican party has never failed of victory when It bravely stood up for the right. Three times in Its history it haa distinctly saved the country from disasters which we can not even now measure as to their possible extent and consequences. First, when It saved the Union. Second, when It restored specie payments. If the schemes of the greenbackers of that day had succeeded we would have put out a mass of paper currency which we never could have redeemed. It would have repeated the history of all such currencies. It would have gone on Increasing and Increasing until it broke down, just as our continental money did; just as nearly all government currencies have done in the history of the world. The third time was in 1896. But that salvation Is only half complete. The silver standard still menaces the country. We have to fight that battle once more In some form, and how can we fight it with effect except under the banner of the gold standard? Does any one think that we can fight it successfully under a banner of International free coinage? Did any party ever gain a victory fighting for »a Impossibility? Free sllverists see that thing. If nothing else. In Its true light. They recognize the Impossibility of international free coinage and urge that as a reason why we should go It alone at 16 to 1. How shall we answer them otherwise than by saying that, ipternatlonal bimetallism being Impossible, the gold standard stands? That Is what our platform mentis; that Is what honest money means; that Is the banner under which we must tight the battle. Without that thare will be no victory to win; nothing In Issue; no meaning In the election; no chance of success. I want to be done With the money : question In politics. The people in In- ; diniin are witnesses of the appeals which I ha've« r 'inde for years from the slump In beh- > of some action on otller great questions which presq, for dects-

lon. We iee evil tendencies at work in society. We see all the business of the country passing into the hands of trusts and combinations. Within a few days one corporation has arrogated to Itself the power of fixing the price 4* so common an article of food as wlre&t crackers throughout the United States. While I speak, proceedings are pending for the organization of a corporation which shall control the business of making steel wire in the United The anti-trust law passed by Congress eight years ago has proved a failure for the malu purposes for which it wan Intended. It assists the corporation* In the suppression of strikes; but ttf affords the people no practical assistance In resigning the grasp of corporate combinations. The labor question still troubles. The laboring man has nqfc yet found out bow to protect himself against tbe arbitrary power of his employer; and the employer has not yet found out how to reconcile his own Interests with the demands of labor. Our taxation laws operate with horrible inequality. The' great mass of the petSonal property of the country escape* taxation. The burdens of the government are borne by. the land-owners and the comparatively poor. The air is full of perplexing questions which clamor for attention. But nobody can accomplish anything in respect to them because our political parties are occupied with the money question. Political issues must be simple and single. Every campaign turns on one overshadowing question. While the money question has the floor nothing else can receive consideration. It is of no avail that I, or any other private citizen, or any number of us, think, or write, or talk upon other questions. The only thing* which reach the attention of the country are the great issues which divide parties. Inasmuch as we must meet the money question as the main issue, let us meet it broadly; let us go to the t bottom of it; let us quit tinkering with' our currency and reform it upon a basis that will take it out of politics and give the Republican party a chance to turn 1 its great energies in the direction of other reforms which demand our attention.

If we will take up the subject in this spirit we shall have allies, whose support we cannot otherwise command. They were with us in 1896. that we would not have succeeded without them. • They are ready to go with us again if we will give them an assurance that we will make thorough work of it. The business men of the United States have inaugurated a great movement for currency reform. The monetary commission was their representative. It was itself a non-partisan body—six Republicans and five Democrats. But the business men understand perfectly well that currency re- - form can be accomplished only through the Republican party. Their movement means that. They expect to join u* in the next campaign and the one following, provided we take a position on the question that will mean something. But such a movement does not live forever, like a political party. It has no offices to bestow or to promise; no motive of organization to hold It together if its efforts are fruitless. Unless we meet this business men’s movement half way and give it onr hand In a pledge of vigorous and effective cooperation, it will come to nothing; #md once dead/lt will be out of our power to call It to life again. I do not mean that the business men will Insist upon the adoption of the plan which their commission has formulated. They are practical men. They understand the situation. They realize the difficulty. But they will want a certain confidence that the Republican party means to set the currency system of the country upon a solid and secure foundation just as soon as it can. 1 began by saying that I desired to talk as a Republican to his fellow Republicans. I conclude by'saying that in dealing with this subject it is the duty of us all, first, to study the question, to put ourselves in possession of the truth, each man for himself; then to communicate his views to others, strengthen those who are weak, encourage tnose who are timid, and bring the general body of the party up to the highest Intelligent understanding and courageous purpose that Is attainable. Let us send back to the President an answer to the message which he delivered to us by Senator Fairbanks at our recent conference by telling him that we dnre to follow where he leads, i Having done all that, each man to the best of the ability that is in him, w* must stand together. 1 have expressed my views with candor. But 1 shall not be a stickler for any part of the scheme i which I have outlined. "We are bound to believe that after due discussion and consideration* the leaders of our party at Washington will agree upon some program which shall represent what Is, in their judgment, the wisest plan of action for the Republican party. W* are bound to believe that that program will follow the principles of the St. Louis platform; that It will be for sound money and the gold standard. In the formulation of that plan every one of us has some influence. The utterances of the press, public discue- ! slons, private letters, current conversation, all contribute to tbe stream of Influence which flows in from the country to the capitol. When our leader* have derided what the line of battle shall be, every one of us will have hie place Ift the ranks. We are each of ua entitled to have something to say In the general council of war, but we take our mini orders from the generals Id ! command. We are entitled to have i faith that with McKinley at headquarj ters those orders will be such as we j shall he glad to obey. I ~ r ~r. • “ 1 , Copies of tbe foregoing address in pamphlet form, aud of the full 'report of the Monetary Commission will- (m> sent I frco on application to R. M. Seeds, Ini dianapolis, Ind.