The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-06-21
SILVER AND GOLD.
Reasons Advanced for Business StaSnatiOn
and Scarcity Of Money.

NEW YORK, June 2O.-The National Ex-
ecutive Silver Committee was in session
again to-day. Senators Jones and Stewart
OF Nevada were present and gave the COM
mittee the benefit of their advice The re-
suit of their deliberations the committee
gave out this evening to the public, in
which they call the attention Of the country
to an object lesson which is being exhibited
in the desperate struggle or the great finan-
cial institutions on both sides Of the At
lantic to increase the gUld reserves to avoid
bankruptcy and ruin, and that any increase
by one necessarily dimiuishes the reserves
Of the other. Why should such condition
of things exist 10 time of profound peace
and abundant harvestS? Why should all
the great banking institutions attribute the
stagnasion and nard times to the scarcity Of
money while they are exerting all their
powers 10 make money scarce by adhprin
TO the gold standard, and when they adm
that there is not enough gold to maintain
the business and credit of the commercial
world? For eighteen years the basis OF
credit in the gold standard has been eX-
tended and the production of gold fallen
OF, while the structure or credit has been
growing prOportiOnately larger and more in
secure, until the relation of credit to actual
money, as disclosed in the Barring failure, on
the gold standard of England, has alarmed
the world and started anew the scramble for
gold, that threatens all business undertak-
ings and stalks as a menace to every legiti-
mate enterprise.
THE PARAMOUNT ISSUE.
The committees address further says:
1--WE have been doing business, paying debts
and distributing our annual products by
money standard that has been growing
dearer and dearer until it has become 80 per
cont larcrar II w aiyhfaap a
when silver was clandestinely demOnetiZed
People are determined that this Injustice
shall cease. The remedy is the restoration
of bimetallism. Were 1t not for the in
creased coinage Of silver under the
act Of July, 1890, we could not
have stood the drain of gold that
has recently been going on without
the precipitation Of a panic and the pros
tration OF business Gold and silver with
out limit are money by the ConstitutO n, and
This is the paramount issue in this country,
and should be made such in elections this
year."
A DEMAND FOR FREE COINAGE.
The address regrets that the Republican
State Convention Of Ohio practically de-
ciared against the free use of silver as
money when they indorsed the act of Con-
gress which treats of silver as commodity.
The demand for the free coinage of silver is
a demand that silver shall be coined for use
as money, not bought as a commodity. 1t
is demand that silver itself shall be money
and be coined in the same manner for use as
* was for thousands of years before Sherman
omitted from the Mint Bill in 1873 the silver
dollar. If the silver of the world cannot be
restored to its place as money to supple
ment gold bankruptcy aud ruin are newt
able unless some other kind of
money can be devised TO take the
place of both. Let the Ohio convention
take notice that if silver cannot be re-
mOnetized gold will be demouetized and
paper substituted for both gold and
silver. The people will not be de-
stroyed for want of money. The
gold trust, by the rejecting OF one precious
metal, has taught us how both may be re-
jected. The radicaliSm of the Ohio Repu6-
lcans for contraction is in danger OF being
met by the radicalism for initiation. Plat
forms intended to deceive voters are insult
ing to intelligent Americans.
DISCUSSION OF THE SILVER QUESTION.
Senator Stewart begins the open discus
sion Of the silver question in this afternoons
Telegram. lie says, among other things,
that recent events have disclosed the fact
that the gold reserves OF the commercial
wOrld are inadequate; confidence is shaken,
new enterprises cannot be undertaken and
established, and business is being curtailed.
The rem dy proposed by silver men is the
restoration of silver to the place 1t occupied
as money before it was excluded from the
minis of the civilized world. Proof that
there is gold enough, or better, that a rem
edy for the lack of gold other than the re-
mOnetzaton of silver exists, would furnish
some reason against the restoration Of sill
yer, and prove that there is gold enough
and the discussion would end.
CONTINUED GOLD SHIPMENTS.
Touching the continued shipments OF gold
aud the inability of shippers to remit sixty
day bills yesterday, in face of the reduction
in the Bank of England rate aud easy money
all over the Continent, it Is said in Wall
street that shippers were guided entirely by
their correspondents in Europe, who simply
cabled "Do not buy such and such bill"
The result was that the shipper had no
other course than to.ship gold. This is taken
as an indication that the feeling of distrust
is still strong in Europe, and under the cir
cumstances gold is preferred as the only
thing they can count on as good when IL