HISTORY OF THE MOVEMENT

ON November 18, 1896, at the request of a number of business men, a member of the Indianapolis Board of Trade presented to its Board of Governors the following memorial, viz. :

Having been requested by a number of business men of the city to present the subject of reform of the currency to the Board of Trade, I feel that I stand as a representative of the business men of this city, whose experience is, in a general way, the experience of the business men of the entire country. The business man of the country is aroused to the necessity of different methods of demand for right things in legislation.

I stand to present to you the urgency and importance of an action on your part for which many thinking men of the country are now looking to you.

The sentiment is abroad in the land, the business men are discussing and the press is urging currency reform. As yet the ideas are only crude; there are as many plans as there are writers; but the agitation is continuous, and opinions are being framed that will soon take stubborn form and divide the people, and the politician will push them as important issues, and the business men will suffer by the disturbance and depression that are sure to follow. To avoid the drifting of these sentiments into wrong channels, it is of vital importance that, by conservative measures, they be led by safe, strong hands very early into the right path. The West will not take up this cause; the East should not do so, and the central West, by reason of its importance as a factor in the commerce of the country and its geographical relation to the other sections in which financial views are considered more or less extreme, should act. For such a movement to emanate from Indiana would probably be more acceptable to all parts of the country than for it to emanate from any other state. No movement could or should succeed that is not based upon the broadest possible justice and intelligence, and in the entire interest of the whole people.

Such investigation and framing should only be entrusted to those who are great enough to rise above all party relation and prejudice, to discard all former ideas when confronted with better methods, and fairly and honestly deal with the great question for the general good and for defense against the instability of values, which has caused such immeasurable losses to the people of this country within the few years just past. The business man is the victim of all such agitation, and I stand in his name to protest with all possible emphasis against further

risk by delay, lest the opportunity slip. President Cleveland very ably urges some action in his letter, read at the annual dinner of the New York Chamber of Commerce last night. Again, I say something will be done very soon, and it is just as likely to be wrong as right in the early or superficial discussion; and I present to you for action tonight a plan that cannot do harm and should lead up to stable things in commerce, and relief from the racking strains that the business man is periodically subjected to by reason of the agitator's continuous desire to change our financial system. I am thoroughly aroused to the correctness of the position and the vital importance of prompt or immediate action, and if you can agree with me, then the duty is plain, and I beg of you to forestall the menace of early superficial action by directing the minds of the people to a broader view of a great subject, by suggesting steps that will surely put into good, if not perfect, form, the financial methods of the country.

To this end I ask that you, as the representatives of the active business men of the whole country, act at once in the following manner: I ask you to appoint a committee with instructions to prepare a letter of address to the more important boards of trade in the states known as the central West, to wit.: the boards of trade in Louisville, Cincinnati, Columbus, Cleveland, Toledo, Detroit, Chicago, Milwaukee, St. Paul, Minneapolis, Des Moines, Kansas City, St. Louis, Omaha, Peoria, and Grand Rapids, requesting that the controlling boards of each of such boards of trade send delegations of not exceeding three members, the same being non-partisan in politics, to a conference to be held in Indianapolis, say Tuesday, December 1, at 11 o'clock A. M., for the purpose of considering the propriety of uniting in a call for a general or national convention of representatives of boards of trade and other commercial bodies, which shall in turn consider the propriety of organizing a representative commission of able, conservative, trustworthy men to thoroughly study, canvass, and consider, without limit or instructions, all conditions and all currency systems, the strength and weakness of our own, as well as the valuable features of all others, for the purpose of presenting to Congress for action these valuable features, united with such as may be of special importance for our special requirements, with the general approval of the boards of trade and commercial bodies of the country.

To continue the argument, it is fair to believe that such a carefully chosen commission will produce acceptable results to the general public. It is reasonable to believe that the call for a general convention being made in the name of the seventeen boards of trade mentioned, will command the respect necessary for recognition, attendance, and participation in the general convention, and a commission that has behind it the united approval of the commercial bodies and boards of trade of the country will be recognized and listened to by Congress. In other words, the manner of call and action is made for the purpose of not only offering the well-digested plan of men able to deal with

such matters, but to reinforce the demand by the support and influence of men who are not asking legislation for political purposes but for the general good of the whole people. If all this is favorably received by you, then preliminary steps cannot be too speedily taken in order. to forestall the confusion incident to crudely conceived opinions that cannot be otherwise than harmful. Perfect results of commissions are perhaps not possible, but when the motive behind them is lofty, and above personal or selfish aims of the few, they commonly result better than other ways. When the Venezuelan Commission was established upon high principles of right in search for the truth upon which to base the final demand for justice, the fair and honorable method commanded the respect of our own people first, and the public excitement was relieved by confidence in a wise step, and it is evident that Great Britain was alive to the exalted spirit and dignified determination on the part of our government for the right, and there is but little doubt that the concession to arbitration in which the Monroe Doctrine was fully respected was brought about to some extent by the idea and work of this commission. So, too, our own people will be influenced more or less to patience and confidence in the outcome of such an effort as is proposed. The procedure will require much time at best, and should be begun at once.

In response to this appeal the Board of Governors adopted the following resolutions:

Resolved, By the Board of Trade of the City of Indianapolis, that the boards of trade of the cities of Chicago, St. Louis, Cincinnati, Louisville, Cleveland, Columbus, Toledo, Kansas City, Detroit, Milwaukee, St. Paul, Des Moines, Minneapolis, Grand Rapids, Peoria and Omaha be, and they are, invited to send three delegates each to a preliminary conference, to be held in the city of Indianapolis, on the first day of December, 1896, for the purpose of considering the advisability of calling a larger conference or convention, composed of delegates from the boards of trade and commercial organizations of the cities of the United States, to consider the propriety of creating a non-partisan commission, to which shall be assigned the duty of formulating a plan for the reform of our currency system, to be reported to a subsequent meeting of the conference or convention.

Resolved, That the president be authorized to appoint three delegates to the said conference.

Resolved, That the Commercial Club of the City of Indianapolis be also invited to send three delegates to the conference to be held December 1, 1896.

Resolved, That the Committee on Arrangements, with a similar committee to be appointed by the Commercial Club, shall have charge of the arrangements for the conference to be held December 1, and the proper entertainment of the attending delegates.

Copies of the same were sent to the boards of trade and other commercial organizations of the cities named, accompanied by a letter in which the Board said:

In behalf of the policy and purpose outlined by these resolutions, permit us to say that it is believed very earnestly that a non-partisan committee or commission composed of experts judiciously selected by a representative conference of business men should be chosen at an early day; and that to this commission should be assigned the duty of preparing a plan which can be embodied in such legislation as will place our monetary system on a permanently sound basis.

The present grave juncture presents an opportune occasion to the business men of the country to intervene in a business matter, and it is their duty as well as they can to aid in the solution of a matter which so intimately concerns the stability of business.

The commission to be ultimately selected must be of such attainments and character as not only to allay all suspicion of any influence from class or sectional interest, but it must be of such fitness as to inspire the confidence in the mind of the fair-minded citizen of the republic that its work will be done for the permanent welfare of the whole nation.

We have great confidence in the patriotism of the masses of the American people, and believe that they will recognize the wisdom of looking to a commission of the character above described for the best solution of the questions involved, and that the people will await the results of the committee's labor before committing themselves to any particular plan or scheme hastily or immaturely devised.

In view of the grave character of the situation which confronts us, and the great importance of the work to be achieved by the committee to be appointed, it is obvious that each commercial body, in choosing, its representatives to the proposed conference, should nominate men whose attainments, experience, and character will satisfy the demands of the occasion.

To this conference delegates were in attendance from the following cities, viz., Cincinnati, Chicago, Cleveland, Columbus, Grand Rapids, Indianapolis, Louisville, Milwaukee, Minneapolis, St. Louis, St. Paul, and Toledo, who, after protracted discussion, issued the following "call for a Monetary Convention of business men:"

The representatives of the Board of Trade, of the Chamber of Commerce and similar commercial bodies of the cities of Chicago, St. Louis, Cincinnati, Milwaukee, Minneapolis, St. Paul, Louisville, Columbus, Cleveland, Toledo, Grand Rapids and Indianapolis, in conference assembled at the City of Indianapolis on the 1st day

of December, 1896, after due deliberation, do hereby call a nonpartisan convention to meet at the city of Indianapolis, on the 12th day of January, 1897, to be composed of representative business men, chosen from boards of trade, chambers of commerce, commercial clubs or other similar commercial bodies, in cities of eight thousand or more inhabitants, according to the census of 1890, the basis of representation to be tabulated and in accordance with the population of said cities, for the purpose of considering and suggesting such legislation as may, in their judgment, be necessary to place the currency system of the country upon a sound and permanent basis. In behalf of this call, the conference submits that the fact that necessity for such legislation exists is generally conceded by business men.

It is the right and the duty of the business men of the nation, in a matter of such vital business concern, to render to this cause all the aid which their experience and knowledge can afford. These owe it to themselves, as citizens of the republic, and as a matter of business self-preservation, to participate actively, and, we believe, efficiently in this movement. The business men have been accused of neglect of political duties. In ordinary times there may be some foundation for this charge, but at every critical juncture in the history of our country, when the nation's prosperity, honor or general welfare was seriously in danger, they have, in the spirit of enlightened patriotism, risen to the full measure of their duty; and we believe that the painful experience of the country under the existing laws on the subject of the currency admonishes the business men that we have reached a point where it is their duty to take an active part in helping to solve the great questions involved.

And we have a right to believe that a convention composed of broadminded and enlightened business men, so earnest in the pursuit of truth that party considerations will be forgotten, convening in the spirit of enlightened patriotism, can and will do much in helping forward a wise and sound solution of the currency question.

We are also justified, in the light of the recent presidential election, in saying that the voters of the nation are opposed to any plan of currency reform involving the use of any money which will place in jeopardy the honor or the credit of our country.

Accepting these as conclusions from the recent manifestations of public opinion, we cordially and earnestly invite your organization to choose and send with proper credentials . . of your representative business men to the proposed convention. Please appoint only those who will attend, and report the names of your delegates as soon as practicable, to H. H. Hanna, Chairman of Executive Committee, Indianapolis, Indiana. Respectfully:

Cincinnati Chamber of Commerce, represented by M. E. Ingalls, Herman Goepper, W. Cooper Procter.

Chicago Board of Trade, represented by H. F. Dousman, B. A. Eckhart, P. B. Weare.