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Show ISTEilNJpGllESi Today It Had Under Consideration Trau-portation Trau-portation and the Improvement of WaterwajSi INTERESTING PAPERS OP FINANCE Hon. A. J, Warner on the Relation of Monny and Bank Credits Our National Monty System. Kansas Cn v, April 17 At the commercial com-mercial cnugrvsk today the unfinished programme of yesterday w as taken up tne subject being "Transportation and improvement of water ways, lakes, gulfs and lie! Pseifie ports." S. A. Thompson, secretary of the Commercial t lul, Dululh. Minn., advo-ca'e advo-ca'e I Ihe improvement of water-ways as Hlfordimr the cheapest transportation. transporta-tion. Colonel Catching, of Mississippi argued increase in water traflle however how-ever great, would not decrease railroad bus'iiess but would rather increase it. J. M Murphy of Iowa hpoko on the Hi iinipin canal. The majority report of the committee on resolutions favors the adoption by thu congress of a law authorising the Iree and unlimited coinage of silver and the issuance of a sullicieiit amount of leal tender notes to be redeemable both in gold and silver, to re.-'.oro the equilibrium between money and all other products; it favors a tarnf for revenue only aud urges that congress enact laws to place the tariff upon a purely revenue basis at as early a date as practicable. h declares the inter state commerce commission should be controlled by tho general government; it favors the improvement im-provement of the Missitsippi river; Ihe construction of tho Henuipin canal aud other water ways by the government; govern-ment; equalization of taxation; a national na-tional bankrupt law; suppression of trusts and combines; amendment to the immigrat on laws; the restoration of railway laud grants to the public domain do-main and the opening of tho surplus land to settlement; the reclamation of ari l lands; the enactment of laws to prevent d"aling in futures, aud commends com-mends the secretety of agriculture for his ettorls towards the removing of the restrictions of foreign meal trade. The minority report favors the free and unlimited coinage of American gold and silver on a rato established by the international money convention, which shall make silver and gold of equal purchasing power; it favors a tariff for revenue with incidental protection. Mono j and Hank ( r 1I1U. Hon. A. J. Warner of Ohio addiessed the congress on "The Relation of Money to Bank Credits." There should be a limit to bank credits. The slate banks no longer had power to issue money, but they created money by the issuance of bank credits. Since tuey arrogated to themselves the function of the state, they should coins under the state's supervision. At present tho bank credits, cred-its, in proportion to tho actual money in the banlts, was as from five to seven to one. It was out of this unsubstantial unsubstan-tial structnre of credit money, created out of nothing, that every panic that was known had bad beginning. It should be restricted to t'i of credit to $1 of actual money. Panics would then bo impossible. Take a thousand millions from the upper story of our top heavy system of bank credits and broaden the foundation of our money system by adding a thousand millions, or even five hundred millions, to the real money of either gold, silver or paper, and the disaster would be impossible. im-possible. Which should it be, by a basis ba-sis of gold, that is constantly narrow-ing narrow-ing and its production diminishing, coupled with the ever-expanding system sys-tem of bank credit currency, subject to expansion and collapse, as the interests or cupidity of the banks mav dictate.or less credit and more actual mouey, in which confidence was never wanting? Nat onal I n.y Myat.iii. Judge R. M. Widner of Los Angeles read a paper on the "National Money System," The circulating medium must be increased, said Widner, to meet the growth of population or the business of the country must be killed olT until within the compass of tho present circulation. There is not enough money in circulation, and the want of money caused a stringency in tho money markets, l'reo coinage would not ae-complish ae-complish the desired results, for the population was increasing too fast. The great objection to free coinage was that the annual product of silver, 411,000,000 worth, when coined represented $04,-000.000, $04,-000.000, or a profit of 18,0o0,000 to a few silver producers. That was of too great local benefit to be of any benefit to the whole people. Tho farmers' alliance al-liance scheme of loaning mouey at a low rate of intcret, secured by land, was too partisan to be accepted. Widner Wid-ner would have a system based upon the authority of the people, backed by tho wealth of ihe people and administered adminis-tered for the benefit of the whole population, popu-lation, using all the gold aud silver and supplementiu!! their use by the lepal issue of from fi'O to 15 per capita, lu-llation, lu-llation, constitutional repudiation and tho threatened change of the gold dollar dol-lar as tho measure of value were dangers dan-gers to bn contended against. Iu order to overcome these dangers and to give bis system stability, he proposed an amendment to the constitution of the United States, providing for a national currency circulating medium med-ium to amount to $-0 per capita, as shown by the census of 1W)0 and each succeeding census; for the proper redemption of which, when required, re-quired, the resources, property and faith of the nation are pledged. For which redemption congress, by a two-thirds two-thirds vote in each house, may provide for the collection of government revenues reve-nues from taxes in gold and silver coin. Said currency, with the gold and silver coiu of the United States of present weight and fineness, the gold dollar as the unit of value, aud such notes as mav be issued in lieu of gold or silver coin and bullion held exclusively for thd redemption thereof, shall constitute the only legal money of the United States. Congress shall have no power to increase or decrease said issue, provided pro-vided that after the issue of 1000 congress con-gress mav, bv a two-thirds vote of each house, reduce the rate of further issue. |