Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-03
CHAMPIONS OF SILVER.
AMERICAN BI-METALLlSTS CONVENE
IN CHICAGO.
In His Opening Address Chairman War
ner Narratss In Caustio Words tho
Crime of 1873 Against Silver-Foliow-
Ing, Chairman Thurman Discusses the
Frightful Possibility of n Gold Basis.

CHICAGO, Aug. 1.-The national conven-
tion Of the American Bi-metsllio League
met in this city this morning and the at
tendance was larger than that of any pre-
vious assembly of like character in the his
tory of the financial agitation.
A. j. Warner OF Ohio chairman of the
bi-metallio league, called the convention to
order and introduced Mayor Carter Harri-
son of Chicago, wbo welcomed the deleg ates
to the city. Hon. Thomas NJ. Patterson
responded.
Chairman Warner then delivered his
opening address. "a most extraordinary
condition of affairs" said he, meets the
assembling of this convention. Almost per-
feet peace prevails over ne world, the earth
is yielding her fruits in unusual abundance
aud ricn harvests are beiug gathered under
favoring skies. There is enough and to
spare and yet never before in the history of
the country has there besn such widespread
fear and distress, never before such loss of
confidence and destruction Of credit. In
dustries are every whore breaking down and
laborers by tens of thousands are thrown
work.eis on the streets With want staring
them in the face.
Scores OF banks, most Of them prudently
managed and showing assets which under
ordinary circumstances would place then
above suspicion, are dr. zen to suspension.
l here has been q sbriDl.age Of hundreds of
millions in the value of stocks and other
property and agricultural products. To at
tribute all this condition to the present sill
yer purchasing law Of the United States is
absurd. Under this law, since 1889, $3.50,
900, 0U00 have been added to our currency
Does any body believe that the presence of
this $3.50, 00J,0
Makes Money Scarce and Dead?
Would we be better off If we were out of
it The real object lesson of the situation
is very different from that which the gold
conspirators intended. 1t enables us to see
the beginning OF the shrInkage in prices
that must take place in order to 60 to a
purely god basis.
The trouble IL in the change In the none
tary standard. The value OF money may be
doubled either by doubling the weight of
standard coins or by destroying half OF the
metal out OF which coins ore made. One is
as effective as the other. The establishment
of single gold standard ia equivalent to the
| putting value OF the ten dollars into one 1t
is doubling the unit and putting property
down one half. This is what is going on.
To do this and still require the same nun
ber of dollars in payment of debts and
taxes; to sanction the spoilation of one class
| by tho other aud the talk of such a and
ard as honest money such a policy as
sound finances, is rankest Hypocrisy. lap
| pause.
Neforring to the Act ofIS53,
| Mr. Warner said: "The mombers of Con
| greas, who passed that bill. and the presi-
| dent who approved it, never knew that it
dsmopotizsd silver. There was but one
man In ths United States Senate who knew
that the act of 1878 dom onetizsd silver, and
yet he has never been hung or shot for
treason" [Great applause at this allusiou to
Jonn Sherman.
The act will be known in history es the
crime of 1873. Let the memories of those
whp stand connected with it rot In obliv-
ion. lGreat applause.]
| In conclusion the speaker denounced the
metropolitan newspapers Of the country as
! being controlled by the money power and
characterized their editorials as being but
the inspiration and bid ling of gold bug 8
instead of the conscientious expression of
| the writer's.
| This afternoon, the committee on perma.
nent Organization reported, recommen DIM q
|
| "Old Roman" as permanent chairman of
| the convention. The report was ratified by
q unanimous vote, and Chairman Thurman
being introduced by the retiring chairman,
was received with great applause and dsliv-
cred speech.
| Speech of Chairman Allan w. Thurman
He said: Should the Sherman law be re
pealed without substituting anything in
lieu thereof, it means the final destruction
| of silver money as measure of value and
no man can tell whom it will ever be again
restored 30 its former place. This means
| for years and years to come its reduction tc
| token money, after which the issue resolve.
itself simply into tho question whether the
paper money OF tho country is to be issued
the people, or upon other kinds of corporate
securities, or whethor it is to rest upon the
broad and cafe basis of gold and silver.
This is SO, because gold alone certainly
cannot afford sufficient basis upon which
the amount of circulating medium required
by the people of this country can safely
rest If there is not only sufiicisn
amount of gold with which TO carry on al
the worlds commerce, but also Il sutficen
amount upon which the credits of the worlc
can safely rest, why is it that whenever AM
of it to any amount begins to flow from
one country to another, We immediately
hear criss OF distress?
| stability of Farmers
From the st. Johnsbury Republican,