Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1892-07-28
AS A NON-PART|SAN
Lodge Speaks on the
Silver Question.
DISAPPEARANCE OF GOLD
And Many Other Evils Would Follow
the Adoption Of Free Coinage.

L DuHktI6 hbbOCibtiOu was uciu hcto Jostcf
dag with $50 rnsmbers In attendance. rep
| United 6tateA President William A.
Russell ol Boston occupied tho chair and
made the opening address. Vice presi-
| dents representing each branch Of paper
making reported business generally good.
including tho wood pulp intoresta
Hon. Warner Miller reported THAI tho
United States government had under con-
sideration bill TO facilitate commerce
with the Spanish-American states, and
| had made several contracts with steam
| ships trading with South American ports.
thus increasing the markets for American
paper
Il was decided 70 hold the next ANNUAL
meeting In Chicago tho date 70 be fixed
| by the executive council
RESOLUTIONS were adopted disapprovtng
OF the proposed disipfection Of paper by
| the government. IL having been shown
that no contagious diseases have ever
been brought into the country thereby;
suppo rtine Senator Sherman's bill re-
pealing certain portions OF the act au-
thorizing the purchase OF silver bullion;
urging the passage of the Torrey bank
ruptcy bill.
The meeting closed With banquet The
ppcohtEb WokU hAoufy NoDoo h<ouBcp v. Ah'
Libby Of Portland, Hon. Warner Miller
and others Following Is
Ms. Lodges Address.
IL h q great pleasure 10 me, gentlemen. TO
have the opportunity Of speaking 10 you who
are tho representatives Of one Of the great
business ihtercsts Of the country upon the
silver question. ] could not with propriety
speak 10 your association upon this subject
from party standpoint Silver has entered
L.. % I.s l.so A.s Ia
% far beyond them in importance that IL
can bo most ntly discussed without refer
enco TO parties. IL Ia. indeed. much more even
than o domestic Issue. II is universal ques-
ton foy which the great civilized and COM
mercid nations OF the world must find q cor.
roct and speedy solution ct the peril Of great
losses IL they fail TO do 80.
First. then, let mo say . word on silver In
fts International aspect for II q permanent
settlement is TO bs had u must come sooner or
later By agreement among the great CONNER
cial pations. No nation 10 powerful enough
TO settle tho silver question alone. II has
passed beyond that point, and ! think the
policy Of this administration. In bringing
about an international conference. has been In
tho highest degree wise Such a meeting
gives an opportunity for settlcment and Is In
any event sure
To Eniighton Public Opinion.
some authorities poiieve that the only safe
MOI olnotallism, and they insist that there is
enou,. IA gold In the world 10 DO the work re.
Quifed of the precious metals. Tho vast I'm
provements IN ipstruments and methods Of
exchange have undoubtedly greatly reduced
tho a,noopt OF hard money necessary 70 settle
trade balances. Neverth heiess, a certain amount
Is still needed, and, 30 far as We can see. will
always be needed for thfs purpose. Coin IL
also necessary for the reserves which support
the Iaper currencics Of the world. and Q Ger
tain further amount is also rseuircd for every
day uso among the people
The point, then, IN vbether tho supply OF
gold 10 OF itssif sufficient for these purposes,
and whether thc annual product OF gold Ia
largo enough 10 meet the Increased demands
OF growing populations and ever enlargIne
business transactions. Tho general indica-
t!ons Of the last fcw years point 70 the conclu-
Noe Enough Gold In the World
10 meet tho purposes for which n is required.
and thas the attempt III Epgisnd and Ger.
man, 10 drive ont silver and do the worlds
business on gold basis alono has been pro-
ductivo q great and growing evils
We have an observed tho efforts that have
been made Of late By the nations of Europe to
draw gold, even by purchase II necessary TO
their own money centsrs- We also have seen
recurring panics ~ tho great European CEN
ters OF exchange as the gold appeared TO be
moved OF Withdrawn from one to another.
Only two years ago the Bank Of England was
obliged 10 borrow IS, ,0O0,0CD in gold from tho
Bank OF France In srder to tide the city of
London over the most threatening panic OF
our time, and yet England claims 10 be the
strongest and soundest gold country In the
world. Then, again. 0ricntai exchanges havo
boon absolutely upset BY tho decline OF silver
In relation 70 gold.
China and India arc nations With single
/ silver standard, and their commercial deal
ings. 70 say nothing Of those OF Mexico. are 70
hrgo thsA an unfavorsble condition In their
exchanges Affects tho business Of the world. I
touch briefly upon these points merely bo-
cause think they show the vast Importance
Of somo Intelligent International action. I
believe they also point TO the
wisdom OF Restoring stlves
In some measure at least TO the worlds cur
rency, both With Wow Of steadying the price
OF silver. snd Of obtaining. v possible, by In
ternational agreement, sorns permanent ratio
between tbs metsla
In this direction of international action we
have dons all that h possible by suggesting nm
International conference. In the domestic
Questioa our attitude h much less satisfactory.
Under existing conditions our attempts 10
hold up silver by our own isolated action have
not only been vain. but have placed us In q
situation OF great peril Tho free coinage Of
silver NJ this tiIne would place us at once
upon dngle silver standard ana by such q
sudden change would utterly disorganize our
exchanges. In tho second place the adoption
Of fros coinage would moan the disappearance
Of gold. which would be followed By sharp
contraction In tho currency apd thon by silver
imitation. The procoss would involve great
losses 70 all the creditor class, and tho credi-
tor ciass q composed in tho main of tho wage
casness aud Of the people with small savings
who syS least able 10 bear such n misfortune
and Who form the mass a. we'll as the bono
and sinew OF our population.
Worst Of ell. however. among the OWL re-
sults which would follow from free coinage
would b The
Blsv - Public Conndsuce.
Confidence 10 the corpsr stone OF successful
busaaess and the essential condition OF good
umes n you disorder the great instrument
Of exchange. ron wpck business confidence.
enterprise ceases aud labor IL unemployed.
But although we have thus far escaped free
coinage, We are none the loss in q position Of
great peril 10 avoid free c.inage IN the
Finy -arst congress. the act of 1890 was passed.
yotcd for n IN common with my pafty. I
believed was right then. and still :hink
MAT under enissns conditions that action was
Al thai time fos the hest. But In hs nature
Do act of isp sssid only bo temporary. and
thtnk the uRs hss come when it should
be elthW repealed OF suspended. or when the
towet 70 scsrend tie purchases Of bullion