Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1889-11-28
EAST OF TEE ROCKIES.
The Fortunate Arrival Of a Vessel to
Relieve Suffering Sailors.
PRESERVING REBEL BANNERS.
The Governor of South Carolina
Draws the Color Line in His
Annual Address.
(epErrAr nysp ITfr5Es To TuE pEcoPn-uSrON
ESPECIAL DlsPArcHEs TO THE RrcoaD-UNos.i
SILVER CONVENTION.
Resolutions Passed Yesterday That Have
Il Metallic Ring,

ing:
Resolued. That the Senators and Representa-
tives in Congress are hereby requested to estab-
lish unit for the coinage of silver with the
South American States that shall make silver
coin pass current on par with gold in all the
Americas of the Western Hemisphere; that they
also be requested to open negotiations with the
Congress of the All-Americas now in session for
the building of railroad from the United States
and through the States of South America.
After lively discussion it was referred
to the Committee on Resolutions.
Numbers of resolutions were offered in
rapid succession. All were referred to the
Committee on Resolutions.
A paper from John Thompson, Vice
President of the Chase National Bank of
New York, was then read. 1t was the judg-
ment of Thompson that the movement of
more liberal use of silver in our currency
supply should be gradual. First secure the
coinage of maximum o. 81 ,0O0, 600 per
month and see the results produced under
that augmented coinage.
His deliberate judgment is that this aug
mented coinage would pave the way for the
adoption of free coinage by acclamation,
the paper continued. With the demoneti-
zation of silver began an era of contraction,
not perhaps, shown by the aggregate fig
ures of outstanding currency, but by the
disproportion between the increase of cur
rency and the business of the country,
which has increased out of all proportion
to the growth of our aggregate circulating
medium.
OF the mass of gold in the country OBJ
tanned since resumption, some $500 000, 900
are kept in the Treasury and is virtually no
part of the working currency. 1t is only
drawn out when used fc foreign shipment.
Our working currencJ consists of legal
tender notes, national bank notes, silver
coin and silver certificates. The latter do
not now increase as fast as the national
bank notes are retired. Therefore, it can
truthfully be said that the stock of currency
that does the work of the country is slowly
but surely diminishing, while the business
demands upon it are constantly increasing.
Thus, there have been two influences at
work tep ding to increase the measuring
power of money in the United States and
the consequent depreciation of property.
One is the general effect of the demonetiZa-
tion of silver, the other the contraction of
the particular kind of currency used. While
our dollars are of silver and silver certif-
Gates based upon them, so far both of these
dollars and their representatives have been
restricted in amount and kept on gold
basis by policy that has favored the gold
monometallic standard.
The demonetization of silver has been
and is wicked preference given to the
creditor over the debtor classes of our entire
population, and it is this preference that is
driving our middle classes into poverty and
enabling the millionaires to multiply their
millions. Nothing, in my opinion, will
save our people from social revolution so
surely as a full reconciliation of silver and
giving it all the advantages we now give to
gold, both in law and the ruling of our
Treasury Department.
The mono gold standard is the stepping
stone to anarchy Nay, it is more, it is
flight of stairs leading to the chamber of
horrors-bankruptcy panics, suicide, re-
pudiation, agrarlanism and universal pow
erty among all real wealth producers,
for whose welfare the best minds, best
and the best representa-
tives of all legitimate business interests
should ever be enlisted.
The following resolution, offered by
Jacks, of California, was received with
cheers, and referred under the rule:
WHEREAS, Wall street and Eastern bondhold-
ers are now actually at work striving to elect a
Speaker for the approaching Congress, whose
record is entirely opposed TO silver interests:
wheI eas, the Representatives in Congress should
be servants of the people; whereas. this great
in the Western and Southern States and Terri
tories in favor OF more coinage of silver; there
fore,
Resolued That the Western and Southern
Representatives in Congress be requested to
support some friend OF silver for the Speaker
ship of the present House OF Representatives.
and that their failure to do so is a betrayal of
the people, warranting their political death.
The Chairman then announced that the
Convention would be addressed by Con-
gresham R. P. Bland, of Missouri Bland
was received with storm of applause He
addressed the Convention at some length.
In the course of his speech Mr.. Bland
said the free coinsge of silver will settle the
silver question and greatly relieve the
poor. The only question with the metallists
IN our country is whether we should at
once repeal our demonetization laws or
wait for the concurrence of other powers,
including Great Britain. 1t is a significant
fact that you will scarcely find a man in
public life to-day who will assume the re-
sponsibility of contending for single gold
standard. l am in favor of padding our
own canoe in this, as well as other subjects
If we have enacted bad laws, let US repeal
them. Especially repeal the law that has
been so universally condemned as the De-
monetizstion Act of 1873. no matter
whether the interested few who en-
gineered this legislation meant we'll or
not. 1t was practically q fraud upon
Congress and the American people.
Bland spoke at some length OF the busi-
ness depression and financial panic follow
ing the legislation of 1873, and added: "It
is not claimed that the demonetization of
silver alone caused this panic. There were
other contractions of currency in progress,
but the probabilities are that had we left
% Mirta tO tha frao Of Gil 1r-ar
there would have been a constitutional and
heavy increase in the coinage of silver
dollars to counteract the effect OF the paper
contraction.
!" In the country south of US, and in Asia,
there are S0o, 100000 of people who use
only silver as money. They are the best
customers for our manufactures and the
chief source of our foreign trade We
ought to have this trade, and proper legis-
lation on the silver question will greatly
aid US in securing it. By the free coinage
of silver and gold, New York, and not
London or Paris, would be the money GEN.
ter for the exchanges of the world
After listening 10 paper on the silver
question from Thomas Jorden, editor OF
the New York Mining Record the Conven-
ton took recess till 2:30 P. NJ.
The Convention reassembled at 2:30 and
11SleDeQ 10 papers lIOu JUuSS mOlrlst Oi
Richmond, and Congressman Symmes, of
Colorado. Symmes referred to the article
from John Jay Knox, in which Knox took
8 position adverse to the sentiments Of the
Convention, and said: And this is the
man who advised Congress to demonetize
silver, from 1870 to 1873, because, as he
argued. an American silver dollar exceeds
by per cent. the standard of gold and
will not circulate but will be exported for
reeoinage.n
Congressman Symmes was followed by
Senator Stewart, of Nevada, whose remarks
evoked frequent outbursts of applause. The
Senator's address was an off-hand talk, and
seemed to suit the delegates better than the
printed papers to which they previously
listened.
In the course of his remarks Stewart said
nations have tried lead, iron and copper,
but finally all civilized and semi-ciyilized
nations have decided on silver. The use
of silver is prehistoric. First we heard of
the use OF silver it was as money, while
gold was first used as an ornament and
later as money.
The report Of the Committee on Resolu-
tions was read, recommending a memorial
to Congress demanding the passage Of laws
fixing the coinage value of gold at 25 5 10
grains and silver at standard fneness; the
purchase OF at least a ,00o,0 900 Of silver