The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1889-12-05

II O'Clock before the national s;,vor oa nsails
eion was called to order by Chairman War
nel. delegate Longmeyer, of Texas pre-
sen1ed his credentials. Delegate Morse Of
ton: o"s resoiu
five messoived, That senators and representa-
and arc bn congress OF the United States be
for az, die hereby requested to establish nnit
Amer ;e Coinage OF silver with the South
coin an. states that shall make silver
g0ld In all the Americas of WI" tba
western Hemisphere, and that thew aIso
pc requested to open negotiations with the
congress OF the All Americas, now in ses.
r raGh III washington, for the building of n
th h,lloaa from the United States to and
through the states of South America
After lengthy discussion the resoIrtio,,
tons. vi resolu-
A number of resolutions were offered in
Isapiu succession, and all were referred m
the committee on resolutions.
"A paper from John Thompson. vice
PRESIDENT OF the Chase National bank of
EeW i Ok, was then read. 1t was the de-
th" I Judgment of Mr.. Thompson that
LIN siu movement Tor the more liberal use of
S o,.'ir ~ our currency supply should be
slauual' FOR instance, first secure the
coinage of the maximum 40O0 00(I nor
month, and the results produced under that
augmented coinage. In his deliberate
Judgment, this augmented coinage wonld
pave the way for the adoption of free coin
age by reclamation.
Alter tne words flor the adoption of free
coinage by acclamatin," the paper con.
tinued: Ff0-
with the demonietization.o silver began
an era OF contraction not perhaps shown bv
tne aggregate figures of the outstanding
currency but by the disproportion between
the increase OF the currency and the bust
ness OF the country which has increased
OUT OF all proportion to the
sroWtn OF our aggregate circulating
nleulum. VI the mass of gold in the coun,
o oTS OBJ 0Dtained since resumption, some $780,
o00,OO0 IS kept in the treasury and is yirtli-
ally no part of the working currency. 1t is
only drawn out when used for foreign ship
menu. Our working currency consists of
legal tender notes, national bank notes,
silver coin and silver certificates The lat
ter DO not increase as fast as the national
Dank notes are retired Therefore
It can be truthfully said that
the stock of currency that
does the work of the country is Slowly but
surely diminishing, while the business de-
mands upon it are constantly increasing
mus there have been two agencies at work
tending to increase the measuring power of
money in the United States and the conse-
quent depreciation of property. One is the
general effect of the decentralization of sill
yer and the other the contraction of the
particular kind of currency used. While
dollars orr If oil nd al,
tlticates are based upon them so
or both these dollars and their
representatives have been restricted
In amount and kept on Ia
gold basis by policy that has favored the
monometalist standard. The domonetiza-
ton Of silver has been effected and
wicked preference given to the creditor
over the debtor class of our entire popula
ton, and it is this preference that is driving
our middle classes into poverty and en-
abling the milhonaires to multiply their
millions. Nothing, in my opinion, will save
our people from social revolution so
surely as the full reconciliation of silver
and giving it all the advantages we now
give to gold, both in law and in the ruling
of our treasury department The mono
archy; nay, it is more, it is flight of stairs
leading to to the chamber of horrors,
bankruptcy, panics, suicide, reputation,
agrarianism and universal poverty among
all real wealth producers, for whose well
fare the best craftsmanship and best rep
resentatives of all legitimate business in
terests should ever be enlisted"
The following resolution, offered by Mr..
Jacks, of California, was received with
cheers and referred under the rule.
. Whereas, Wall street and eastern bond
holders are now actually at work striving
to elect speaker for the approaching con-
gress who Sc record is entirely opposed to
silver interests, and
Whereas, Representatives in congress
should be servants of the people, and
Whereas, This great convention shows
the unanimity of public opinion ID the
western and southern states and territories
in favor of more coinage of silver. There
fore be it
Resolved That the western and south
ern representatives in congress be re-
ouested to support some friend of silver for
the speakership of the present house of
representatives, and that their failure to
do SO will be betrayal Of the people war
ranting their political decapitation..
The chairman announced that the con-
vention would beaddressed by Congressman
r. p. Bland, of Missouri.
Mr.. Bland was received with storm of
'annlause. and addressed the convention at
length, giving his well known views as re-
Deatediy expressed in congress.
After listening to paper on the silver
Question from Thomas J. Gordon, editor OF
the New York Mining Record, the conven-
iton took recess until 2:3O p. IN.