The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1889-11-28
SILVER'S FIRM FRIENDS.
John Thompson, of the Chase Ma
tional Bank, of New York,
on Free Coinage.
RECOMMENDATION of Silver the Only
Thing That Will Preventa
Social Revolution.
Ex-RspresentatiVe Bland shows the Neec
OF the Hour Members of Congress
Reminded OF Their Duty.

Reminded OF Their Duty.
ST. LOUIS, Nov. T.-At the silver oonven-
tion this morning Delegate Morse, Of Colo
rado. introduced the following; Resolved,
That the senators and representatives III
congress are hereby requested to establish
unit for the coinage of silver with the South
American states that shall make silver coin
pass current on a par with gold in all the
Americas Of the western hemisphere; that
they also be requested to open negotiations
with the congress of all the Americas now
in session, for the building Of a railroad
from the United States and through the
states of South America. After lively dis
cussion il was referred TO the committee ON
resolutions. number Of resolutions were
offered in rapid succession and all referred
| 10 the committee on resolutions.
paper from John Thompson, vice presi-
| dent of the Chase National bank of New
York. was then read. II was the Judgment
of Thompson that the movement for a more
| liberal use of silver in our currency supply
/ should be gradual. First secure the coin
age of the maximum Si,0O0,0O0 per month.
and see the results produced under that
augmented coinage. In his deliberate
| Judgment this augmented coinage would
pave the way for the adoption of free COIN
age by acclamation. The paper continued;
with the demonstration Of silver began
an era Of contraction, not perhaps shown
by the aggregate figures of the outstanding
| currency, but by the disproportion between
| the increase of the currency and the
business of the country, which has
increased out Of all proportion to
the growth of an aggregate circulating
medium. OF the mass of gold IN the
country since resumption some two hun
dred millions dollars is kept in the treas
ury, and actually no part of it is working
currency; il is only drawn out when used
for foreign shipment. Our working cur
rency 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 re-
tired; therefore. il can be truthfully said
that the stock Of currency that does the
work Of the country is slowly but surely
diminishing, while the business demands
upon il are constantly increasing. Thus
there have been two influences at work tend
ing 10 increase the measuring power of
money in the United States, and the conse-
quent depreciation of property are the gen
eral effect of the decentralization of silver,
kind of currency used. While our dollars
are of silver and silver certificates based
| upon them, 30 far both these dollars and
their representatives, have been restricted
in amount. and kept ON a gold basis by a
policy that has favored gold monometalic
standard. The demonetization of silver
has been and is wicked preference given
to the creditor over the debtor classes Of
our entire population, and il is this prefer
ence that is driving our middle classes into
poverty and enabling the millionaires 10
multiply their millions. Nothing in my
opinion will save our people from social
revolution 50 surely'as the full remonetiza-
tion of silver, and giving IL all the advant-
ages we now give togold, both in law and in
the ruling of our treasury department. The
mono-g gold standard il the stepping stone
10 anarchy-nay. it is more-it is flight Of
stairs leading TO a chamber of horrors,
bankruptcy, panic. suicide, reputation,
agrarianism and universal poverty among
all real wealth producers, for whose welfare
the best minds, the best statesnnnship and
the best representatives of all legitimate
business interests should ever be enlisted"
The following resolution offered by Jacks.
of California, WIS received with cheers and
referred under the rules: Whereas, Wall
street and eastern bond holders are now nc
tually NJ work striving to elect a speaker for
the approaching congress whose record il
entirely opposed TO the silver interests;
whereas, representatives, in congress should
be the servants of the people; whereas, this
great convention shows the unanimity of
public opinion in the western and southern
states and territories in favor of freer
coinage Of silver; therefore, resolved, that
the western and southern representatives in
congress he requested to support some
friend of silver for the speakership of the
present house of representatives,. and that
their refusal 20 do SO would be a betrayal of
the people, ,warranting their political DEATH"
The chairman then announced the conven-
tion would be addressed by Congressman
II. Z. Bland, of Missouri. Bland WINS re-
ceiyed with storm of applause
| In the course of his speech he said: The
free coinage of silver will settle the silver
question and greatly relieve the poor. The
only question with the bi-metalists in our
country is whether we should at once re-
peal our demonetization laws or wait for
the concurrence Of other powers including
Great Britain. II is a significant fact you
will scarcely find mnn IN public life to-
day who will assume the responsibility of
cOntending for n single gold standard. ]
am in favor Of padding our own canoe in
this, as well rs all other subjects. IL we
have enacted bad laws, let us repeal them;
especially should We repeal the law that
had been so universally condemned as the
demonetization act Of 1873. No matter
whether the interested few who engineered
this legislation meant well or not, II was
practically fraud upon con-
gress and the American people,
Bland spoke mt some length
of business depression and financial panic
following the legislation of 1873 and added:
1T is not clnimed that the demonetzatiOn
of silver alone caused this panic; there were
other contractioDs Of the currency in prog,
ress, but the probabilities are had we left
the mint open to the free coinage of silver
there would have been n constitutional and
heavy increase in the coinage If silver dol
lars to eounteract the effect Of paper con-
traction, On the continent, 20 the south
Of us and 10 the west, in Asia, there are
SO0,0O0,0OO Of people who use only silver as
money. They are the best customers for
the manufacturers and the chief source OF
foreign trade. We ought to have this trade
and proper Legislation on the silver question
will greatly aid us in securing H. BY the
free coinage Vt silver and gold New York
an not London OF Paris would be the money
centre for the exchanges of thu world
After listening TO paper on the silver
question from Thomas Jordon, editor of the
New York Mining Record. the convention
took A recess.