The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1885-09-25
FOUND A CHAMPION.
SILVER DEFENDED AT THE CLNVEN
TON OF BANKERS
Points of the Discussion in the Chicago
Meeting-A Bullion Dealer Mskes q
Big Offer That Is Allowed to
Go Untaken.

CHICAGO Sept. 25.-In the silver conven.
tlon Mr. james B. Colgate, bullion dealer,
| took the floor in defense of silver, and made
speech tnat created a good deal OF merri-
meiit. he opposed tine resolution before the
| meeting, and said:
1t VIA, said that the purchasing power of
"bnzzari" dollar was not a. great rs that
OF s"ld-Lhat IL was only worth So cents;
That SILVER had no value. He desired to say
TO the gentleman who had said that the
Ouzzari dollar was worth only IS cents
tuat he would give him chance, if he was
so minued TO make little money.
lie would guarantee him 81 cents an
gold tor every buzzsrd dollar, up to a
| half million, which he would deliver to the
bank III England, the offer to hold good Tor
sixty dats, What made the value of the
silver dollari The law. 1t was the law
WHICH liked the standard value of gold.
Silver was the basis of gold, and the nation
could not get along without silver.
The proposition was not accepted and the
speaker continued:
In regard to the panic which it was said
wouid take place III case that gold was with
drawn, IL was a fallacy. Tue amount OF
silver circulation in the United States per
capita was only S. lie knew that a dis
some banks in his We t pocket on some
Saturday night and the American colony
IN Canada would receive another accession.
But lie would like to see a man do that with
LOO Of the Bland buzzarJ dollars He
couldn't do it 1t would lie impossible.
Loud lauga tsr.
Talk about keeping up our credit
aoroadl Ii used TO he when a man had
gone GA dsbsuch the night before on the
next morning he was bilious. Laughter.
Now If he has been on a deoauca the next
mornins he has the malaria. Laughter ]
About $1,000, 10000 in gold, in round
numbers, has been dug out of
the earth in this country. Where
was It'll Where had it gone too 1t had
gone abroad. This talk of sustaining our
credit abroad cost this country more than
$50, OOO. 900 year. Look at tue south, for
instance. When the south had credit she
sarded $40 and spent SIS. That ruined her
Alter the war she had no credit and then
she earned $40 and spent s.. The ur-build-
ny OF the southern resources showed
what could be done without credit,
Ire'iIt Wa a positive injury. ltencourages
extravaganza. American orsl;t abroad
wa positive injury 10 this country So
long as tnis nation allowed Europa with its
dermany and ITS England, to run our
custom-houses and drive silver out II wuulI
lnJars us, and the driving out of silver
would finally drive this nation to poverty.
Let us nave cheap silver. 1t won't hurt u.
II We had 81 900. 900 900 of silver in our
Golfers 1t wouldn't hurt us one bit
Mr.. Trenholm. of South Carolina who
made one of the set speeches, pointed out
that the men who handle most currency in
proportion to their means are the wage
sarners. They sell what they have to SELL
their labor-evsry day, and they are Obliged
to take in exchange for it such dollars as
congress may prescribe. II congress says
such thing shall pay dollar Of debt, they
must take that thing, If it is worth only 80
or 81 cents II congress pre- scribss cheap
dollars, prices rise in proportion to the de-
probation. BIT they do net rise equally.
Thuss things that have the broadcast
range of consumption rise first ana most,
while wages rise last and least 1t is, there
fore the wage-earnsr who always gets the
hot end of the poker when congress de- preci-
atss the currency for the benefit of the
poor"
Mr.. Hague, of Montreal, contended that
a double standard was an impossihility, be-
cause it implied fxity of ratio between the
two metals by legislative action, and legis-
lation can no more make a certain number
Of ounces of silver of the same value as an
other certain number of ounces of gold than
1t can make certain number of bushels of
barley worth another certain number of
bushels of wheat The proper function of
silver was to serve as the money of small
transactions, with limited legal tender
capacity that and nothing more.
The debate was continued at considerable
length, and strong sentiment was developed
In favor of silver coinage il the dollars
were made werth 100 cents The vote on
the resolution resulted in its overwhelming
adoption. the negative vote being but five
or six.
Papers we're read on Protection against
Defalcation," and on the clearing house at
Louisville; also one or two papers on extra
dition. Lyman j. Gage, of this city, was
re- elected president and the other officers
chosen The members leave Friday for an
excursion to minneapolis