The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1893-08-11

Waite, of Colorado, who spoke at great
length in denunciation of this country
bowling to the dictates of Europe on the
money question. Other speakers fol-
lowed and the committee on resolutions
finally reported
The Resolutions.
Whereas Bimetalism is as ancient as human
histCr;, for certainly more than 5000 years
gold and silver came down through the ages
hand in hand, their relations TO each other hav-
ing varied but few points in all that vast peri
cd of time and then almost invariably through
| legislation; and,
| Whereas The two metal are named together,
indissolubly united. in the constitution of the
| United States as the money basis OF this coun-
try. placed there by George Washington.
| Thomas jefferson. John Adams, Alexander
| Hamilton and their associates and subsequent
| ly Endorsed and defended by Andrew jackson
| and Lincoln; and,
Whereas Silver one of these ancient metals,
was. in the year 1872 without any previous de-
mand. by any political party and by any part
! Of the people or even by any newspapers and
| without public discussion, stricken down from
| the place il had occupied since the DAYS Of
Abraham under circumstances OF such secrecy
that Allen G. Thurman. James Beck, William
| NJ Stewart, Daniel W. Voorhees,, James G.
Blaine, then speaker Of the house, James A.
| Garfield William d. Kelly and others present
| and voting for the bill, senators or representa-
| tives publicly declared that they did not know
| until long afterward that so grave and great q
| change had been made in the financial sys9 m
founded by the fathers Of the republic: and.
| Whereas, The debates in congress show that
| the parentage of the measure was in part as
cribed, by the friends of the bill, to one Ernest
| Seyd, a London banker who, it is claimed, was
sent over to Was hington by the moneyed class
of the old world to secure its passage by secret
and corrupt means: and,
| Whereas, President Grant who signed the
bill declared long subsequently that he did not
| know that it demonetized silver: and,
| Whereas, The purpose of this attack upon
| one of the two ancient precious metals Of the
world, was, by striking down one-half OF the
money supply o-wit. silver, to double the pur-
| chasing power of gold. by making it the eQuiva-
| lent Of more OF every thing possessed on pro-
duced by the labor OF man, thus reducing the
| price OF all commodities, arrestinS enterprise,
| impoyerishng the toiler and degrading man
| kind. That these results were not only newt
| able. but fOreseen, appears from the following
| language, used at that time, by the then preSi-
| dent Of the Bank Of France, who said If by
| q stroke of the pen they suppress one Of these
metals, they double the demand for the other
metal, to the ruin of all debtors" And,
Whereas, The awful consequences thus
| prophesied are now upon the people OF the
Wh0le WOrlO. we Stanu IN the mast OF unpar-
| alieled distress and in the shadow Of impend-
| ing calamites which are beyond estimate The
ruling industry Of the people who inhabit one
third Of the area of this republic has been
stricken down, the property values destroyed
and the workmen compelled to fly as from pes
| thence Everywhere over this broad land hon
est toilers numbering thousands have been
thrown out of employment and will have to eat
the bitter bread of charity or starve; the prod
ucts Of industry, Of the farm and the workshop
! have deprecated in price as shown by Of
fetal and public statistics until production
ceases to be profitable: the money of the coun-
try, inadequate for the business of the land,
has gravitated to the banks; while the people.
distrusting the banks, have demanded their de-
posts to hoard or hide them: mercantile houses
are going to the wall by thousands because the
masses have not the means to buy even the ne g.
cessities OF life to supply the lack OF currency
the banks Of the great cities have issued
substitute for money, unknown to the laws,
called clearing house certificates; the move
ment Of the great crops, now being gath
cred, demands vast amount Of currency
which the banks are unable to furnish,
and in the midst Of these conditions the
daily press is clamoring for the repeal Of the
act of July IA, 1890. called the Sherman act, al
though the repeal Of that means the stoppage
of the issue Of more than g. 000, 900 Of money
every month, thus shutting on the supply Of
funds for the business OF tho country In the
terrible conditions which surround US, and ig
noring the fact that to hold the balance level
between debtor and creditor the supply Of cur
rency must decrease side by side with the in
crease Of population and business and in this
nation the growth OF population Is at the rate
of about 80 per cent every ten years, while the
increase Of business is greater: and.
Whereas, The great expounder Of the consti-
tuition, Daniel Webster, said: Gold and silver
at rates fixed by the congress, constitute the
legal standard of value in this country. and
neither congress nor any state has the author
itv 20 establish any other standard to dis
place that standard" and.
Whereas, Hon jam; G. Blaine. quoting
this utterance adds: "Ol the much vexed and
long mooted question OF a bimetallic or mono
metallic standard, my own views are sum-
GENTLY indicated in the remarks I have made.
/ believe the struggle now going on in
this country and in other countries for single
gold standard were it successful would
produce widespread disaster throughout the
commercial world. The destruction Of silver
as money and establishing gold as the sole unit
OF value must have ruinous eject on all forms
of property except those investments which
yield fixed return in money. These would be
enormously enhanced in value would gain q
disproportionate and unfair advantage over
every other species Of property. If. as the
most reliable statistics afirm. there are nearly
g, 90 OOQOOO of coin or bullion In the word,
very uneQually OlVlueo oet"een eoi0 anu su'eF'
II is impossible TO strike silver out OF existence
as money without results, which will prove dis
tressing to millions and utterly disastrous to
tens Of thousands Again he said: Il believe
gold and silver coin to be the money OF the con-
stitution-indeed the money Of the American
people anterior to the constitution which the
great organic law recognized as quite independ
ent of its own existence. No power was con-
ferred On congress to declare that either metal
should not be money. Congress has, therefore,
in my judgment, no power to demonetize both
sss II, therefore, silver has been demon
etizea, am in favor Of remonetizing it. II its
! cottage has been prohibited am in favor OF
ordering ii to be resumed 1 am in favor Of
having il enlarged" And,
Whereas. The present secretary Of the treas
ury, on the floor Of congress, February q. 1876.
said: Il know that the worlds stock Of pre-
cious metals Is none too large, and see no rea-
SON to apprehend that II will become so Man
kind will be fortunate, indeed. II the annual